Region

Jurisdiction

Regulator

2012-07-11

Deliberations of the CICR and Urgent Decree - Urgent Decree of the Minister of Economy and Finance, President of the CICR, of July 11, 2012, No. 663

The Minister of Economy and Finance, acting as President of the Interministerial Committee for Credit and Savings, issued an urgent decree to regulate banking risks and consumer credit contracts. The decree relies on legislative decrees 385/1993, 141/2010, and 218/2010, as well as Law 130/1999, to empower the Bank of Italy to impose general risk containment measures and reporting obligations on banks and credit securitization entities. These measures aim to census the debt positions of subjects involved in securitized credits and ensure compliance with financial intermediary regulations.

Italy

Banca d'Italia

Secretariat of the Interministerial Committee for Credit and Savings

No. 663

The Minister of Economy and Finance

President of the Interministerial Committee for Credit and Savings

HAVING REGARD TO Legislative Decree No. 385 of September 1, 1993, containing the Consolidated Law of Banking and Credit Legislation and subsequent amendments (TUB), and in particular, the articles:

— Article 53, paragraph 1, letter b), pursuant to which the Bank of Italy issues, in accordance with the deliberations of the CICR, provisions of a general nature addressed to banks aimed at containing risk in its various configurations;

— Article 67, paragraph 1, letter b), which confers upon the Bank of Italy the same powers as those mentioned in Article 53 of the TUB regarding banking groups and their components;

HAVING REGARD TO Legislative Decree No. 141 of August 13, 2010, implementing Directive 2008/48/EC on consumer credit contracts, as well as amendments to Title VI of the TUB regarding the regulation of subjects operating in the financial sector, financial activity agents, and credit brokers;

HAVING REGARD TO Legislative Decree No. 218 of December 14, 2010, amending and integrating Legislative Decree No. 141 of August 13, 2010;

HAVING REGARD TO Law No. 130 of April 30, 1999, concerning "Provisions on the securitization of credits," as modified by Legislative Decrees 141/2010 and 218/2010, and in particular Article 3, paragraph 3, which provides for the power of the Bank of Italy to impose, based on the deliberations of the CICR, reporting obligations on credit assignment companies regarding securitized credits in order to census the debt position of the subjects to whom the credits refer;

HAVING REGARD TO the Decree of the Minister of Economy and Finance of February 17, 2009, No. 29, "Regulation containing provisions on financial intermediaries referred to in Articles 106, 107, 113, and 155, paragraphs 4 and 5 of Legislative Decree No. 385 of September 1, 1993";

HAVING REGARD TO the Urgent Decree of the Minister of Economy and Finance – President of the CICR of February 3, 2011, No. 117, "Provisions on consumer credit"