Regulatory Alerts2025-07-09
Instructions for the Detection of Average Effective Global Rates under the Usury Law (July 2016)
The Bank of Italy issued instructions to banks and financial intermediaries for detecting average effective global rates (TEGM) to enforce usury laws. These dispositions, effective from the fourth quarter of 2016, mandate the reporting of TEGM data which the Ministry of Economy and Finance publishes in quarterly decrees starting from the second quarter of 2017. The document also archives previous 2009 instructions and related Q&A documents for historical reference.
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Administrative provisions of the MEF
Annual Decrees of the MEF for the classification of credit operations
Quarterly Decrees of the MEF for updating Average Effective Global Rates (TEGM)
Text of the norm
Instructions for the detection of average effective global rates under the usury law (July 2016) - Official Gazette n. 185 of 9/8/2016.
The Instructions are issued to banks and financial intermediaries registered in the Single Register pursuant to Article 106 of the TUB.
The signaling provisions reported here are in force starting from the detection of Average Effective Global Rates (TEGM) referred to the fourth quarter of 2016. The TEGMs reported by intermediaries based on these provisions have been published by the MEF starting from the decree valid for the second quarter of 2017.
In-depth section
Answers to questions presented by intermediaries on the current 2016 Instructions
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Publication Date: 12 August 2009
Instructions for the detection of average effective global rates under the usury law pdf 134 KB (12 August 2009) - Official Gazette n. 200
The provisions entered into force starting from the detection of TEGM referred to the third quarter of 2009 up to that referred to the third quarter of 2016. The TEGMs reported by intermediaries based on these provisions have been published by the MEF starting from the quarterly decree valid for the first quarter of 2010 up to that valid for the first quarter of 2017.
Publication Date: 20 October 2009
Answers to questions on the 2009 Instructions pdf 204 KB (in force until the detection of TEGM referred to the third quarter of 2016) - Date inserted in this site: 20 October 2009 (with integration of November 2010)
The previous versions of the Instructions - issued by the Bank of Italy and the dissolved Italian Office of Exchange (UIC) - are indicated in the preamble to the MEF quarterly decrees, with references to the Official Gazettes.
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