Communication of 28 July 2020 - Extension of the deadline for submitting the Report on compliance with deposit and sub-deposit obligations for client instruments

Communication of 28 July 2020. Extension of the deadline for submitting the Report on compliance with deposit and sub-deposit obligations for client instruments provided for by the transitional provisions of the Regulation of 5 December 2019 implementing the TUF.

Following the "Communication of 20 March 2020 – Extension of deadlines and other temporary measures to mitigate the impact of COVID-19 on the Italian banking and financial system" (1), the following is noted.

In view of the prolonged epidemiological emergency situation, to facilitate the activities of banks and non-bank supervised intermediaries as well as statutory auditors, the deadline for submitting the Report on compliance with deposit and sub-deposit obligations for client instruments provided for by the Bank of Italy Regulation of 5 December 2019 is extended by an additional 60 days. Statutory auditors must therefore submit the Report to the Bank of Italy by 28 October 2020.

It is specified that all indications formulated in the communication of 20 March 2020 remain in force, including the obligations provided for by the transitional provisions of the Regulation of 5 December 2019 (see art. 2, paragraph 2) by intermediaries providing investment services.

1 The text of the communication is available at this link: https://www.bancaditalia.it/media/comunicati/documenti/2020-01/Proroga-termini-COVID-19.pdf