Legal Framework


Resolution n. 21211 of December 20, 2019[1]

Determination pursuant to art. 40 of law no. 724/1994 of subjects obliged to contribute for the financial year 2020

THE NATIONAL COMPANIES AND EXCHANGE COMMISSION

Having regard to Law no. 216 of June 7, 1974, and subsequent amendments and additions;

Having regard to Art. 40 of Law no. 724 of December 23, 1994, and subsequent amendments and additions, which, inter alia, requires CONSOB to determine on a yearly basis the amount of contributions payable to it by the supervised subjects, for the purpose of its own financing, and that, in determining the said contributions, it should adopt parameterisation criteria that take account of the costs deriving from all the activities performed in relation to each category of subjects;

Having regard to CONSOB’s Resolution no. 20767 of December 28, 2018, on the determination, pursuant to the said Art. 40, of the amount of contributions for the financial year 2019 ;

Considering the need to identify the subjects obliged to contribute for the financial year 2020;

Considering the need to determine the amount of the contribution payable for the financial year 2020 by the subjects identified by CONSOB;

Considering the need to determine the terms and methods for paying the contribution charged on the identified subjects, for the financial year 2020;

HEREBY RESOLVES:

Article 1
Subjects obliged to contribute and amount of the contribution

The subjects listed in the table contained under art. no. 3 are obliged to pay CONSOB a contribution called “supervisory contribution” for the financial year 2020, for the amount thereby listed.

Article 2
Terms for paying the contribution

The payment of the contribution must be performed within the terms specified by the table under art. no. 3.

Article 3
Determination of the amount of contribution

1. The amount of contribution due by each category of supervised subjects is shown in the following table:

Regulatory references

Subjects obliged to contribute

Amount of contribution

Terms and methods of payment

Art. 3, lett. a)

ITALIAN INVESTMENT FIRMS (SIMs)

Investment Firms (SIMs), and trust companies referred to in Art. 199, para. 2 of Legislative Decree no. 58/1998, authorised, as of January 2, 2020, to provide investment services and activities pursuant to Art. 1, para. 5, letters a), b), c), c-bis), d), e) and f) of Legislative Decree no. 58/1998;

The base contribution payable is calculated as € 4,200.00, and must be increased by 0.49% of the revenues from investment services. The data relative to revenues from investment services as of December 31, 2018, referring to the financial statements for the year ended in 2019, will be taken from the supervisory reports filed in pursuance of Bank of Italy’s Circular no. 148 of July 2, 1991. In particular, relevant sub-items of item master 43962 shall be taken into account.

The maximum amount of contribution is correlated with the volume of revenues from investment services, according to the following brackets:

- for revenues up to € 50,000,000: €120,000.00;

- for revenues up to € 100,000,000: € 145,000.00;

- for revenues over € 100,000,000: € 165,000.00.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. b)

INVESTMENT COMPANIES

EU investment companies with branches in Italy and non-EU investment companies with or without branches in Italy, authorised, as of January 2, 2020, to provide investment services and activities pursuant to Art. 1, para. 5, letters a), b), c), c-bis), d), e) and f) of Legislative Decree no. 58/1998;

The contribution payable is calculated in reference to the number of investment services/activities authorised as of January 2, 2020 as follows:

a) one investment service/activity: € 4,200.00;

b) two investment services/activities: € 15,325.00;

c) three investment services/activities: € 27,765.00;

d) four investment services/activities: € 37,555.00;

e) five investment services/activities: € 47,335.00;

f) six investment services/activities: € 62,000.00.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

or by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, lett. c)

BANKS

Italian banks, Poste Italiane company - BancoPosta Services Division pursuant to Art. 2, para. 1, letter f), of Italian Presidential Decree no. 144 of March 14, 2001, EU banks with branches in Italy and non-EU banks with or without branches in Italy, authorised, as of January 2, 2020, to provide investment services and activities pursuant to Art. 1, para. 5, letters a), b), c), c-bis), d), e) and f) of Legislative Decree no. 58/1998;

The contribution payable, is calculated as € 4,200.00, and must be increased by 3.40% of the revenues from investment services. Data on revenues from investment services as of December 31, 2018, referring to the financial statements for the year ended in 2019, will be taken from the supervisory reports filed in pursuance of Bank of Italy’s Circular no. 272 of July 30, 2008. In particular, the relevant sub-items of item master 40924 shall be taken into account.

The maximum amount of contribution is correlated with the volume of revenues from investment services, according to the following brackets:

- for revenues up to 10,000,000: € 120,000.00;

- for revenues up to € 20,000,000: € 145,000.00;

- for revenues up to € 50,000,000: € 165,000.00;

- for revenues up to € 100,000,000: € 185,000.00;

- for revenues up to € 500,000,000: € 205,000.00;

- for revenues over € 500,000.00: € 230,000.00.

Payment before April 15, 2020,

through pre-compiled M.Av. (see art. 4, para. 1,2) excluding foreign banks.

Foreign banks: by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, lett. d)

ASSET MANAGEMENT COMPANIES

As listed below:

The contribution payable is calculated as follows:

 

Art. 3, lett. d), subpar. d1)

d1) ITALIAN ASSET MANAGEMENT COMPANIES

Italian asset management companies pursuant to Art. 1, para. 1, letter o) of Italian Legislative Decree no. 58/1998, authorised, as of January 2, 2020, to provide investment services and activities, pursuant to Art. 1, para. 5, letters d), e) and f), of Italian Legislative Decree no. 58/1998;

The contribution payable, is calculated as € 4,200.00, and must be increased by 0.49% of the revenues from investment services. Data on revenues from investment services as of December 31, 2018, referring to the financial statements for the year ended in 2019, will be taken from the supervisory reports filed according to the Bank of Italy’s Circular no. 189 of October 21, 1993. In particular, the relevant sub-items of item master 50984 and 50988 shall be taken into account.

The maximum amount of contribution is correlated with the volume of revenues from investment services, according to the following brackets:

- for revenues up to € 50,000,000 : € 120,000.00;

- for revenues up to € 100,000,000: € 145,000.00;

- for revenues up to € 100,000,000: € 165,000.00.

Payment before April 15, 2020,

through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. d), subpar. d2)

d2) EU ASSET MANAGEMENT COMPANIES AND EU ALTERNATIVE FUND MANAGERS WITH BRANCHES IN ITALY

EU asset management companies with branches in Italy pursuant to Art. 1, letter o-bis) of Italian Legislative Decree no. 58/1998, EU alternative investment fund managers (EU AIF) with branches in Italy, pursuant to Art. 1, para. 1, letter p) of Italian Legislative Decree no. 58/1998, authorised, as of January 2, 2020, to provide investment services and activities pursuant to Art. 1, para. 5, letters d), e) and f), of Italian Legislative Decree no. 58/1998;

The contribution payable is calculated in reference to the number of investment services/activities authorised as of January 2, 2020 as follows:

a) one investment service/activity: € 4,200.00;

b) two investment services/activities: € 15,325.00;

c) three investment services/activities: € 27,765.00.

Payment before April 15, 2020,

through pre-compiled M.Av. (see art. 4, para. 1,2) or

foreign subjects: by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, lett. e)

Financial intermediaries entered in the Register specified in Art. 106, para. 1 of Italian Legislative Decree no. 385/1993, authorised, as of January 2, 2020, under Art. 19, para. 4 of Italian Legislative Decree no. 58/1998, to provide the services and activities referred to in Art. 1, para. 5, letters a), b), c) and c-bis) of Italian Legislative Decree no. 58/1998;

The contribution payable is calculated in reference to the number of investment services/activities authorised as of January 2, 2020 as follows:

a) one investment service/activity: € 4,200.00;

b) two investment services/activities: € 15,325.00;

c) three investment services/activities: € 27,765.00;

d) four investment services/activities: € 37,555.00.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. f)

STOCKBROKERS

Stockbrokers entered, as of January 2, 2020, in the special Register provided for by Art. 201, para. 5 of Italian Legislative Decree no. 58/1998;

The amount payable is equal to € 100.00 per capita.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. g)

COLLECTIVE INVESTMENTS UNDERTAKINGS

The contribution due is calculated as follows:

 

Art. 3, lett. g), subpar. g1)

g1) ITALIAN COLLECTIVE INVESTMENTS UNDERTAKINGS

· the asset management companies included in the Register referred to in Article 35, paragraph 1, of Italian Legislative Decree no. 58/1998 on 2 January 2020;

· the variable capital investment companies (SICAVs) and variable capital investment companies (SICAFs) included in the Register referred to in Article 35 ter, paragraph 1, of Italian Legislative Decree no. 58/1998 on 2 January 2020;

The contribution is equal to a fixed fee of € 3,895.00, for subjects authorised to perform collective management, to be increased as follows:

a) for subjects offering to the public their units or shares (UCITS and AIFs) following the filing of a prospectus, € 1,945.00 for each fund or, where applicable, for each sub-fund for which the offering to the public is in progress as at 2 January 2020 (retail funds). Two funds/sub-funds are excluded from the calculation of said increase. Funds/sub-funds that are listed or have one or more listed classes are also excluded;

b) for subjects for which an offering (UCITS and AIFs) was closed in previous years which have subscribers resident in Italy as at 2 January 2020, € 1,375.00 for each fund or, where applicable, for each sub-fund;

c) for subjects that market units or shares of reserved AIFs following the completion of a marketing procedure in the previous yea,r pursuant to Article 43 of Italian Legislative Decree no. 58/1998, € 1,775.00 for each fund or, where applicable, for each managed sub-fund;

d) for subjects that market units or shares of non-reserved AIFs following the completion, in the previous year, of a marketing authorisation procedure pursuant to Article 44 of Italian Legislative Decree no. 58/1998, € 1,775.00 for each fund or, where applicable, for each managed sub-fund.

Payment by 15 April 2020

by pre-compiled M.Av. (see Art. 4, paragraphs 1, 2)

Art. 3, lett. g), subpar. g2)

g2) FOREIGN COLLECTIVE INVESTMENTS UNDERTAKINGS

UCIS for which the procedure set forth in Articles 42, 43 or 44 of Italian Legislative Decree no. 58/1998 was completed prior to 2 January 2020 and for which cancellation has not been received by the competent authority by that date;

In the case of an offering to the public, the contribution is:

a) for subjects offering to the public their units or shares (UCITS) following the completion of the notification procedure pursuant to Article 42 of Italian Legislative Decree no. 58/1998 and the filing of a prospectus, and for which the offering to the public is in progress as at 2 January 2020 (retail funds), € 1,945.00 for each fund or, where applicable, for each sub-fund. Listed funds/sub-funds, or funds with one or more listed classes, are excluded from the calculation;

b) for subjects for which the offering made following the notification procedure pursuant to Article 42 of Legislative Decree no. 58/1998 (UCITS) was closed in previous years and which, as at 2 January 2020, have subscribers resident in Italy, € 1,375.00 for each fund or, where applicable, for each sub-fund;

c) for subjects that market units or shares of non-reserved AIFs following the completion in the previous year of a marketing authorisation procedure pursuant to Article 44 of Italian Legislative Decree no. 58/1998, € 1,775.00 for each fund or, where applicable, for each managed sub-fund;

where the investments undertaking markets UCIS to professional investors, the contribution is:

d) for subjects that market units or shares of reserved AIFs following the completion of a marketing procedure pursuant to Article 43 of Italian Legislative Decree no. 58/1998, € 900.00 for each fund or, where applicable, for each managed sub-fund;

e) for subjects that market units or shares of UCITS to professional investors following the completion of a notification procedure pursuant to Article 42 of Italian Legislative Decree no. 58/1998, € 900.00 for each fund or, where applicable, for each managed sub-fund.

Payment by 15 April 2020

by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, let. g), subpar. g3)

g3) MANAGERS MARKETING SHARES AND/OR UNITS IN UCIS

Managers registered, as of 2 January 2020, in the section of the Register referred to in Articles 35, 35-ter and in the annexed list referred to in Articles 41-bis and 41-ter of Italian Legislative Decree no. 58/1998 (UCITS and AIFs), that market their own or third party’s units and/or shares of UCIs to retail investors;

The contribution due is calculated at rates correlated with the volume marketed in Italy exceeding € 100,000, as follows:

- for volumes up to € 1,000,000: € 4,000.00;

- for volumes up to € 10,000,000: € 12,000.00;

- for volumes up to € 100,000,000: € 20,000.00;

- for volumes up to € 1,000,000.000: € 28,000.00;

- for volumes up to € 3,000,000,000: € 36,000.00;

- for volumes over € 3,000,000,000: € 42,000.00.

Payment by 15 April 2020

Italian managers: through pre-compiled M.Av. (see Art. 4, paragraphs 1, 2).

Foreign managers: by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, lett. h)

SUPERVISORY BODY OF FINANCIAL ADVISORS

The Supervisory Body of Financial Advisors, provided for by art. 31, para. 4 of Italian Legislative Decree no. 58/1998;

The amount payable is equal to € 1,038,515.00.

Payment before May 31, 2020, through bank transfer (see art. 4, para. 3,4)

Art. 3, lett. i)

PRIIPs MANUFACTURERS

PRIIPs manufacturers, provided for by art. 4-decies of Italian Legislative Decree no. 58/1998, who have notified CONSOB the key information document (KID) in compliance with EU Regulation no. 1286/2014, in the time lapse between January 2, 2019 and January 1, 2020.

The contribution payable is equal to € 500.00 for each notified document containing the key information (KID). Any subsequent modifications are excluded from such contribution.

The maximum amount payable by each single manufacturer is equal to € 80,000.00

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2) excluding foreign manufacturers.

Foreign manufacturers: by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, lett. j)

ISSUERS

Issuers, other than the Italian State, local public authorities, Foreign States and public International Organizatons, as listed below:

The contribution payable is calculated as follows:

 

Art. 3, lett. j), subpar. j1)

ITALIAN ISSUERS

Italian issuers that, as of January 2, 2020, had financial instruments admitted to trading on Italian regulated markets;

The contribution payable is calculated based on the number and monetary equivalent of the single financial instruments listed or admitted to trading as of January 2, 2020, as prescribed in para. 3/1.

The maximum amount payable for each issuer is equal to € 675,000.00.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. j), subpar. j2)

FOREIGN ISSUERS

Foreign (EU and extra-EU) issuers that, as of January 2, 2020, had financial instruments admitted to trading on Italian regulated markets;

The contribution payable is calculated based on the number and monetary equivalent of the single financial instruments listed or admitted to trading as of January 2, 2020, as prescribed in para. 3/2.

The maximum amount payable for each issuer is equal to € 675,000.00.

Payment before April 15, 2020, through bank transfer (see art. 4, para. 3,4,5,6)

Art. 3, lett. j), subpar. j3)

ISSUERS HAVING ITALY AS THEIR HOME MEMBER STATE

Issuers that, as of January 2, 2020, had financial instruments admitted to trading on EU regulated markets (other than Italian markets) with Italy as their home member State;

The contribution payable is calculated based on the number and monetary equivalent of the single financial instruments listed or admitted to trading as of January 2, 2020, as prescribed in para. 3/1.

The maximum amount payable for each issuer is equal to € 675,000.00.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3. lett. k)

ISSUERS OF FINANCIAL INSTRUMENTS NEGOTIATED ON MULTILATERAL TRADING FACILITIES

Italian and Foreign Issuers (EU and ExtraEU) that, as of January 2, 2020, have applied for or have authorised trading on Multilateral Trading Facilities managed by Italian banks, investment firms (‘SIMs’) or operators of Italian regulated markets subject to supervision pursuant to Regulation (EU) no. 596/2014;

The contribution payable is calculated with reference to the financial instruments admitted to trading as of January 2, 2020, as follows:

· for equity shares and equity securities, the contribution consists in a fixed fee of € 3,520.00 for each instrument traded;

· for instruments other than shares and equity securities, contribution consists in a fixed fee of € 452.00 for each instrument traded.

A maximum of € 140,400.00 is set for contribution from each individual Issuer.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2) for Italian Issuers.

For Foreign Issuers, payment before April 15, 2020 through bank transfer (see art. 4, para. 3,4,5,6).

Art. 3, lett. l)

WIDELY DISTRIBUTED FINANCIAL INSTRUMENTS ISSUERS

Issuers of widely distributed financial instruments, as referred to in art. 116 of Italian Legislative Decree no. 58/1998 that, as of January 2, 2020, are subjected to the legal obligations envisaged for this category of issuers 108, para. 5 of CONSOB’s Regulation no. 11971/1999;

The contribution payable equals to € 15,940.00 per capita.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. m)

SUBJECTS WITH OFFERING/LISTING DOCUMENTATION

the Subjects other than those referred to in point g) above indicated below:

The contribution due shall be calculated as follows:

 

Art.3, lett. m), subpar. m1)

m1) OFFERORS WHOSE APPLICATIONS HAVE EXPIRED

Subjects that, following the communication prescribed under artircles 94, para. 1, or 102, para. 1, or 113, para. 1 of Legislative Decree no. 58/1998, have had the administrative procedure concerning the prospectus or base prospectus or bid document, expired between January 2, 2019, and January 1, 2020, before approval of the prospectus;

The contribution equals to a fixed amount of € 9,635.00 for each administrative procedure expired before approval.

Application instances for which a new administrative procedure has started within three months after the expiry data are exempted from payment.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2) for Italian offerors.

For Foreign offerors, payment before April 15, 2020 through bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m), subpar. m2)

m2) OFFERORS WHOSEOFFERS/SALES HAVE NOT BEEN COMPLETED

Subjects that, once sent the notice required in Art. 94, para. 1, or Art. 102, para. 1 of Legislative Decree no. 58/1998, have been granted approval of their prospectus or base prospectus or bid document, but did not make the relative offer and/or sale in the period between January 2, 2019, and January 1, 2020;

The contribution equals to a fixed amount of € 19,270.00 for each prospectus or base prospectus or bid document, for which, in the period between January 2, 2019 and January 1, 2020, the subject promoting the offering and/or sale has not completed it.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2) for Italian offerors.

For Foreign offerors, payment before April 15, 2020 through bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m), subpar. m3)

m3) OFFERORS WHOSE OFFERS/SALES HAVE BEEN COMPLETED

Offerors that, once completed an offering of underwrtiting and/or sale or an offering of underwrtiting and/or sale for equity securities listing or a takeover bid or an exchange tender offering in the period between January 2, 2019, and January 1, 2020, are subjected to the application of the provisions of Articles 97 or Art. 103, para. 2 of Legislative Decree no. 58/1998;

The contribution payable is calculated as follows:

a) public offerings of underwriting and/or sale concerning financial products that entail spot settlement determined by the value of one or more underlying financial assets such as covered warrants or certificates: the contribution is a fixed fee equal to € 22,755.00 required for each prospectus or base prospectus approved, increased by € 1,965.00 for each public offering completed for each separately identified product (offer of a single tranche, i.e. a single series of separately identified securities, with the said series distinguished by a different pre-established theoretical value) issued following the approval of the related prospectus or of the final terms with reference to an approved base prospectus;

b) public offerings concerning purchase or subscription warrants: the contribution is a fixed fee equal to € 22,755.00 required for each individual offering; if the total amount of the offering is more than € 500,000.00 the said fixed fee is increased by 4.648 % of the portion of the offering’s equivalent value exceeding this amount of € 500,000.00.

The maximum contribution for each individual offering is € 6,000,000.00;

c) public offerings concerning non-equity securities issued in a continuous or repeated manner by a credit institution, pursuant to Art. 34-ter, para. 4 of CONSOB’s Regulation no. 11971/1999, started in the period between January 2, 2019, and july 20, 2019, the contribution is a fixed fee equal to € 3,580.00 required for each completed offer;

d) offerings of underwriting and/or sale of financial products and offerings of underwrtiting and/or sale for equity securities listing:_ for each offering completed, the fee is the fixed sum of € 22,755.00, increased, in the case of an offering with a total amount that exceeds € 13,000,000, by 0.171% of the equivalent value that exceeds that amount. The maximum contribution is € 6,000,000.00 for each offer; for the purposes of calculating the fee, the total amount of the offering is determined as set out in paragraph 2 below.

e) takeover bid or exchange tender offering: for each offering completed, the fee is the fixed sum of € 22,755.00, increased, in the case of an offering with a total amount that exceeds € 13,000,000, by 0.171% of the equivalent value that exceeds that amount. The maximum contribution is € 6,000,000.00 for each offer; for the purposes of calculating the fee, the total amount of the offering is determined as set out in paragraph 2 below.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2) for Italian offerors.

For Foreign offerors, payment before April 15, 2020 through bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m), subpar. m4)

m4) SUBJECTS THAT HAVE OBTAINED APPROVAL OF:

· THE PROSPECTUS FOR THE ADMISSION TO LISTING

· THE REGISTRATION DOCUMENT / UNIVERSAL REGISTRATION DOCUMENT TO BE NOTIFIED TO ANOTHER AUTHORITY

· THE SUPPLEMENT

a) subjects that obtained approval of the prospectus for the admission to listing of financial instruments pursuant to Article 113, paragraph 1, of Italian Legislative Decree no. 58/1998 in the period between 2 January 2019 and 1 January 2020;

b) subjects that obtained approval of the registration document (possibly universal) for the purposes of Article 26 of EU Regulation 2017/1129 in the period between 21 July 2019 and 1 January 2020;

c) subjects that obtained approval for a supplement in the period from 2 January 2019 to 1 January 2020;

a) The contribution due for operations of admission to trading on regulated markets of EU financial instruments, preceded by the publication of a listing prospectus (or base prospectus) is equal, for each admission operation not combined with a previous or simultaneous offering, to the fixed sum of € 22,755.00 for each listing prospectus or final condition of listing;

b) The contribution due in the case of approval of a registration document (possibly universal) for which the applicant requests notification from another competent authority for approval of the prospectus is equal to the fixed sum of € 15,000.00 per single registration document (possibly universal);

c) The contribution due, in case of approval of a supplement, is equal to the fixed sum of € 15,000.00 per single document.

Payment by 15 April 2020

by pre-compiled M.Av. (see Art. 4, paragraphs 1 and 2) excluding foreign offerors.

Foreign offerors: by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art.3, lett. m), subpar. m5)

m5) SUBJECTS LISTED ON A REGULATED MARKET (Article 1, paragraph 5 (e) and (f) of EU Regulation 2017/1129)

subjects that, having obtained admission to trading of financial instruments following an acquisition through an exchange bid or corporate integration operations (mergers or divisions) for which a document is made available to the public (Exemption Document) pursuant to Article 57, paragraphs 1 and 2, of Consob Regulation no. 11971/1999 in the period between 21 July 2019 and 1 January 2020, are subject to the provisions of Articles 114, paragraph 5 and 115 of Italian Legislative Decree no. 58/1998;

The contribution due for the admission to trading of financial instruments resulting from takeover by means of an exchange offer or corporate integration operations (mergers or divisions), for which a document containing the information describing the transaction and its impact on the issuer has been made available to the public, is equal, for each admission operation, to the fixed sum of € 15,000.00.

Payment by 15 April 2020

by pre-compiled M.Av. (see Art. 4, paragraphs 1 and 2) excluding foreign offerors.

Foreign offerors: by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, lett. n)

AUDITING FIRMS AND AUDITORS

Subjects entered, as of January 2, 2020, in the register provided for by Legislative Decree 39/2010, that, on the same date:

- resulted to be in charge of performing the statutory audit of financial statements belonging to Public Interest Entities and Financial Institutions (the so called “Enti Sottoposti a Regime Intermedio, as stated under art. 19-bis of Legislative Decree 39/2010);

- have expressed, thorugh a statement, a positive opinion on the compliance of non-financial information provided by the audited managers;

The contribution payable is determined as follows:

a) 9.90% of revenues from fees for statutory auditing appointments carried out on the individual and consolidated financial statements of Public Interest Entities, as well as on the financial statements of the subsidiaries included in the consolidation area of the said Entities;

b) 8,10% of revenues from fees for statutory auditing appointments carried out on the individual and consolidate financial statements belonging to Financial Insitutions (Enti Sottoposti a Regime Intermedio), as well as on the financial statements of the subsidiaries included in the consolidaion area of the said Entities;

c) 3,05% of revenues from fees for the release of compliance statements carried out on non financial reports (individual and consolidated) issued by Public Interest Entities.

Terms of payment are specified under art. 4, para. 7, to be performed through bank transfer (see art. 4, para. 3,4)

Art. 3, lett. o)

Borsa Italiana s.p.a.;

The contribution payable is equal to € 4,516,680.00.

Payment before February 28, 2020, through bank transfer (see art. 4, para. 3,4).

Art. 3, lett. p)

Mts s.p.a.;

The contribution payable is equal to € 461,705.00.

Payment before February 28, 2020, through bank transfer (see art. 4, para. 3,4).

Art. 3 lett. q)

Monte Titoli s.p.a.;

The contribution payable is equal to € 802,340.00.

Payment before February 28, 2020, through bank transfer (see art. 4, para. 3,4).

Art. 3, lett. r)

Cassa di Compensazione e Garanzia s.p.a.;

The contribution payable is equal to € 542,120.00.

Payment before February 28, 2020, through bank transfer (see art. 4, para. 3,4).

Art. 3, lett. s)

MANAGERS OF MULTILATERAL TRADING FACILITIES AND ORGANISED TRADING FACILITIES

Investment firms (‘SIMs’), Banks and Regulated Stock Exchange Companies authorised, as of January 2, 2020, to manage Multilateral Trading Facilities and Organised Trading Facilities referred to in Art. 1, para. 5, letters g) and g-bis) of Legislative Decree no. 58/1998;

The contribution payable is calculated with reference to the number all financial instruments traded on all managed facilities, as follows:

a) up to 100 financial instruments traded: € 35,000.00;

b) up to 1,000 financial instruments traded: € 75,000.00;

c) up to 3,000 financial instruments traded: € 115,000.00;

d) up to 5,000 financial instruments traded: € 155,000.00;

e) up to 10,000 financial instruments traded: € 195,000.00;

f) up to 15,000 financial instruments traded: € 235,000.00;

g) over 15,000 financial instruments traded: € 275,000.00.

The financial instruments traded on Multilateral Trading Facilities, managed by the same operator, are computed only once.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. t)

SYSTEMATIC INTERNALISERS

Systematic internalisers entered, as of January 2, 2020, in the specific register provided for by Art. 72, para. 4 of CONSOB’s Regulation no. 20249/2017;

The contribution payable for the year 2020 is equal to a fixed amount of € 12,480.00, increased by € 8,320.00 for those subjects who negotiate instruments traded on a trading venue (ToTV) in the previous year.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. u)

MANAGERS OF FOREIGN REGULATED MARKETS

Managers of extra-EU financial instrument regulated market applying for recognition in Italy under Art. 70, para. 1 of Legislative Decree no. 58/1998;

The contribution is equal to € 27,250.00 per capita.

Through bank transfer (see art. 4, para. 3,4).

The payment notice shall be attached to the recognition application, as prescribed in art. 70, para. 1, of Italian Legislative Decree no. 58/1998.

Art. 3, lett. v)

MANAGERS OF CROWDFUNDING PLATFORMS FOR SMALL-AND-MEDIUM SIZED ENTERPRISES

Managers of crowdfunding platforms:

a) for the collection of risk capital for small and medium sized enterprises and for social enterprises;

b) for the collection of financing through bonds or debt financial instruments for small and medium sized enterprises;

entered as of January 2, 2020, in the register referred to in Art. 50 - quinquies, para. 2 of Legislative Decree no. 58/1998;

The amount payable is equal to a fixed amount of € 3,465.00, increased by € 4,410.00 for those subjects who, on January 2, 2020 will have started their activity of collection.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art.3, lett. w)

MANAGERS OF REGULATED INFORMATION DISCLOSURE SERVICES AND MANAGERS OF REGULATED INFORMATION STORAGE DEVICES

Managers of regulated information disclosure services and managers of regulated information storage devices, authorised pursuant to Art. 113-ter, para. 4 of Legislative Decree no. 58/1998, and entered, as of January 2, 2020, in the specific registers provided for by Art. 116-septies, para. 3, and Art. 116-undecies, para. 3, of CONSOB’s Regulation no. 11971/1999;

The contribution payable is set as a fixed fee of € 2,288.00 for all the subjects registered in the special registers kept by CONSOB, increased by a variable amount correlated to the number of issuers that subscribed each individual disclosure or storage service as of January 2, 2020, as follows:

a) up to 100 issuers subscribing the service: € 7,020.00;

b) up to 200 issuers subscribing the service: € 9,360.00;

c) over 200 issuers subscribing the service: € 12,180.00.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art.3, lett. x)

DATA COMMUNICATION SERVICES PROVIDERS

Data communication services providers entered, as of January 2, 2020, in the register referred to in art 79-bis, para. 4 of Legislative Decree no. 58/1998;

The contribution payable is equal to € 5,000.00 for each authorised service.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Art. 3, lett. y)

UNDERTAKINGS SUBJECT TO NON FINANCIAL REPORTING

Subjecs who published the non-financial statement in pursuance of art. 2 of Italian legislative Decree 254/2016 in 2019, entered in the register referred to in Article 3, paragraph 3, of Consob Regulation no. 20267/2018;

The contribution is equal to a fixed amount of € 2,000.00 per capita.

The subjects who publish the voluntary non-financial statement pursuant to art. 7 of Legislative Decree 254/2016 or do not make use of the exemption pursuant to art. 6 of Legislative Decree 254/2016, are exempt from paying the contribution.

Payment before April 15, 2020, through pre-compiled M.Av. (see art. 4, para. 1,2)

Article 3, lett. z)

BENCHMARK ADMINISTRATORS

The administrators of indices used as benchmarks in financial instruments and financial contracts, or to measure the performance of investment funds subject to supervision, established in Italy, authorised on 2 January 2020;

The contribution is equal to € 50,000.00 per capita.

Payment by 15 April 2020

by pre-compiled M.Av. (see Art. 4, paragraphs 1 and 2);

for foreign subjects: by bank transfer (see Art. 4 paragraphs 3, 4, 5 and 6)

Art. 3, lett. aa)

SETTLEMENT INTERNALISERS

Securities brokerage firms and Italian banks which, in the period between 1 July 2019 and 1 January 2020, settle securities transactions internally.

The contribution is € 2,000.00 per capita.

Payment by 15 April 2020

by pre-compiled M.Av. (see Art. 4, paragraphs 1 and 2)

2. For the purposes of the calculation of the contribution:

i) for the offerings referred to in point m3), lett. d), the total amount of the offering means: the total amount of the offering (for subscription and/or sale) addressed to both the retail public and institutional investors. The equivalent value is determined by reference to the final offering price of the financial product and the quantity actually placed;

ii) for offerings with an offer period of up to twelve months, divided into several intermediate offer periods (e.g. monthly, bimonthly, etc.), the supervisory contribution is determined in the contribution year in which the entire offering (for subscription and/or sale) ends; the amount is determined with reference to the final offering price of the financial product and the quantity placed during the entire offer period;

iii) for takeover bid referred to in point m3), lett. e), the total amount is the total amount raised, also following the proceedings prescribed under articles 108 and 111 of Italian Legislative Decree 58/1998;

iv) for exchange tender offering referred to in point m3), lett. e), the total amount of the operations is the value of effectively acquired securities;

v) for public offers concerning commercial papers or other financial products issued on an annual basis, the contribution is calculated on the total amount of the instruments actually placed, and, in any case within the value boundaries set by the issuance programe and indicated in the prospectus or information document.

The subject required to pay the supervisory contribution (fixed and variable) referred to in letter m) above is the Entity issuing the financial instruments to which the offer/listing prospectus or supplement refers, which may claim the portion of the supervisory contribution calculated on the any sale offering from the selling shareholders.

With effect from year 2014, public offering operations aimed at admitting securities to listing on the national regulated markets are exempted from payment of the annual contribution if the following conditions apply: i) turnover of less than euro 300 million, based on the latest certified financial statements represented in the prospectus, or on accounting documentation relevant for the purpose of qualifying as SME; ii) public offering of underwriting equal to at least 30% of the total value placed.

3. The contribution payable by subjects referred to in letter j), ISSUERS, is calculated, with reference to the financial instruments listed on markets or admitted to negotiations, as of January 2, 2020, as follows:

3/1 for issuers in points j1) and j3):

a) the amount of contribution for equity shares is equal to a fixed amount of € 21,710,00 up to € 10,000,000 of total share capital (if there are several categories of shares), plus € 203,23 every € 500,000 over € 10,000,000 and up to € 100,000,000 of share capital, plus € 163,39 every € 500,000 over € 100,000,000 of share capital. With effect from year 2014 any shares admitted to listing on national regulated markets belonging to companies with lower than euro 500 million market capitalisation in the period between the beginning of negotiations and the last trading day of the previous year, are exempted from contribution. This kind of exemption is applicable for the first three years elapsing from the year of admission to listing. Each issuer will be obliged to confirm before January 31st of every year that the requirements for exemption are met, through written communication ot the e–mail address contributi@pec.consob.it;

b) the payable contribution for bonds is equal to a fixed amount of € 21,710.00 for each emission quoted;

c) the payable contribution for warrants is equal to a fixed amount of € 21,710.00 for each emission quoted;

d) the payable contribution for covered warrants, certificates, exchange traded commodities (Etc) and exchange traded notes (Etn) is equal to a fixed amount of € 2,990.00 for each instrument quoted;

e) the payable contribution for collective investment undertakings shares, exchange traded funds (Etf), active exchange traded funds (Active Etf) is equal to a fixed amount of € 3,136.00, for each fund class quoted; for issuers offering shares of funds or sub-funds, two quoted fund classes are excluded from the calculation of contribution.

The maximum contribution for each issuer is established to be equal to € 675,000.00.

3/2 for foreign issuers in points j2):

a) the payable contribution for equity shares, bonds and warrants is equal to a fixed amount of € 21,710.00 for each category quoted;

b) the payable contribution for covered warrants, certificates, exchange traded commodities (Etc) and exchange traded notes (Etn) is equal to a fixed amount of € 2,990.00 for each category of instrument quoted;

c) the payable contribution for collective investment undertakings shares, exchange traded funds (Etf), active exchange traded funds (Active Etf) is equal to a fixed amount of € 3,136.00, for each fund class quoted; for issuers offering shares of funds or sub-funds, two quoted fund classes are excluded from the calculation of contribution.

The maximum contribution for each issuer is established to be equal to € 675,000.00.

Article 4

Methods of payment

1. A pre-compiled M.Av will be sent to the interested parties twenty days ahead of the payment deadline.

2. Instructions for the execution of payments and for assistance in case of missed reception of the M.Av slip will be made available in an apposite section on CONSOB’s website (www.consob.it).

3. The bank transfer must be made to current accont registered to “CONSOB – Via G.B. Martini 3, 00198, Rome”, at Banca Popolare di Sondrio S.c.p.A. SWIFT (BIC) code POSOIT22 - IBAN: IT 44 Z 05696 03225 000060006X08.

4. The purpose of payment description to be specified, for each transfer, is indicated in the first column of the table in article 3.

5. The notice of payment regarding to the due contribution will be sent to foreign subjects in the 20 days preceding the deadline, to the communicated address.

6. The payment notice referred to in para. 5 will contain, among the others, a “user code”, through which both the subject and the purpose of payment will be identified by CONSOB. Such elements, together with the subject’s name, must be reported on the bank transfer slip. The bank transfer must be made to the bank account indicated in para. 3.

7. The payment of contribution due by the subjects referred to in para. 3, lett. n) must be made, according to the methods prescribed by paragraphs 3 to 4, before:

a) February 28, 2020, in case the financial statements closed in 2019 had been approved no later than the thirtieth day before the day this Resolution was published in the Official Journal of the Italian Republic;

b) the thirtieth day of the approval of the financial statements closed in 2019, in other cases;

c) September 30, 2020, for all the other subjects in the Register that are not required to present any financial statements and have been appointed to prepare the statutory auditing of Public Interest Entities’ financial statements.

Within the deadlines referred to in para. 7, letters a), b), c), a copy of the evidence of payment or an equivalent statement, containing: the liable subject denomination, the purpose of payment and the payment data (origin current account, amount, payment order date and value date), together with a table explaining how such contribution was calculated, must be sent to CONSOB.

Article 5

Enforced collection and default interest for late payment

No exceptions shall be made to the methods of payment provided for by this Resolution. Failure to pay contributions in due time shall entail the start of the enforced collection procedure, pursuant to art. 40, of Law no. 724 of December 23, 1994, and the application of default interest at the current legal rate, as well as the increases prescribed by current laws and regulations.

Article 6

Final Provisions

This Resolution shall be published in the Official Journal of the Italian Republic, as well as in CONSOB’s Bulletin[2].

THE CHAIRMAN
Paolo Savona


[1] Made effective by decree of the President of the Council of Ministers of January 9, 2020.

[2] Published in the Official Journal of the Italian Republic no. 18 of January 23, 2020.