Back to today’s briefing

Story perspectives

Italy's TUF Reform Aims to Simplify Capital Market Access

10/28/2025

37 5

Summary

Story summary

The Italian government approved a reform of the Testo Unico della Finanza (TUF) to attract capital markets and simplify regulation.
It standardizes a 30% threshold for mandatory takeover bids.
It lowers the offer-pricing reference period and the buyout stake.
It introduces a "put up or shut up" rule for bidders and promotes remote meetings.
Final approval is anticipated in March 2026 after parliamentary review.

1 of 1

Story summary

The Italian government approved a reform of the Testo Unico della Finanza (TUF) to attract capital markets and simplify regulation.
It standardizes a 30% threshold for mandatory takeover bids.
It lowers the offer-pricing reference period and the buyout stake.
It introduces a "put up or shut up" rule for bidders and promotes remote meetings.
Final approval is anticipated in March 2026 after parliamentary review.