AIM Italia is a multilateral trading facility (MTA); MTAs do not qualify as “regulated markets” under the Italian Financial Market Act (TUF). As a consequence, companies whose shares are traded on AIM are not subject to the mandatory offer regime provided under TUF, which only applies to companies listed on a regulated market. Borsa Italiana – that has been operating AIM since its inception – has realized over time that a mandatory offer feature would have been instrumental in bolstering AIM and attracting more liquidity on it. Hence, in 2012 Borsa Italiana amended the AIM Listing Rules so that companies applying for listing on AIM be bound to incorporate in their by-laws (most of) the …