CICR Deliberation No. 241 of 22 February 2006: Amendments to the 19 July 2005 Resolution on Savings Collection by Non-Bank Entities

Interministerial Committee
for Credit and Savings
Secretariat

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DELIBERATION 22 February 2006
Integrations to the CICR Deliberation of 19 July 2005 regarding the collection of savings by subjects other than banks.

THE INTERMINISTERIAL COMMITTEE FOR
CREDIT AND SAVINGS

HAVING REGARD to Legislative Decree 1 September 1993, No. 385, containing the "Consolidated Text of Laws on Banking and Credit Matters - TUB";

HAVING REGARD to Article 4, paragraph 1, of the TUB, which establishes that the Bank of Italy, in the exercise of supervisory functions, formulates proposals for deliberations within the competence of the CICR, as provided for, among other things, in Title II of the same consolidated text;

HAVING REGARD to Article 11 of the TUB, which, among other things:
i) in paragraph 1, defines the collection of savings as the acquisition of funds with an obligation of repayment, whether in the form of deposits or in any other form; ii) in paragraph 2, prohibits subjects other than banks from collecting savings from the public; iii) in paragraph 4-ter, attributes to the CICR, in cases not regulated by law, the power to set limits on the issuance of financial collection instruments other than bonds;

HAVING REGARD to Articles 130 and 131 of the TUB, which subject to criminal penalty the activity of collecting savings from the public carried out in violation of Article 11 of the same TUB;

HAVING REGARD to the provisions of the Civil Code regarding obligations, debt securities, and other financial instruments, and in particular Articles 2412, 2483, and 2526;

HAVING REGARD to Law 28 December 2005, No. 262, containing provisions for the protection of savings and the regulation of financial markets, and in particular Article 11, paragraph 1, letter a), which inserts a new fourth paragraph into Article 2412 of the Civil Code, according to which the calculation of the limit set by the first paragraph of the same article for bond issuances includes amounts related to guarantees provided in any form by the company for bonds issued by other companies, including foreign ones;

HAVING REGARD to its own Deliberation of 19 July 2005, regarding the collection of savings by subjects other than banks;

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2.

Interministerial Committee
for Credit and Savings
Secretariat

HAVING REGARD to Article 4, paragraph 1, of the aforementioned Deliberation, which determines the overall limit for the issuance of financial collection instruments by referring to what is provided in Article 2412, first paragraph, of the Civil Code for bonds;

NOTING the need to integrate the previous Deliberation in order to take into account, in the definition of the aforementioned limit, also the amounts related to the guarantees referred to in the aforementioned fourth paragraph of Article 2412 of the Civil Code, introduced by Law 28 December 2005, No. 262;

ON THE PROPOSAL formulated by the Bank of Italy;

DELIBERATES

In Article 4 of the CICR Deliberation of 19 July 2005 regarding the collection of savings by subjects other than banks, after paragraph 1, the following is inserted:

«1-bis. The calculation of the limit referred to in the first paragraph includes the amounts related to guarantees provided in any form by the company for bonds and other financial collection instruments referred to in Article 3, issued by other companies, including foreign ones».

This Deliberation is published in the Official Gazette of the Italian Republic.

Rome, 22 February 2006

THE PRESIDENT
G. Tremonti