Bank of Italy Provision of 3 April 2013: Clarifications on the "Intermediary Type Code" for Intermediaries Registered in the New Register under Article 106 TUB

Bank of Italy Provision of 3 April 2013, on the matter of the Unified IT Archive: clarifications on the "INTERMEDIARY TYPE CODE" for intermediaries registered in the new Register under Article 106 of the TUB.

With the issuance of the Decree of the Minister of Economy and Finance of 2 April 2015, No. 53, and the Circular of the Bank of Italy of 3 April 2015, No. 288, the reform of Title V of Legislative Decree No. 385 of 1 September 1993 (TUB), introduced by Article 7 of Legislative Decree No. 141 of 13 August 2010, has entered into full effect. The reform provides for:

• the establishment of a register (so-called Unified Register), in which financial intermediaries regulated by Article 106 of the TUB are registered;
• a transitional regime of 12 months (regulated by Article 10 of Legislative Decree No. 141 of 13 August 2010) aimed at ensuring the orderly transition from the old to the new regulatory regime.

For the purposes of registrations in the Unified IT Archive regulated by the Bank of Italy Provision of 3 April 2013, the intermediary type codes provided for in Annex 3 of the Provision will be assigned as follows:

• intermediaries registered in the Unified Register will use the code that Annex 3 assigns to financial intermediaries registered in the Special List provided for by Article 107 of the TUB in force before Legislative Decree No. 141 of 13 August 2010 (code "intermediary type 11");
• until the expiry of the transitional period provided for by Article 10 of Legislative Decree No. 141 of 13 August 2010 (12 May 2016): i) intermediaries registered in the General List provided for by Article 106 of the TUB in force before Legislative Decree No. 141 of 13 August 2010, will continue to use the code "intermediary type 13" (1); ii) intermediaries registered in the Special List provided for by Article 107 of the TUB in force before Legislative Decree No. 141 of 13 August 2010, will continue to use the code "intermediary type 11".

(1) For "smaller" guarantee funds, currently registered in the specific section provided for by Article 155, paragraph 4, of the "old TUB", the transitional period will begin following the issuance of the Decree of the Minister of Economy and Finance implementing Articles 112, paragraph 1, and 112-bis, paragraphs 1 and 8, and the establishment of the relevant Body. Therefore, they will continue to use code No. 13 of Annex 3 even after 12 May 2016.