Read the untranslated law here: http://www.gazzettaufficiale.it/atto/serie_generale/caricaArticoloDefault/originario?atto.dataPubblicazioneGazzetta=2015-01-17&atto.codiceRedazionale=15A00327&elenco30giorni=false&atto.tipoProvvedimento=DECRETO
The MINISTER of economy and finance Saw the Decree of the Minister of economy and Finance of February 12, 2004, recante "updating policies for transparency in government securities placement transactions" (published in the Gazzetta Ufficiale-serie generale-n. 44 of February 23, 2004), issued pursuant to art. 2, paragraph 2, of law February 17, 1992, # 154, which dictates standards for transparency in all operations and banking and financial services '; Having regard to the subsequent Decree of the Minister of economy and Finance of October 19, 2009 laying down "updating policies for transparency in government securities placement transactions" (published in the Gazzetta Ufficiale-serie generale-# 246 of October 22, 2009), with which it has been included on paragraph 2-bis in article 2 of the aforementioned Decree of February 12, 2004; Visto l'art. 161, paragraph 2, of Legislative Decree No 385 1 September 1993, as subsequently amended (banking law), which stipulates that the law February 17, 1992, n. 154, is repealed but continues to apply until the entry into force of the measures adopted by the authorities ' within the meaning of the Consolidated Banking credit; Visto l'art. 116, paragraph 2, of Legislative Decree No 385 1 September 1993, as subsequently amended (banking law), which gives the Minister of economy and finance, after consultation with CONSOB and the Bank of Italy, the power to establish criteria and parameters for determining the maximum fees chargeable to customers on the occasion of the placement and the transparent determination of yields as well as the obligations of transparency and publicity, propaganda to be observed in the placement of government bonds; Visto l'art. 2 of Legislative Decree 1 April 1996, n. 239, as amended, relating to the ' substitute tax on interest, premiums and other fruits of certain bonds and similar securities for residents» (hereinafter referred to as "tax"); Whereas, as a consequence of the lowering of interest rates on short-term government bonds, it is appropriate to reduce the maximum commissions due from customers on the occasion of their investments in order to ensure that they are applied in case of negative rates of return and rationalize expiration intervals on which the abovementioned commissions are proportionate; Considered the need to make more transparent the provisions relating to customer credit value date of the amounts due and to provide additional technical information diffusion mode concerning government securities; Recognized the need to adopt a new decree to update rules on transparency in government securities placement transactions; After consulting CONSOB; In consultation with the Bank of Italy;
Decrees: Art. 1 1. The provisions of this Decree shall apply to the categories of entities operating in the securities placement transactions, short, medium and long term, even if not directly involved in the tender operations or placement consortia. Shall apply also to the categories of persons who collect signatures in other types of placement. 2. If the placement of securities through a consortium of placement or by collecting accessions referred to in the preceding paragraph, references to the weighted average price referred to in article 2 and to the hammer price referred to in article 3, are carried out at the issue price set by the Treasury in the issuance Decree.
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