Regulatory Alerts2011-06-07
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General Measures of Credit Authorities - Section II - Bank of Italy: Communication on New Reporting on Corporate Bodies (Or.So.)
The Bank of Italy introduces a new electronic reporting procedure for corporate bodies and key supervisory functions, effective July 1, 2011, replacing previous paper-based and data-entry methods. Supervised intermediaries must submit initial reports by September 30, 2011, covering the status as of June 30, 2011, and must report any subsequent changes within 20 days of the event. The new system requires disclosure of specific high-profile roles, including internal audit, risk management, compliance, complaints, and anti-money laundering heads, as well as legal representatives of foreign bank branches in Italy.
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