Secretariat of the Interministerial Committee for Credit and Savings

The Minister of Economy and Finance

President of the Interministerial Committee for Credit and Savings

No. 167

HAVING REGARD TO Legislative Decree No. 385 of 1 September 1993, containing the Consolidated Law of Banking and Credit Legislation (TUB);

HAVING REGARD TO Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011, amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards supplementary supervision on undertakings belonging to a financial conglomerate;

HAVING REGARD TO Legislative Decree No. 53 of 4 March 2014, implementing Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011, which, inter alia, introduces modifications and additions to the TUB and to Legislative Decree No. 142 of 30 May 2005, for the implementation of the aforementioned Directive;

HAVING REGARD TO Legislative Decree No. 142 of 30 May 2005, concerning supplementary supervision on undertakings belonging to a financial conglomerate and, in particular:

• Article 1, paragraph 1, letter v), pursuant to which a mixed financial holding company is a parent undertaking, other than a regulated undertaking, which together with its subsidiary undertakings, of which at least one is a regulated undertaking with its head office in the European Union, and with other undertakings, constitutes a financial conglomerate;

HAVING REGARD TO, in particular, the following provisions of the TUB:

• Article 59, paragraph 1, letter b-bis), pursuant to which "mixed financial holding company" means the companies referred to in Article 1, paragraph 1, letter v), of Legislative Decree No. 142 of 30 May 2005;
• Article 60, paragraph 1, letter b), pursuant to which the banking group is composed of the Italian parent financial company or mixed financial holding company and the banking, financial, or instrumental companies controlled by it, when among all the companies in which it holds shares there is at least one controlled Italian bank and the shareholdings in banking and financial companies are of decisive relevance, as established by the Bank of Italy in conformity with the resolutions of the CICR;

HAVING REGARD TO the Decree of the Minister of Economy and Finance - President of the CICR of 27 December 2006, No. 933, concerning the definition of the perimeter of the banking group, capital adequacy, risk containment, and public information of banks and banking groups;

ON THE PROPOSAL formulated by the Bank of Italy;

DEEMING it urgent to act, pursuant to and for the effects of Article 3, paragraph 2, of the TUB;

The Minister of Economy and Finance
President of the Interministerial Committee for Credit and Savings

D E C R E E S

Article 1
(Banking Group)

1. The Bank of Italy establishes the criteria for the decisive relevance of shareholdings in banking and financial companies held by the Italian parent financial company or mixed financial holding company for the purpose of identifying a banking group, in harmony with European Union law, having particular regard to the parameters established by European provisions concerning the determination of the financial nature of groups of companies for their qualification as financial conglomerates. These criteria must take into account the requirements for the effective exercise of supervision over the group.

2. For the purposes of paragraph 1, the provisions set out, inter alia, criteria suitable to:
   a) allow, in harmony with European Union provisions, the coincidence in the same mixed financial holding company, as defined by Article 1, letter v) of Legislative Decree No. 142 of 30 May 2005, of the role of banking parent, insurance parent, and company at the head of the financial conglomerate; b) define, in harmony with European Union provisions, the notion of shareholding to be taken into consideration in the calculation of the decisive relevance of banking and financial companies among all the companies held by the Italian parent financial company or mixed financial holding company, not limiting the calculation solely to controlled companies.

Article 2
(Transitional and Final Provisions)

1. In order to allow for a gradual adaptation to the new regulation, the Bank of Italy may provide for a transitional regime for financial companies and mixed financial companies that, based on the new parameters, are identified as parent companies for the first time.

2. Article 2, paragraph 2, of the Decree of the Minister of Economy and Finance of 27 December 2006, No. 933, cited in the preamble, is repealed as of the entry into force of the Bank of Italy's provisions implementing this Decree.

This Decree shall be published in the Official Gazette of the Italian Republic.

Rome, dated -5 MAY 2014

THE MINISTER