THE PRESIDENT Having regard to Law 7 June 1974, n. 216; Having regard to Legislative Decree 24 February 1998, n. 58; Given the resolution no. 11522 of 1 July 1998, with which 'was adopted Regulation concerning the regulation of intermediaries, in implementing the provisions of Legislative Decree n. 58/1998, as amended by resolutions no. 11745 of 9 December 1998, n. 12409 of 1 March 2000, n. 12498 of 20 April 2000 and No. 13082 of 18 April 2001; It should amend and supplement certain provisions in books II, III, IV and V of this Regulation; Consider the comments made by the organizations consulted for the purposes of the present legislation; View the letter of 12 July 2002, by which the Bank of Italy informed the opinion provided for in Articles 6, paragraph 2, 19, paragraph 3, 23, paragraph 1, 27, paragraphs 3 and 4, 28, paragraph 3, 30, paragraphs 2 and 5 and 32, paragraph 2 of the legislative decree n. 58 of 1998; Resolution: 1. The implementing regulation of Legislative Decree 24 February 1998 n. 58, concerning the regulation of intermediaries, approved by Resolution no. 11522 of 1 July 1998 and amended by resolutions no. 11745 of 9 December 1998, n. 12409 of 1 March 2000, n. 12498 of 20 April 2000 and No. 13082 of April 18, 2001, and 'amended and supplemented as follows: Article 5: In paragraph 1, after the letter e) shall be added: "f) the details of the measures taken under Articles 53, 56 and 57 the Consolidated Act; g) the extreme instance provided for in Article. 11. "; in paragraph 2, after letter f) are added to the letters: "g) the details of the measures taken under Articles 53, 56 and 57 of the consolidated text; h) extreme instance provided for in Article. 11"; in paragraph 3, after the letter e) are added the letters "f) the details of the measures taken under Articles 53, 56 and 57 of the Consolidated Law; g) the extreme instance provided for in Article. 11." ; in paragraph 4, after the letter g) and 'adding the letter "h) details of the measures adopted pursuant to art. 57 of the single text.". Art. 7, paragraph 2 and 'repealed. Art. 8, paragraph 4, and 'replaced by the following: "4. The declarations referred to the numbers 4, 5 and 6 of Annex no. 2 shall be made in accordance with art. 47 of Presidential Decree of 28 December 2000, n. 445. For foreign nationals not resident in Italy, the statements mentioned in paragraphs 5, 6 and 7 of Annex no. 2 shall be made in compliance with the provisions of law 20 December 1966, n. 1253. ". Art. 12, paragraph 1, letter e) and 'replaced by the following: "e) in the cases referred to in Articles 10 and 11, where they are in the process of supervisory investigations against the SIM, for the time necessary to complete the investigations." . Art. 13, paragraph 3 and 'replaced by the following:
"3. 1 terms of paragraphs 1 and 2 do not run or are interrupted in the event that regulatory determinations in respect of SIM. In such cases, the time limits run entirely by the time of completion of the inspection are in progress or are started. ". Art. 15, paragraph 1 and 'replaced by the following: "1. The application, signed by the legal representative of the Company and in compliance with current legislation on stamp duty, and' presented to Consob. The investigation limits shall be suspended until 'understandings have not been integrated in order to allow the monitoring of the established' balance sheet and risk reduction as well as' the continuation of the conditions which must be fulfilled at the time of authorization. ". Article. 19 and 'repealed. Art. 23, paragraph 4 and 'repealed. Art. 25, paragraph 1, letter d) and 'replaced by the following: "d)" authorized intermediaries or "brokers: SIM, including the company' in art. 60, paragraph 4, of Legislative Decree n. 415 1996, Italian banks authorized to provide investment services, stockbrokers, financial intermediaries registered in the list provided by art. 107 of legislative decree no. 385 of 1993 authorized the provision of investment services, the company 'management of savings in the provision of management on an individual basis of investment portfolios for third parties service, Poste Italian Spa authorized to provide investment services pursuant to decree of the President of the Republic March 14, 2001, n. 144 as well' investment firms and banks and non-EU nevertheless enabled the provision of investment services in Italy. ". Article. 31 and 'replaced by the following: "Art. 31 (Relations between intermediaries and special categories of investors) - 1. Except as provided for by specific legal provisions and unless otherwise agreed by the parties, in the relations between authorized intermediaries and qualified operators do not apply the provisions of articles 27, 28, 29, 30, paragraph 1, except for the management service, and paragraphs 2 and 3, 32, paragraphs 3, 4 and 5, 37, except for paragraph 1, letter d), 38, 39, 40, 41, 42, 43, paragraph 5, letter b), paragraph 6, first sentence, and paragraph 7, b) and c), 44, 45, 47, paragraph 1, 60, 61 and 62. 2. For skilled workers are defined as authorized intermediaries, the companies' asset management, SICAVs, pension funds, insurance companies, foreign persons who perform under the legislation in force in their State of origin activities' carried out by persons referred to above, the companies' and issuers of financial instruments traded on regulated markets, the companies' added to the lists provided for in articles 106, 107 and 113 of the legislative decree 1 September 1993 , n. 385, financial advisors, individuals who can document that they meet the requirements of professionalism 'established by the consolidated text to the persons performing administrative, managerial or control companies' securities brokerage, banking foundations, as well as 'any society' or legal person who possess specific expertise and experience relating to transactions in financial instruments expressly declared in writing by the legal representative.. "Art. 39 and 'replaced by the following:" Art. 39 (Categories of financial instruments) 1. For the purposes of the definition of the handling characteristics, form distinct categories of financial instruments: a) debt securities; b) securities representing risk capital, or otherwise convertible into equity; c) units or shares in collective investment schemes; d) Derivative financial instruments; e) debt securities with a derivative component (so-called structured securities). 2. As part of the above categories, are general parameters of differentiation of the financial instruments: a) the currency; b) trading on regulated markets; c) the geographical areas; d) the categories of issuers (sovereign, supranational entities, corporate issuers); e) industrial sectors. 3. The following constitute specific parameters of differentiation of the financial instruments: a) with respect to debt securities: 1) the average duration (Duration); 2) the issuer's creditworthiness (rating) obtained from independent rating agencies; b) with respect to the securities of venture capital: the degree of capitalization of the issuer; c) in respect of units or shares issued by collective investment schemes:
1) the compliance 'of those organizations with the provisions laid down by Community legislation; 2) the volatility '; d) with regard to derivative financial instruments not used for purposes' of coverage and to structured securities: the maturity financial result (so-called pay-off).. "In article. 56, paragraphs 1 and 2 are replaced by the following: "1. For the purposes of this Regulation, the procedure is the set of internal rules and instruments adopted for the provision of services. 2. Authorized intermediaries, the companies' asset management and the Fund shall have in place appropriate procedures to: a) ensure the orderly and proper provision of services; b) rebuild mode ', the times and the characteristics of conduct adopted in the provision of services; c) ensure adequate internal supervision activities 'carried out by staff and financial salesmen.. "In article. 57, paragraph 6 and' replaced by the following:" 6. The head of the internal audit function transmits, on an ordinary basis, at least once a year, when examining the budget, the board of directors and the statutory auditors' special report on the audits carried out during the year. The report shows, separately for each service, the object of the checks carried out, the results, as well as the proposals made 'any decisions taken by the heads of the business sectors of the organization or by the competent corporate bodies. The report shows altresi ', taking account of complaints received, an overall assessment of the observed phenomena, as well as' the plan of checks planned for the following year. Within their respective powers, the board of directors and the board of auditors formulate their own observations and determinations on the report received. ". In Article. 59, paragraph 4 and 'replaced by the following:" 4. Within forty days of the end of each semester, the head of the internal control function transmits to the board of directors and the supervisory board a special report describing, for each service, the overall situation of the complaints received. Should the analysis and assessment of complaints received during the six months it appears that the total complaints received were originated from organizational and / or procedural shortcomings, the head of the internal control function describing, in a special section of the report itself, the shortcomings and proposals for their removal. Within their respective powers, the consi-management board and the supervisory board formulate their own observations and determinations on the report received. ". In Article. 71, paragraph 1, letters b) and c) are replaced by the following:" b) "authorized intermediaries: investment firms, banks and Poste Italian Spa authorized to perform the service of art. 1, paragraph 5, letter c) of the Consolidated Law, as well as', in cases and under conditions laid down pursuant to art. 18, paragraph 3, of the Consolidated law, the financial intermediaries entered in the provisions of art. 107 of legislative decree no. 385 of 1993, entitled to the same service;
c) "qualified parties: SIM, including the company 'in art. 60, paragraph 4, of Legislative Decree 23 July 1996, n. 415, Italian banks authorized to provide investment services, financial intermediaries registered in the art. 107 of legislative decree no. 385 of 1993, authorized the provision of art. 1, paragraph 5 service, letter a) of the Consolidated law, limited to derivative financial instruments, in cases and under the conditions established pursuant to art. 18, paragraph 3, of the Consolidated Law, the companies' asset management, the SICAV, stockbrokers, Poste Italian SpA, investment firms and EU and non-EU banks however, enabled the provision of investment services in Italy. ". Art. 72, paragraph 1, letter b) and 'replaced by the following: "b) even without possibility' of rapid interaction where the documents or messages have a contractual content.". Art. 89, paragraph 4 and 'replaced by the following: "4. The evaluation test will normally take place at the premises of the territorial commissions or in the places they established. The application for admission to the evaluation test and' addressed to the committee in which territorial area the moment he resides or, if resident abroad, domicile. the question can 'be addressed, alternatively, to a neighboring commission, in which case, the candidate will be' deemed to take the test at the last Commission.". Art. 90: in paragraph 1, the first part and 'replaced by the following: "1. When applying for registration, the applicant must indicate the firm for which it may have already' taken the obligation to operate and must declare his residence in accordance with art. 46 of Presidential decree of 28 December 2000, n. 445; if resident abroad, must also domicile in Italy, the effects dell'eserciziodella activities' promoter, specifying its address. If the time has passed the assessment test in art. 89 or holds out any of the professionalism 'in art. 4 requirements, paragraph 1 a) and b) of the Ministerial Order, the application must also indicate, as appropriate: "; in paragraph 2, the first part and 'replaced by the following: "2. The application must be accompanied by the following additional documentation:"; in paragraph 2, letter d), the first part and 'replaced by the following: "d) a declaration made pursuant to art. 47 of Presidential Decree of 28 December 2000, n. 445, of:"; paragraph 5 and 'replaced by the following: "5. It does not affect in any case the right' of the moment to make use of the affidavits referred to in Articles 46 and 47 of the Presidential Decree of 28 December 2000, n. 445." . Annex 2, paragraph 3) and 'replaced by the following: "3) certificate of pending suits issued by the Public Prosecutor at the tribunal of the place of residence;". Annex 4, L3 scheme (Situation of financial instruments), in the section on "Transactions on derivatives", the second line of point b2) and 'replaced by the following: "- in the" L3 diagram shows the open positions; these positions are valued in accordance 'with the Annex no. 5 (the value of the options sold becomes negative). "2. The above resolution and 'published in the Bulletin of Consob and the Official Gazette and shall enter into force on the day following its publication in the Official Gazette, unless the changes to' art. 39 which come into force on 1 July 2003. Rome, August 6, 2002 President: Spaventa