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Consob - Bank of Italy - IVASS Notice of September 25th, 2019: updated directory of the Italian financial conglomerates subject to supplementary supervision coordinated by the competent national authorities as identified at December 31st, 2018

On the basis of the provisions of the Coordination Agreement signed on March 31, 2006, Consob, the Bank of Italy and IVASS have updated the directory of the Italian financial conglomerates, that is to say those corporate groups performing business to a significant extent in both the insurance and the banking sectors and/or in the sector of investment services.

The supervision of financial conglomerates is exerted, pursuant to Legislative Decree no. 142/2005 ("Conglomerates Decree"), with the supplementary supervisory tools in addition to those used for the exercise of sectoral oversight, in order to systematically monitor the capital adequacy and the riskiness of the group as a whole, taking into account the interrelations between insurance and banking/financial activities carried out by its various components.

The list at 31.12.2018 includes three financial conglomerates which were already subjected to supplementary supervision last year. The Bank of Italy maintains the role of coordinating authority on a banking-led conglomerate that includes institutions that do not qualify as "significant", the IVASS on the two institutions under insurance guidance.

The directory does not include financial conglomerates embracing "significant" institutions, whose identification is the responsibility of the European Central Bank within the Single Supervisory Mechanism.

The updated directory of the conglomerates, as identified at 31.12.2018 is available at the websites of Consob, Banca d'Italia and IVASS.