New Measures and Recommendations Adopted by the Financial Supervisory Authority in the Context of the State of Emergency
The Financial Supervisory Authority’s Regulation no. 5/2020 provides that the issuers must ensure the appropriate convening of the general meetings of shareholders, in consideration of the measures and restrictions adopted by the state authorities by the Decree no. 195/2020 and the Military Ordinances no. 1 – 5/2020, as well as of other provisions set forth by the state authorities to be imposed in the period of the state of emergency instituted to limit the population’s infections with COVID-19.
In one of our previous articles, we stated that the Financial Supervisory Authority (ASF) adopted various regulation measures in the context of the current crisis generated by the COVID-19 pandemic and the declaring of the state of emergency.
Recently, as a response to the need to ensure the continuity of the activity of the deliberative forums of the companies under ASF’s supervision, by remote communication means, the authority adopted Regulation no. 5/2020, which was published in the Official Gazette, Part I, issue 305 of April 10, 2020.
At a European level, states such as Italy have already adopted measures allowing the convening of the general meetings of shareholders by electronic means of communication, notwithstanding the usually applicable legal and statutory provisions. At a global level, renowned companies have publicly communicated that the general meetings of shareholders will be convened online, without the physical presence of the shareholders.