Regulatory Alerts2006-12-27
Urgent Decree of the Minister of Economy and Finance, President of the CICR, of 27 December 2006, No. 933
The Italian Minister of Economy and Finance, as President of the CICR, issued an urgent decree to transpose EU directives 2006/48/EC and 2006/49/EC into national law by authorizing the Bank of Italy to establish detailed prudential rules for banks and financial intermediaries. The decree mandates the establishment of capital requirements against credit, counterparty, market, and operational risks, while permitting the use of external credit ratings and internal measurement models subject to regulatory approval. It further defines the scope of banking groups, establishes equivalent supervision regimes for specialized intermediaries, and sets transitional provisions for the gradual implementation of these new prudential standards.
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