Regulatory Alerts2011-07-27
CICR Deliberations and Urgent Decree - Urgent Decree of the Minister of Economy and Finance, President of the CICR, dated July 27, 2011, No. 676
The Interministerial Committee for Credit and Savings (CICR), acting through the Minister of Economy and Finance, issued an urgent decree amending the 2006 banking decree to align Italian regulations with EU Directive 2010/76/EU and international crisis-response guidelines. The amendment introduces Article 5-bis, which mandates that banks and banking groups govern their remuneration and incentive systems in strict compliance with European legislation and international standards. It also replaces Article 7(1) to require transparent public disclosures regarding financial and risk conditions, risk management methodologies, and compensation frameworks, ensuring information is accessible and comparable.
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