COMING SOON: Article 129 Of The Italian Banking Act: New Post Issue Reporting Obligations In Italy. Are you ready?
13 September 2016
Article 129 of Italian Legislative Decree No. 385 of 1 September 1993 (as amended, the "Italian Banking Act"), further to a major reform back in 20061 (which abolished any power of prior supervision from the Bank of Italy on issues and/or offers in Italy of debt securities), provides that the Bank of Italy is empowered to require (i) any Italian entity which issues debt securities (as identified below) or, (as the case may be) (ii) any non-Italian entity which offers debt securities in Italy – to notify or provide to the Bank of Italy certain post-trade reports, data and information concerning such debt securities (the "Reporting Obligations").
Article 129 of the Italian Banking Act also provides that the aforementioned Reporting Obligations should be carried out in compliance with the relevant implementing regulations to be issued by the Bank of Italy (the "Implementing Regulations").
On 14 October 2013, the Bank of Italy started a public hearing (the "Public Hearing") among market participants aimed at assessing the most efficient method to give effect to new Implementing Regulations which would replace the existing ones2 (contained in Chapter I, Title IX of Circular no. 229 issued by the Bank of Italy on 21 April 1999 ("Circular No. 229").
Further to the above, on 25 August 2015 the Bank of Italy issued a first resolution (the "First Resolution") which finally replaced the regime under Circular No. 229.
restated by way of a second resolution issued by the Bank of Italy on 10 August 2016 (the "Second Resolution" and together with the First Resolution, the "Resolutions").
Pursuant to the Resolutions, the new Reporting Obligations will enter into force on 1 October 2016 or, as the case may be (see below), 1 January 2017.
The below note is aimed at summarising the main contents of the Resolutions as well as the scope, contents and timing of the several Reporting Obligations.
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