In this article, I
examine the 2024 reform of Italian law on loyalty and multiple voting shares
(LVS and MVS). After outlining the key changes introduced by the Legge Capitali
— especially the tenfold increase in permitted voting rights—I analyse their
potential to reverse the trend of corporate migration to jurisdictions with
more flexible control-enhancing mechanisms. I then explore the practical,
legal, and economic implications of the new regime, focusing on safeguards for
minority shareholders, the right of withdrawal, and the impact on takeover law.
Finally, I argue that while the reform strengthens control tools, further
regulatory refinements are needed to ensure effective shareholder protection
and market confidence.