Regulatory Alerts2000-02-09
CICR Deliberation of 9 February 2000: Regulation of Non-Bank Financial Subjects
The Interministerial Committee for Credit and Savings issued a regulation on 9 February 2000 to define the operational modalities and quantitative limits for non-profit local entities that collect modest sums and provide small loans. The decree mandates that these subjects adhere to strict statutory requirements, including a maximum of 200 members, a 3 million euro collection limit per member, and restrictions on fund usage and legal representative qualifications. Compliance with these statutory provisions and registration with the Italian Foreign Exchange Office was required by 30 September 2000 for entities operating as of 19 October 1999.
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