Market abuse and Internal dealing
Starting from 1 April 2006 the regulations on internal dealing underwent a radical change after the acknowledgement of EU legislation in the area of market abuse by “Community Law” 2004 and the coming into force of secondary legislation ruled by the Securities and Exchange Commission (Consob).
Therefore, Parmalat adopted a new procedure disciplining disclosure requirements with regard to transactions executed by significant parties and parties closely related to them (i.e. Management, Supervisory Board and of their spouses, registered partners and relations in the first degree) that involve shares of stock or other financial instruments issued by Parmalat S.p.A.
This new procedure establishes disclosure obligations and lines of conduct that must be observed by relevant persons and Parmalat S.p.A. to ensure maximum transparency in the eyes of the market.
Current legislation reduces from €50,000 to €5,000 on an annual basis, the threshold value of transactions that must be disclosed to the stock market and Consob, including if they are made by persons with close associations to the “relevant persons”.
Lastly, the Company established the Register of Parties that Have Access to Insider Information required pursuant to Article 115 bis of the Uniform Financial Code. This register, which is operated with a special software, has been prepared in accordance with Consob guidelines in order to provide an accurate flow of corporate data and is operated in a manner that specifically takes into account the risks inherent in all material corporate information. The Corporate Affairs Office is responsible for managing the register.
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