Commento ad art. 132 t.u.f.

Translated title of the contribution: [Autom. eng. transl.] Comment on art. 132 t.u.f.

Research output: Chapter in Book/Report/Conference proceedingChapter


[Autom. eng. transl.] The law regulates some specific aspects of the purchase of treasury shares and shares of the parent company by one of its subsidiaries, if the shares are traded on a regulated market. The purchase of listed shares, in these contexts, requires the combination of the corporate law dictated by the civil code and the market one, which in this specific case is aimed at applying the principle of equal treatment of shareholders and investors and avoiding confusing conduct market abuse. Therefore, in addition to the specific provision and the implementing regulation set forth in the Consob regulations concerning the buy-back execution methods, the legislation of Community origin - of recent innovation - which places specific restrictions (in terms of quantity, at time, the methods, the purpose) for this kind of operations, in order to avoid that they are used to manipulate the market. The framework is completed by examining the civil and penal sanctions applicable in the event of violation of the legal limits and their major criticalities.
Translated title of the contribution[Autom. eng. transl.] Comment on art. 132 t.u.f.
Original languageItalian
Title of host publicationLe società per azioni. Codice civile e norme complementari
Number of pages20
Publication statusPublished - 2016


  • acquisto
  • azioni
  • mercato
  • proprie
  • quotate
  • società


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