The banks which are subject to the periodic assessment of their capital adequacy (Srep, Supervisory Review and Evaluation Process), by the Authorities for prudential supervision must disclose in their statements the information related to Srep with reference to "binding prudential quantitative requirements" (Pillar2 Requirements), that is the minimum mandatory capital ratios. The same information must be delivered through the periodic financial reporting documents, too.

This is what Consob clarifies in a Communication (Comunicazione n. 5 del 15 marzo 2019) published today.

As regards, instead, the additional consequences resulting from the Srep, such as "binding quality requirements" or "capital recommendations" (Pillar2 Guidance), the Communication clarifies that the banks themselves are responsible for making an appraisal of the publication of the information in the statements and in the accounting reporting documents. In particular, in the event of non-compliance with the capital rules, Consob specifies that, in its opinion, the data is relevant for the purposes of the information to be disclosed in the statements.

The banks must also be assessing the possible nature of "privileged information" of the Srep results. The objective is to guarantee the compliance with the IT obligations set by the European Market Abuse Regulation (Mar).

Such is the warning contained in a further Communication (Comunicazione n. 6 del 15 marzo 2019) of Consob, published today.

It is the responsibility of the banks themselves, Consob states, to choose if making use of the delay in the communication to the public in relation to privileged information, contained in the Srep Letter.