Regulatory Alerts2009-05-12
Supervisory Bulletin No. 5 - May 2009: Communications on Directive 2007/44/EC regarding the acquisition of qualified participations in banks, insurance companies, and investment firms
The Bank of Italy issued Supervisory Bulletin No. 5 in May 2009 to implement Directive 2007/44/EC, establishing that its provisions on qualified participations have direct effect in the Italian legal order despite the expiration of the transposition deadline. The bulletin details specific modifications to reporting circulars for banks and non-bank financial intermediaries, adjusting data collection schemes and classification variables. Additionally, it lists various administrative measures, including bank register updates, extraordinary interventions for distressed institutions, and administrative sanctions imposed on several financial entities.
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