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1996-07-19

Urgent Decree of the Minister of the Treasury, President of the CICR, of July 19, 1996, No. 402093

The Italian Minister of the Treasury, acting as President of the Interbank Clearing Committee, issued an urgent decree to expand the scope of financial intermediaries authorized to conduct foreign exchange operations. The regulation empowers the Bank of Italy to authorize banks, securities intermediaries, and financial companies to perform currency transactions, aligning national rules with EU competitive standards and prudential risk management. This measure repeals specific provisions of the May 4, 1990 Ministerial Decree to enhance payment system efficiency and remove operational restrictions.

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Moo. 211

Having regard to Article 1, paragraph 1, of the D.L.C.P.S. of July 17, 1947, No. 691;

Having regard to the D.P.R. of March 31, 1988, No. 148, containing "Approval of the consolidated text of laws on exchange control matters";

Having regard to the Law of January 2, 1991, No. 1, containing "Regulation of securities intermediation activities and provisions on market organization";

Having regard to the Legislative Decree of September 10, 1993, No. 385, containing "Consolidated text of laws on banking and credit matters";

Having regard to the Ministerial Decree of April 27, 1990, containing "Provisions on exchange control matters";

Having regard to the Regulation of July 2, 1991, issued by the Bank of Italy pursuant to Article 3, paragraph 2, letter a) and Article 9, paragraphs 4 and 5, of Law No. 1/91;

Having regard to the Ministerial Decree of May 13, 1996, concerning the criteria for the registration of financial intermediaries in the special list provided for in Article 107 of Legislative Decree 385/93;

Considering that it is necessary to proceed along the path of expanding the area of intermediaries authorized to carry out foreign exchange and currency operations, updating the directives issued to the Bank of Italy with the Ministerial Decree of May 4, 1990, regarding the issuance of exchange qualifications;

Considering that the authorization of entire categories of intermediaries for foreign exchange and currency operations is consistent with the evolution of the banking and financial system, which aims to define prudential requirements in the face of risks rather than regulating specific operational areas;

Considering that specific prudential supervision instruments have been activated for banks and securities investment firms (SIM) in the face of exchange rate risks;

Taking into account the need to ensure equal competitive conditions between national and Community intermediaries;

Taking into account the need to increase the efficiency of the payment system;

Recognizing the urgency of providing for measures pursuant to Article 3, paragraph 2, of Legislative Decree 385/93;

DECREES

  1. For the purposes of foreign exchange and currency operations, the Bank of Italy may authorize, as a whole:
  • banks registered in the register provided for in Article 13 of Legislative Decree No. 385/93, to carry out foreign exchange and currency operations;
  • securities intermediation companies registered in the register provided for in Article 3, paragraph 1, of Law No. 1/91, to carry out currency operations when connected to the provision of investment services;
  • financial companies registered in the list provided for in Article 107 of Legislative Decree No. 385/93 to carry out currency operations.

  1. The observance of sectoral laws and regulations, the exchange control legislation in force at the time, and statutory provisions shall remain in effect.

  2. Point 2 of the Ministerial Decree of May 4, 1990, is hereby repealed.

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

Rome, dated

THE MINISTER

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