Italian markets watchdog Consob may fine the world's biggest money manager BlackRock Inc for not informing the regulator soon enough that it had increased its stake in Telecom Italia, Consob's chairman told an Italian daily.At the end of November BlackRock lifted its combined holding in the telecoms operator to 10.1 percent from the 5.1 percent it held in October, according to documents from the U.S. Securities and Exchange Commission (SEC).Crossing the 10 percent threshold obliges the company to notify the regulators. BlackRock informed the SEC at the beginning of December, but it did not tell Consob within a five-day deadline as required.A source familiar with the matter, however, said BlackRock was still in compliance with Italian law, as the stake had only exceeded the 10 percent threshold if convertible bonds were included, and such bonds do not count as equity holdings outside the United States.
BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK traded higher by 2.07% or $6.03/share to $297.80. In the past year, the shares have traded as low as $200.89 and as high as $311.32. On average, 585725 shares of BLK exchange hands on a given day and today's volume is recorded at 612346.
Source
