Regulatory Alerts2004-08-05
Decree of Urgency of the Minister of Economy and Finance, President of the CICR, of 5 August 2004, No. 1419
The Italian Minister of Economy and Finance, as President of the Interministerial Committee for Credit and Savings, issued Decree No. 1419 to mandate that banks and financial intermediaries adopt organizational structures and corporate governance frameworks ensuring sound and prudent management. The decree requires a clear separation of managerial, executive, and control functions, adequate risk management, and defined responsibilities to prevent conflicts of interest and ensure effective internal controls. The Bank of Italy is instructed to issue implementing guidelines, including requirements for governance projects and specific supervisory instructions for specialized intermediaries and electronic money institutions.
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