Regulation containing rules establishing the experience and integrity requirements for the for entry in the national register of financial salesmen (Adopted by the Minister of the Treasury, the Budget and Economic Planning with Decree 472/1998)(1)
Article 1
(Integrity requirements)
1. Persons may not be entered in the national register of financial salesmen referred to in Article 31.4 of Legislative Decree 58/1998 (hereinafter the "Register") who:
a) are in one the situations of ineligibility or disqualification referred to in Article 2382 of the Civil Code;
b) have been the subject of precautionary measures imposed by the judicial authorities under Law 1423/1956 or Law 575/1965, as amended, without prejudice to the effects of rehabilitation;
c) have been condemned in an unappealable judgement, without prejudice to the effects of rehabilitation, and sentenced to:
1) a period of imprisonment for one of the offences provided for in the legislation on banking, financial, securities and insurance business or in the legislation on securities markets and securities or payment instruments;
2) a period of imprisonment for one of the offences provided for in Title XI of Book V of the Civil Code or Royal Decree 267/1942;
3) a period of imprisonment of not less than one year for a crime against the public administration, the public faith, the patrimony, the public order, the public economy or for a tax offence;
4) a period of imprisonment of not less than two years for any offence with criminal intent. delitto non colposo /???/
2. Persons may not be entered in the who have been sentenced at the request of the parties to one of the punishments referred to in paragraph 1c), except in the case of the extinction of the crime. The punishments referred to in paragraph 1c), points 1) and 2), shall not count if the period is less than one year.
3. With reference to cases governed entirely or partly by foreign law, the absence of the situations referred to in paragraphs 1 and 2 shall be verified on the basis of an evaluation of the substantial equivalence of the rules carried out by Consob.
Article 2
(Grounds for ineligibility)
1. Persons who in at least the two financial years preceding the adoption of the relevant decision were members of the governing bodies of firms involved in bankruptcy proceedings, compulsory administrative liquidation or equivalent procedures may not be entered in the register. Fractions of the latest financial year exceeding six months shall count as a full year.
2. Paragraph 1 shall also apply to persons who:
a) were members of the governing bodies of firms in the credit, financial, securities or insurance sector placed under special administration
b) in the profession of stockbroker failed to fulfill the obligations prescribed by law or are excluded from trading on a regulated market.
3. The prohibition referred to in paragraphs 1 and 2 shall last for three years from the date of the adoption of the relevant decision. The period shall be reduced to one year if the decision was adopted at the request of the entrepreneur or of the board of directors of the firm.
Article 3
(Experience requirements)
1. Persons who intend to obtain entry in the Register must possess at least a secondary high school diploma issued at the end of a five-year course or an equivalent foreign educational qualification.
2. In order to be entered in the Register they must also have passed an exam organized by Consob in the manner the latter itself shall establish.
3. Persons who Consob finds to satisfy the experience requirements on the basis of the evaluation criteria referred to in Article 4 shall be exonerated from passing the exam referred to in paragraph 2.
Article 4
(Evaluation criteria for professional experience)
1. Entry in the Register of financial salesmen shall be granted to persons who have acquired specific professional experience by having performed one of the following activities:
a) stockbroker entered in the national roll or the special roll kept by the Minister of the Treasury, the Budget and Economic Planning;
b) trader authorized in accordance with Article 7.2 of Law 1/1991;
c) officer of a bank employed in one of the investment services referred to in Legislative Decree 58/1998 or in the sector for the marketing of the bank's financial services or member of the staff of a branch or other operational unit, or the head thereof, employed in one of the above-mentioned investment services or responsible for internal control;
d) officer of an investment firm employed in one of the investment services referred to in Legislative Decree 58/1998 or member of the staff of an operational unit, or the head thereof, for one of the above-mentioned investment services or responsible for internal control;
2. The activities referred to in subparagraphs 1.c) and 1.d) must have been performed for one or more periods totaling at least three years.
3. The documentation to be produced attesting satisfaction of the professional experience requirements referred to in subparagraphs 1.c) and 1.d) must include an authenticated declaration issued by the legal representative of the intermediary at which the professional experience was gained indicating the position held, the duties performed and the relevant period.
4. The declaration referred to in paragraph 3 may also be issued by the personnel manager authorized by the bylaws to sign on behalf of the company.
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footnotes:
1. The decree and the attached regulation were published in Gazzetta Ufficiale no. 7 of 11 January 1999.
