Read the untranslated law here: http://www.gazzettaufficiale.it/atto/serie_generale/caricaArticoloDefault/originario?atto.dataPubblicazioneGazzetta=2015-03-27&atto.codiceRedazionale=15A02380&elenco30giorni=false&atto.tipoProvvedimento=DECRETO
The Director General of the Treasury Saw Royal Decree 2440 of November 18, 1923 concerning provisions on asset management and general accounting of the State; Visto l'art. 548 of regulation for the administration of the assets and to the State general accounting, approved by Royal Decree No 827 of May 23, 1924; Visto l'art. 3 of law No 20 of January 14, 1994 as amended; Having regard to the Legislative Decree No. 58 of February 24, 1998, Consolidated law on financial intermediation, pursuant to arts. 8 and 21 of law No. 52 of February 6, 1996; as well as the art. 23 and 28 of the Ministerial Decree No. 216 of December 22, 2009, relating to specialists in Italian Government bonds; Seen on P.r.decree December 30, 2003, # 398, bearing the single text of the laws on public debt and, in particular, article. 3, where it is expected that the Minister of finance is authorized, in each financial year, to issue decrees that allow Treasure frame, among other things, borrowing operations domestically or abroad in the forms of financial products and instruments in the short, medium and long term, indicating the nominal amount, the interest rate or the criteria for determination minimum subscription amount, duration, and any other feature placement system and method; Having regard to Legislative Decree No 239, 1 April 1996 and subsequent amendments and additions; Having regard to Legislative Decree No 461, November 21, 1997 and subsequent amendments concerning reorganization of the discipline of capital income and miscellaneous income; Having regard to the Ministerial Decree No. 97587 of December 23, 2014, issued pursuant to art. 3 of the aforesaid P.r.decree # 398 of 2003, which established the objectives, limits and methods where the Treasury Department must follow in making financial transactions referred to in that article, predicting that the operations themselves are arranged by the Director General of the Treasury or his delegate, the Director of Directorate II of the Department and that in case of absence or incapacity of the latter, the above operations can be arranged by the Director General of the Treasury, even with ongoing delegation; View the determination # 100215 of December 20, 2012, by which the Director General of the Treasury has delegated the Director of Directorate II of the Treasury Department to sign the decrees and acts relating to the operations; Visas, also articles. 4 and 11 of repeated P.r.decree # 398 of 2003, regarding the dematerialization of securities; Having regard to the Ministerial Decree of April 17, 2000, # 143, published in the Official Gazette No. 130 of June 6, 2000, with which it was adopted the regulation concerning the discipline of central depository of securities; Seen August 23, 2000 Decree, published in the Official Journal No 1 September 2000, 204 of which was entrusted to Monte Titoli S.p.A. the service of central depository of securities; Having regard to law no 191 December 23, 2014 on the approval of the budget for the fiscal year 2015 and in particular the third paragraph of art. 2, with whom he established the maximum emission of public borrowing for the year; Visto l'art. 17 of P.r.decree December 30, 2003 n. 398 on the admissibility of the service of reproduction in facsimile in participation in the auctions of government bonds; Having regard to the Ministerial Decree of January 15, 2015 establishing rules for transparency in government bond placement transactions; Having regard to the Ministerial Decree of May 5, 2004, governing the procedures to be taken in the event of a delay in the fulfilment of the obligation to pay cash or securities to insufficiency of the accounts of the operators who participated in the operations of issuance, exchange transactions and repurchase of bonds; Seen the need to conduct auctions of Treasury bills with demands of operators expressed in terms of yield, instead of price, in accordance with the practice prevailing on the money markets in the euro area; Given that the emission amount willing to all the March 23, 2015 amounts, net of repayments already made public, to euro 42,721 million;
Decrees: Art. 1 under and for the purposes of art. 3 of P.r.decree December 30, 2003, # 398, as well as of the Ministerial Decree dated December 23, 2014, mentioned in the introduction, and notwithstanding the provisions of art. 548 State General Accounting Regulation, are you prepared for the March 31, 2015 the issuance of Treasury bills (referred to as BOTS) to 183 days expiring September 30, 2015, up to the maximum in nominal value of 7,000 million. For this issue it is possible to make investments in tranches. At the end of the allocation process, and is also prepared to issue additional placing of bots under this Decree, to be assigned to operators "Government bond specialists", identified under art. 23 and 28 of the Ministerial Decree No 216 of December 22, 2009 mentioned in the introduction, in accordance with the method specified in subsequent articles. 15 and 16 of this Decree.
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