The Regulation

The Regulation, adopted in compliance with the provisions set forth by Borsa Italiana’s Corporate Governance Code and regularly updated, sets out the rules concerning the management and processing of confidential information and the procedures to be followed for the external disclosure of documents and information, with particular reference to the so-called "Inside Information", within the meaning of EU Regulation 596/2014 (Market Abuse Regolation).

The Regulation putsin place a series of procedures intended to prevent the abuse of inside information (on the part of a person buying or selling, based on inside information in his or her possession, the financial instruments to which such information refers), the unlawful disclosure of inside information and market manipulation, balancing the requirements for privacy and confidentiality of information pertaining to Acea and its subsidiaries with the need to ensure a correct, clear and timely disclosure of information to the market.

More specifically, the Regulation:

  • establishes the procedures for the processing and dissemination of company information within the Group
  • codifies the confidentiality requirement on the part of corporate representatives, who come into possession of information the untimely dissemination of which could be detrimental to the assets of the assets of the company and/or shareholders, and the company's obligation, given the appropriate circumstances, to provide a full and timely disclosure of the information to the market
  • lays down the procedure for the disclosure of Price Sensitive information to avoid potential disclosure distortions or irregularities

Inside Information

According to the laws on Market Abuse, inside information is that which directly or indirectly concerns Acea or one or more financial instruments; it is of a precise nature; it has not been made public and, if made public, could significantly influence the prices of the financial instruments.

The Regulation establishes the procedures for processing and circulating inside information and, more specifically:

  • the procedures for handling and releasing price sensitive announcements
  • the disclosure obligations of subsidiaries vis-à-vis Acea
  • the conduct to be adopted in the event of market rumours
  • cases where dissemination of the news can be delayed
  • the list of people with access to inside information.