On 13 April 2007, Legislative Decree No. 49, dated 6 February 2007, (Legislative Decree) implementing the EC Directive 2003/123 (Directive) which amends the EC Parent-Subsidiary Directive (90/435/EEC), was published in the Official Gazette No. 86. The Legislative Decree amends Art. 27-bis of Presidential Decree No. 600 of 29 September 1973 (Presidential Decree). It will enter into force within 15 days from its publication in the Official Gazette (i.e. 28 of April). However, the shareholding threshold, which is reduced to 15%, is applicable on all dividends distributed as of 1 January 2007 he Legislative Decree reduces to 20% (previously, 25%) the...