Exemption for market maker activities on shares

Italian market makers in shares wishing to notify Consob of the use of the exemption for their activity shall follow the instructions provided for in the Joint Bank of Italy/Consob Communication of June 5, 2013, as updated by Joint Bank of Italy/Consob Communication of November 4, 2019.

In particular, the abovementioned notifications shall be sent to Consob by certified e-mail to consob@pec.consob.it. The notification must be anticipated via email to the following address: shortselling-service@consob.it.

It is required that the abovementioned notifications be compliant with the ESMA Guidelines of April 2, 2013, with the exception of the trading venue membership requirement. Italian Authorities have decided to not apply this requirement, as highlighted in the abovementioned Communication of 4 November 2019. The notification form attached to the aforementioned document has to be used.

Regarding the exemption regime on sovereign debt and sovereign credit default swap, the notifications shall be sent to Bank of Italy by certified e-mail to smp@pec.bancaditalia.it. The notification must be anticipated via email to the following address: shortselling@bancaditalia.it.

The list of exempted entities is published by ESMA.