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=2015-03-06&atto.codiceRedazionale=15A01608&elenco30giorni=false&atto.tipoProvvedimento=DECRETO

The Bank of Italy and the NATIONAL COMMISSION for companies and the stock market Saw the Legislative Decree of February 24, 1998, # 58, "consolidated text of provisions concerning financial intermediation (Text Only); Visto l'art. 81 of the consolidated text, which attributes to Consob the power, in agreement with the Bank of Italy, to regulate the clearing services, dictating the provisions necessary for the implementation of the provisions of the consolidated text and those still intended to pursue the aims of transparency of the system, ordered to provide services and investor protection; Visto l'art. 82 of the consolidated text, it attaches to Consob and Bank of Italy supervising the depository system, in pursuit of the purposes of their respective competence; Having regard to article 127-d Text Only in so far as publicly traded companies allows to assign a rating increased to shares belonged to a same subject for a continuous period of not less than 24 months; Having regard to the amendments to the rules of implementation of the Consolidated Act on the regulation of broadcasters, made with Consob resolution of December 19, 2014, n. 19084, regarding voting shares plus; 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» («Measure Only»); Given the need to adapt the invoked Provision to the new voting rules and implementing provisions contained in Consob concerning the discipline of issuers to ensure an effective application; Considered it necessary to amend the provisions relating to the provision of depository services to ensure transparency of the depository system, the orderly provision of services and the protection of investors; Considered the comments made by the trade associations most concerned and evaluated the comments, the general tenor of centralized management discipline-related profiles made by individuals, organisations and trade associations in response to the consultation document on the proposals to amend the regulation concerning the regulation of broadcasters regarding rating plus posted on November 5, 2014; View the agreement issued by the Bank of Italy and, at the same time, acquired by Consob under art. 81 Consolidation Act; Given that the implementation of the consolidated discipline concerning central depository is contained in One Measure, adopted in agreement by the Bank of Italy and Consob;
Emanate The Kingdom 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» and subsequently amended. The Act concerning changes to the measure by the annexed Regulations shall be published in the Bulletin of the Consob and nella Gazzetta Ufficiale della Repubblica italiana. It shall enter into force on the fifteenth day following its publication.
Rome, February 24, 2015 the Governor of the Bank of Italy Visco the Chairman of CONSOB Vegas