Urgent Decree of the Minister of the Treasury, President of the CICR, dated December 28, 1992, No. 436659

SECRETARIAT OF THE INTERMINISTERIAL COMMITTEE FOR CREDIT AND SAVINGS

MODULARIO T ECON 144

436659

MOD. 2li

The Minister of the Treasury

HAVING REGARD TO the Royal Decree-Law of March 12, 1936, No. 375 and its subsequent amendments and additions;

HAVING REGARD TO Article 24 of Legislative Decree No. 481 of December 14, 1992, implementing Council Directive 89/646/EEC of December 15, 1989, pursuant to which the Bank of Italy, in harmony with Community provisions and according to the criteria determined by the Interministerial Committee for Credit and Savings, exercises controls on the branches of EU credit institutions established on the territory of the Republic;

HAVING REGARD TO Article 14, paragraphs 3 and 5 of the aforementioned decree, which provides that EU credit institutions may carry out activities even those not admitted to the benefit of mutual recognition on the territory of the Republic, subject to authorization by the Bank of Italy issued based on the general criteria established by the Interministerial Committee for Credit and Savings;

CONSIDERING that, pursuant to Article 14, paragraphs 2 and 3, of Directive 89/646/EEC, the host Member State:

• remains responsible, until further coordination and in collaboration with the competent authorities of the home Member State, for liquidity supervision;
• is exclusively responsible for measures implementing monetary policy;
• collaborates, until further coordination, with the competent authorities of the home Member State regarding supervision of market risks;

HAVING REGARD TO the report with which the Bank of Italy formulated proposals regarding the matter;

DEEMING the urgency, pursuant to and for the purposes of Article 14 of the Royal Decree-Law of March 12, 1936, No. 375 and its subsequent amendments and additions;

DECREES

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Art. 1 (Scope of application and operationality)

1. This decree applies to the branches of EU credit institutions already established on the territory of the Republic and to those newly established based on the procedure set forth in Article 13, paragraph 3, of Legislative Decree 481/92.

2. The branches may carry out on the territory of the Republic the activities admitted to the benefit of mutual recognition set forth in Article 1, paragraph 2, letter f), of Legislative Decree 481/92, in compliance with the provisions of general interest in force in Italy.

Art. 2 (Controls)

1. With regard to the branches referred to in Article 1, the Bank of Italy:

• verifies compliance with measures implementing monetary policy, issued based on the powers recalled by Article 22, paragraph 3, of Legislative Decree 481/92;

• ensures observance of provisions regarding mandatory reserves;

• evaluates, in collaboration with the competent Authorities of the home Member State, the liquidity situation of the branches, also for the purposes of interventions to be carried out directly or through the aforementioned Authorities.

2. The Bank of Italy communicates the applicable provisions to the branches referred to in Article 1, in the matters set forth in paragraph 1 and those of general application of which the Bank of Italy itself verifies observance.

Art. 3 (Collaboration regarding market risks)

1. The Bank of Italy provides collaboration to the competent Authorities of the home Member State regarding supervision of risks arising from open positions on Italian financial markets, taken by EU credit institutions, so that the interested entities take measures to cover the risks in question.

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Art. 4 (Activities not admitted to mutual recognition)

1. The Bank of Italy may authorize EU credit institutions to carry out on the territory of the Republic, through branches or within the framework of the free provision of services, activities other than those admitted to the benefit of mutual recognition, provided that:

• the activities of this kind are actually carried out by the credit institution in the country of origin;

• the competent supervisory Authority of the country of origin has been informed of the intention of the EU credit institution to carry out such activities also in Italy.

In evaluating the application, the Bank of Italy also takes into account the circumstance that such activities may be carried out by credit institutions authorized on the territory of the Republic.

Art. 5 (Various provisions)

1. The Bank of Italy shall issue the implementing provisions of this decree.

2. This decree enters into force on January 1, 1993.

Rome, December 28, 1992

THE MINISTER (signature)