New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments | White & Case LLP International Law Firm, Global Law Practice
New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments

New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments

The new Bank of Italy rules will apply from October 1, 2016.

The Bank of Italy has implemented the provisions of article 129 of Legislative Decree no. 385 of 1 September 1993 (the Consolidated Banking Act or CBA) (the Rules) which require a filing with the Bank of Italy (solely for statistical purposes) when Italian entities issue, offer or place financial instruments in Italy or outside of Italy or non-Italian entities issue, offer or place financial instruments in Italy, regardless of whether or not a prospectus is required or if the transaction is a retail offer or a private placement. The Rules identify the entities, the type of financial instrument[1] which is subject to reporting requirements, the type of information to be filed with Bank of Italy as well as the timing, format and procedures of such filing.

[1] - As defined by the Rules, financial instruments (strumenti finanziari) are defined in article 1, comma 2, letter a) and b) (i.e. securities and money market instruments).

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