Regulatory Alerts2016-09-29
Urgent Decree of the Minister of Economy and Finance, President of the CICR, No. 380 of 29 September 2016
The Italian Minister of Economy and Finance, acting as President of the Interministerial Committee for Credit and Savings, issued an urgent decree to implement EU Directive 2014/17/EU regarding consumer residential mortgage credit contracts. The decree establishes detailed rules for the calculation of the Annual Percentage Rate of Charge (APRC), mandates clear and representative advertising examples, and enforces strict pre-contractual information and advisory obligations for lenders. It also grants consumers the right to convert foreign currency loans when exchange rates fluctuate by at least 20% and updates existing transparency regulations.
Share