SECRETARIAT OF THE INTERMINISTERIAL COMMITTEE FOR CREDIT AND SAVINGS MODULARIO T. R.G.S. 111 MOD. 211 242826

The Minister of the Treasury

HAVING REGARD to Royal Decree-Law 12 March 1936, No. 375 and its subsequent amendments and integrations;

HAVING REGARD to the Legislative Decree of the Provisional Head of State 17 July 1947, No. 691;

HAVING REGARD to Article 9, paragraph 4 of Legislative Decree 14 December 1992, No. 481, implementing Council Directive 89/646/EEC of 15 December 1989, pursuant to which the establishment in Italy of the first branch of a non-EU credit institution is authorized by Decree of the Minister of the Treasury, in agreement with the Minister of Foreign Affairs, after hearing the Interministerial Committee for Credit and Savings;

CONSIDERING the need to establish general criteria for the evaluation of applications for the opening of branches in Italy by non-EU credit institutions, in conformity with those provided for in international supervision agreements;

HAVING BEFORE THEM the criteria established by their own Decree No. 436659 of 28 December 1992 regarding branches in Italy of EU credit institutions;

IN AGREEMENT with the Minister of Foreign Affairs;

AFTER HEARING the Interministerial Committee for Credit and Savings in its meeting of 30 July 1993;

D E C R E E S

ARTICLE 1

(scope of application)

1. This decree applies to non-EU credit institutions intending to establish their first branch in Italy.

ARTICLE 2

(authorization criteria)

1. In evaluating applications submitted by the credit institutions referred to in Article 1, the competent authorities shall take into account the following conditions:

• the existence, in the country of origin, of adequate regulation regarding supervisory controls, including on a consolidated basis;

• the existence of agreements for the exchange of information or the absence of obstacles to the exchange of information with the supervisory authorities of the country of origin;

• the prior consent of the supervisory authority of the country of origin to the opening of the branch in Italy and to the carrying out of the activities chosen by the applicant institution;

• the attestation by the supervisory authority of the country of origin of the financial solidity, and the adequacy of the organizational, administrative, and accounting structures of the parent house or banking group;

2. The conditions established by Article 9, paragraph 4, of Legislative Decree No. 481/92 for the purpose of granting authorization remain unaffected.

ARTICLE 3

(scope of operations of branches of non-EU credit institutions)

1. Non-EU credit institutions authorized to open their first branch in Italy may carry out the activities provided for in Article 1, paragraph 2, letter f) of Legislative Decree No. 481/92, in compliance with the general interest provisions in force in Italy.

2. The possibility for credit authorities to set, for prudential supervision needs, any limits on the operations of the aforementioned branches is reserved.

3. The carrying out through the branch of activities other than those referred to in paragraph 1 is subject to the condition that such activities are effectively carried out by the credit institution in its country of origin. In evaluating the authorization application, account shall be taken of the fact that these activities may be carried out by national credit institutions.

ARTICLE 4

(final provisions)

1. The Bank of Italy shall issue the implementing provisions of this decree.

2. This decree shall be published in the Official Gazette of the Italian Republic.

Rome, 9 AUG. 1993

THE MINISTER