Financial services compliance—Italy—Q&A guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Financial services compliance—Italy—Q&A guide
  • 1. What national authorities regulate the provision of financial products and services?
  • 2. What activities does each national financial services authority regulate?
  • 3. What products does each national financial services authority regulate?
  • 4. What is the registration or authorisation regime applicable to financial services firms and authorised individuals associated with those firms? When is registration or authorisation necessary, and how is it effected?
  • 5. What statute or other legal basis is the source of each regulatory authority’s jurisdiction?
  • 6. What principal laws and financial service authority rules apply to the activities of financial services firms and their associated persons?
  • 7. What are the main areas of regulation for each type of regulated financial services provider and product?
  • 8. What additional requirements apply to financial services firms and authorised persons, such as those imposed by self-regulatory bodies, designated professional bodies or other financial services organisations?
  • 9. What powers do national financial services authorities have to examine and investigate compliance? What enforcement powers do they have for compliance breaches? How is compliance examined and enforced in practice?
  • More...

Financial services compliance—Italy—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to financial services compliance in Italy published as part of the Lexology Getting the Deal Through series by Law Business Research (published: August 2021).

Authors: Legance - Avvocati Associati—Marco Penna; Giovanna Tassitano; Marylisa Izzo

1. What national authorities regulate the provision of financial products and services?

The National Commission for Companies and the Stock Market (Consob) and the Bank of Italy are the national authorities that regulate the provision of financial services and products.

The duties and activities carried out by Consob and the Bank of Italy are aimed at:

  1. maintaining confidence in the financial system;

  2. investor protection;

  3. stability and good functioning of the financial system;

  4. competitiveness of the financial system; and

  5. compliance with financial regulatory provisions.

A memorandum of understanding has been entered into between Consob and the Bank of Italy to ensure full coordination of these authorities' supervisory activities and to regulate their tasks and duties as well as the exchange of information.

2. What activities does each national financial services authority regulate?

Consob is competent with respect to transparency and correctness in the conduct of business while the Bank of Italy is competent in relation to risk containment, financial stability and sound and prudent management of intermediaries.

The Bank of Italy regulates, inter alia, the obligations relating to the provision of investment services and activities and collective asset

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