Private Equity backed (PEB) definition
Private Equity backed (PEB) means companies whose shareholders have included − for at least 2 years − one or more venture capital institutional investors with a holding of at least 30%, including in jointly-held form. “Professional investors” means the persons referred to in Annex II, parts 1 and 2 of Directive 2014/65/EC; “Professional segment of the Euronext MIV Milan market” means the segment of the Euronext MIV Milan market for the trading of reserved AIFs, companies established for the purpose of the strategic acquisition of a specific business, whose exclusive corporate purpose is to invest prevalently in a company or assets to perform the related instrumental activities (so-called SPAC), companies deriving from purchases made by the latter companies. It also means companies other than AIFs whose investment strategy has not been initiated or completed yet and/or is particularly complex, for which a legal opinion is provided, stating they do not constitute AIFs. This segment is accessible only to professional investors; “Professional Segment of the MOT market” means the segment of the MOT market accessible only to qualified investors as defined in 2017/1129 Regulations; “Prudential supervision” means supervision by a public or private body of compliance with rules, issued by the same body or however established, concerning capital adequacy, the limitation of risk in its various forms, permissible holdings, administrative and accounting procedures, and mechanisms of internal control and verification of compliance with such rules; “Reference European regulated market” means the market, as defined in Article 2(1)(j)) of Regulations UE 2017/1129, on which the financial instruments were first admitted to trading or, if they were admitted to trading contemporaneously on more than one market, the most liquid of those market; “Regulated market” means the markets authorized pursuant to Article 44 of the Directive 2014/65/UE; “Reserved AIFs” AIFs which investment is reserved to professional investors and to categories of investors identified by the rules referred to in Article 39 of the Consolidated Law on Finance; “Retail investors” means the persons referred to in Article 4, point 6 of the Regulation 2017/1286/EU; “Reverse mergers” means mergers and capital increases through contribution in kind in which a company with unlisted