Provisions - Financial Intermediaries Required to Participate in the Risk Centralization Service Managed by the Bank of Italy

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DECISION OF THE BANK OF ITALY "Financial Intermediaries Required to Participate in the Risk Centralization Service Managed by the Bank of Italy."

THE BANK OF ITALY

HAVING REGARD TO Legislative Decree No. 385 of September 1, 1993 (TUB), and in particular Article 108, paragraph 1, which confers upon the Bank of Italy the power to issue general provisions for financial intermediaries in a series of matters, including risk containment;

HAVING REGARD TO the Decree of the Minister of Economy and Finance – President of the CICR of July 11, 2012, No. 663, and in particular Article 2, letter (b), which establishes that the Bank of Italy may identify other categories of subjects who, in addition to banks and credit assignment companies, are required to participate in the Risk Center;

CONSIDERING that the reporting of credit granted by financial intermediaries referred to in Article 106 of the TUB contributes to enhancing the informational effectiveness of the risk centralization service;

DEEMING the risk centralization service, which constitutes a tool to assist the intermediaries referred to in Article 106 of the TUB in order to avoid risks arising from the accumulation of credit limits, to be consistent with the objective of risk containment in its various configurations;

DEEMING it appropriate, in relation to the type of information collected by the Risk Center, to provide for the possibility of exemption from the aforementioned obligation for the intermediaries referred to in Article 106 of the TUB that present an operational profile predominantly not subject to reporting;

ORDERS

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Article 1 (Other Participating Subjects)

1. Financial intermediaries registered in the register referred to in Article 106 of the TUB are required to participate in the risk centralization service managed by the Bank of Italy.

2. Financial intermediaries referred to in paragraph 1 have the option not to participate in the service if their reportable share in the Risk Center is equal to or less than 20 percent of the cash and signature financing granted by them. The reportable share is calculated by applying to the committed cash and signature limits (or, in the case of revocation, the utilized amount) the census limits provided for by the regulations issued by the Bank of Italy on the functioning of the risk centralization service.

3. The existence of the conditions referred to in the preceding paragraph is ascertained directly by the intermediaries based on the last two approved financial statements and communicated by them to the Bank of Italy.

Article 2 (Entry into Force of the Provisions)

1. These provisions enter into force after the twelve months referred to in Article 10, paragraph 1 of Legislative Decree 141/10. From that date, the Decision of the Bank of Italy of August 10, 1995, on risk centralization obligations is repealed.

2. As a transitional measure, until the date of entry into force of this Decision, subjects who register in the register referred to in Article 106 of the TUB, as amended by Legislative Decree 141/10, observe the provisions of the Decision of the Bank of Italy of August 10, 1995, referred to in paragraph 1.

The Deputy General Director signature 1