Changes To The Measure February 22, 2008 Laying Down: «Discipline Of Theservices Depositories, Clearance, Guarantee Systems And Their Management Companies».

Original Language Title: Modifiche al provvedimento 22 febbraio 2008, recante: «Disciplina deiservizi di gestione accentrata, di liquidazione, dei sistemi digaranzia e delle relative societa' di gestione».

Read the untranslated law here: http://www.gazzettaufficiale.it/atto/serie_generale/caricaArticoloDefault/originario?atto.dataPubblicazioneGazzetta=2015-02-21&atto.codiceRedazionale=15A01166&elenco30giorni=false&atto.tipoProvvedimento=DECRETO

The Bank of Italy and the NATIONAL COMMISSION for companies and the stock market Saw February 24, 1998, Decree No. 58 "consolidated text of provisions concerning financial intermediation (text only); Visto l'art. 69 of the consolidated text that attaches to the Bank of Italy the power to regulate, in agreement with CONSOB, the settlement of transactions in financial instruments, as well as articles 80 and 81 of the consolidated text, which attribute to CONSOB the power to regulate, in agreement with the Bank of Italy, the central depository services; Having regard to articles 77 and 82 of the consolidated text, which attribute to the Bank of Italy and CONSOB settlement systems supervision of transactions in financial instruments and central depositories and on topics that run them for the furtherance of the purposes of their respective competence; Having regard to the action taken in agreement by the Bank of Italy and CONSOB on February 22, 2008, bearing the "discipline of the depository services, liquidation, guarantee schemes and their management companies»; Visto l'art. 2, paragraph 2, of legislative decree April 12, 2001, # 210, as amended and supplemented, under which "the Italian systems shall provide in its rules when a transfer order is entered into the system, ' and that includes also that" the Bank of Italy and CONSOB, according to their respective responsibilities, provide requirements for the implementation of this subparagraph. '; Seen the need to adapt the national legal framework to changes in the offer of settlement services of operations on financial instruments depository services arising from the accession of Monte Titoli S.p.a. the future pan-European securities settlement Platform Target 2 Securities (T2S) operated by the Eurosystem. Given the weather in terms of identifying identical moments of definitivita ' and irrevocabilita ' by systems that have a common infrastructure of regulation contained in art. 48, paragraph 8 of Regulation No 909/2014 of the European Parliament and of the Council of July 23, 2014 on improving securities settlement in the European Union and on central securities depositories and amending directives 98/26/EC and 2014/65/EC and Regulation (EU) no 236/2012; Given the specific exemption introduced on the subject of outsourcing by art. 30, paragraph 5, of the said Regulation No 909/2014, in the case of outsourcing of activities and services to a public entity, the use of certain conditions; Acquired mutually understanding with reference to modifications for the measure of understanding by the Bank of Italy and CONSOB on February 22, 2008 in matters which, in accordance with the provisions referred to above, are attributed to the jurisdiction of one or other regulatory authority, with the agreement of the other;
They give off this Act concerning changes to the measure adopted in agreement by the Bank of Italy and CONSOB on February 22, 2008 bearing the "discipline of depository services, liquidation, guarantee schemes and their management companies». The Act concerning changes to the decision of February 22, 2008 is published in the official journal of the Italian Republic.
Rome, February 11, 2015 the Governor of the Bank of Italy: Visco the Chairman of CONSOB: Vegas