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 Italian Legislative Decree no. 58/1998, authorised, as of January 2, 2024, to provide investment services and activities pursuant to Art. 1, para. 5, letters a), b), c), c-bis), d), e) and f) of Italian Legislative Decree no. 58/1998;

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

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 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, 2024, to provide investment services and activities pursuant to Art. 1, para. 5, letters a), b), c), c-bis), 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, 2024 as follows:

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

foreign subjects, alternatively, 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, 2024, to provide investment services and activities pursuant to Art. 1, para. 5, letters a), b), c), c-bis), d), e) and f) of Italian Legislative Decree no. 58/1998;

The contribution payable, is calculated as € 5,655.00, and must be increased by 4.41% of the revenues from investment services. Data on revenues from investment services as of December 31, 2022, referring to the financial statements for the year ended in 2023, 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: € 144,540.00;

- for revenues up to € 20,000,000: € 174,650.00;

- for revenues up to € 50,000,000: € 198,745.00;

- for revenues up to € 100,000,000: € 222,830.00;

- for revenues up to € 500,000,000: € 246,920.00;

- for revenues over € 500,000.00: € 310,000.00.

For non-EU banks with or without branches in Italy the contribution payable is calculated in reference to the number of investment services/activities authorised as of January 2, 2024 as follows:

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Foreign banks, alternatively, 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)

Italian asset management companies pursuant to Art. 1, para. 1, letter o) of Italian Legislative Decree no. 58/1998, authorised, as of January 2, 2024, 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 € 5,655.00, and must be increased by 0.66% of the revenues from investment services. Data on revenues from investment services as of December 31, 2022, referring to the financial statements for the year ended in 2023, 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: € 134,570.00;

- for revenues up to € 100,000,000: € 162,605.00;

- for revenues up to € 100,000,000: € 185,035.00.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. d)

subpar. d2)

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, 2024, 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, 2024 as follows:

a) one investment service/activity: € 4,710.00;

b) two investment services/activities: € 17,185.00;

c) three investment services/activities: € 31,135.00.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

foreign subjects, alternatively, 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, 2024, 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, 2024 as follows:

a) one investment service/activity: € 5,280.00;

b) two investment services/activities: € 19,260.00;

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. f)

SETTLEMENT INTERNALISERS

Investment Firms and Italian banks which, in the period between January 2, 2023 and January 1, 2024, settle securities transactions internally;

The amount payable is equal to € 2,625.00 per capita.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. g)

COLLECTIVE INVESTMENTS UNDERTAKINGS

The contribution due is calculated as follows:

Art. 3, lett. g)

Subpar. g1)

The contribution is equal to a fixed fee of € 4,695.00, for subjects authorised to perform collective management, to be increased as follows:

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. g)

Subpar. g2)

UCIS for which the procedure set forth in Articles 42, 43 or 44 of Italian Legislative Decree no. 58/1998 was completed prior to January 2, 2024 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:

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

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2); alternatively, by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

Art. 3, let. g)

Subpar. g3)

Managers registered, as of January 2, 2024, 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:

Payment before April 15, 2024

Italian managers: by payment notice (see Art. 4, paragraphs 1, 2)

Foreign managers, alternatively, 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 € 1,327,445.00.

Payment before May 31, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. i)

PRIIPs MANUFACTURERS

PRIIPs manufacturers referred to in article 1, para. 1, letter w-bis.4) of Italian Legislative Decree no. 58/1998 for whom the document containing the key information prepared in accordance with the provisions of Regulation (EU) no. 1286/2014 was acquired by Consob between January 1, 2023 and December 31, 2023.

The contribution payable is equal to € 265.00 for each 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 € 100,000.00

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Foreign manufacturers, alternatively, 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 Organizations, 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, 2024, 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, 2024, as prescribed in para. 3/1.

The maximum amount payable for each issuer is equal to € 780,000.00.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

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

FOREIGN ISSUERS

Foreign (EU and extra-EU) issuers that, as of January 2, 2024, had financial instruments admitted to trading on Italian regulated markets;

The contribution payable is calculated based on the number of the single financial instruments listed or admitted to trading as of January 2, 2024, as prescribed in para. 3/2.

The maximum amount payable for each issuer is equal to € 780,000.00.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2); alternatively, by bank transfer (see Art. 4, paragraphs 3, 4, 5 and 6)

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

ISSUERS HAVING ITALY AS THEIR HOME MEMBER STATE

Issuers that, as of January 2, 2024, 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, 2024, as prescribed in para. 3/1.

The maximum amount payable for each issuer is equal to € 780,000.00.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3. lett. k)

ISSUERS OF FINANCIAL INSTRUMENTS NEGOTIATED ON MULTILATERAL TRADING FACILITIES

Italian and Foreign Issuers (EU and extra-EU) -other than the Italian State, local public authorities, Foreign States and public International Organizations - that, as of January 2, 2024 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 of;

A maximum of € 150,000.00 is set for contribution from each individual Issuer.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign Issuers, alternatively, by 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, 2024, are subjected to the legal obligations envisaged for this category of issuers.

The contribution payable equals to € 17,825.00 per capita.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 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)

Subjects that, following the communication prescribed under artircles 94 or 102 or 113 of Italian Legislative Decree no. 58/1998, or of the exemption document presented for approval pursuant to art. 1 (6a), point b), of Regulation (EU) 2017/1129, have had the administrative procedure concerning prospectus or registration document or bid document or exemption document, expired between January 2, 2023, and January 1, 2024, before approval;

The contribution equals to a fixed amount of € 8,005.00 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, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign offerors, alternatively, by bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m)

subpar.m2)

Subjects that, once sent the notice required in Art. 94 or Art. 102 of Italian Legislative Decree no. 58/1998 or the exemption document presented for approval pursuant to art. 1 (6a), point b), of Regulation (EU) 2017/1129, have been granted approval of their prospectus or bid document or exemption document, but did not make the relative subscription and/or sale offer in the period between January 2, 2023, and January 1, 2024;

The contribution equals to a fixed amount of € 16,010.00 for each prospectus or base prospectus or bid document or exemption document, for which, in the period between January 2, 2023 and January 1, 2024, the subject promoting the offering and/or sale has not completed it.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign offerors, alternatively, by bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m)

subpar. m3)

subjects who have concluded an offer to subscribe and/or sell equity securities, including for the purpose of listing, and financial products other than securities or an offer to the public for purchase or exchange, between January 2, 2023 and January 1, 2024, and as such are subject to the application of the provisions of Article 97 or Article 103, para. 2, of Italian Legislative Decree no. 58/1998.

The contribution payable is calculated as follows for:

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign offerors, alternatively, by bank transfer (see art. 4, para. 3,4,5,6).

Art.3,

lett. m),

subpar. m4)

Subjects that have obtained approval of the prospectus/base prospectus/ listing prospectus concerning non-equity securities pursuant to Article 20 of Regulation (EU) 1129/2017 or of the registration document only (possibly universal) or of a supplement in the period between January 2, 2024 and December 31, 2024

The contribution due is equal to a fixed amount of € 15,000.00 for each prospectus/base prospectus submitted for approval.

The fixed amount indicated above increases in the case of an offering also aimed at listing, addressed to:

For the purposes of calculating the contribution, the amount of the offering is determined as per paragraph 2 below.

For the registration document only, the contribution due is € 7,000.00 per document.

For the supplement, the contribution due is € 6,000.00 per document.

Payment of the fixed fee: at the time of submitting the application for approval (see Art. 3, paragraph 2bis);

Payment of the increase:

For the payment methods, see Art. 5

Art.3,

lett. m),

subpar. m5)

m5) COVERED WARRANTS OR CERTIFICATES OFFERORS WHO HAVE CONCLUDED THE RELATIVE OFFER

The contribution due is equal to a fixed fee equal to € 18,950.00 required for each prospectus or base prospectus approved, in the period between January 2, 2023 and January 1°, 2024, increased by € 1,635.00 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;

The maximum contribution for each offeror is € 306,900.00;

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign offerors, alternatively, by bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m)

subpar. m6)

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign offerors, alternatively, by bank transfer (see art. 4, para. 3,4,5,6).

Art.3, lett. m)

subpar. m7)

subjects that, in connection with a takeover by means of an exchange offer, a merger or a division, have made available to the public an exemption document pursuant to Article 34-ter, paragraphs 02, point a) and 03, and to Article 57, paragraphs 1 and 2, of Consob Regulation no. 11971/1999, not submitted for approval referred to Article 1 (6a), point (b), of Regulation (EU) 2017/1129, in the period between January 2, 2023 and January 1, 2024, are subject to the provisions of Articles 94, 114, para. 5 and 115 of Italian Legislative Decree no. 58/1998.

The contribution due for each operation of public offer of securities and for each operation of admission to trading of financial instruments in connection with a takeover by means of an exchange offer, a merger or a division for which has been made available to the public an exemption document, not submitted for approval, containing the information describing the transaction and its impact on the issuer, is equal, for each public offer or admission operation, to the fixed sum of € 12.460,00.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

For Foreign offerors, alternatively, by bank transfer (see art. 4, para. 3,4,5,6).

Art. 3, lett. n)

AUDITING FIRMS AND AUDITORS

Subjects entered as at 2 January 2024 in the register referred to in Italian Legislative Decree no. 39/2010, that, as at the same date:

The contribution payable is determined as follows:

By payment notice (see Art. 4, paragraphs 1, 2)

for the terms of the prior transmission of the explanatory tables of the calculation of the contribution see art. 4 paragraph 7;

for the terms of payment see Art. 4, paragraph 8

Art. 3, lett. o)

Borsa Italiana s.p.a.

The contribution payable is equal to € 5,861790.00.

Payment before February 28, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. p)

Mts s.p.a.

The contribution payable is equal to € 598,455.00.

Payment before February 28, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3 lett. q)

Monte Titoli s.p.a.

The contribution payable is equal to € 1,041,415.00.

Payment before February 28, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. r)

Cassa di Compensazione e Garanzia s.p.a.

The contribution payable is equal to € 702,800.00.

Payment before February 28, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

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, 2024, to manage Multilateral Trading Facilities and Organised Trading Facilities referred to in Art. 1, para. 5, letters g) and g-bis) of Italian 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:

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

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, lett. t)

SYSTEMATIC INTERNALISERS

Systematic internalisers entered, as of January 2, 2024, in the specific register provided for by Art. 72, para. 4 of CONSOB's Regulation no. 20249/2017;

The contribution payable for the year 2024 is equal to a fixed amount of € 16,595.00, increased by € 11,060.00 for those subjects who negotiate instruments traded on a trading venue (ToTV) in the previous year.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 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 Italian Legislative Decree no. 58/1998;

The contribution is equal to € 32,540.00 per capita.

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

For the payment methods, see Art. 5

Art. 3, lett. v)

DATA COMMUNICATION SERVICES PROVIDERS

The Data Communication Service Providers (APA and ARM), referred to in art. 2, paragraph 1, point 34) and point 36), of Regulation (EU) no. 600/2014 (MiFIR), as amended by Regulation (EU) 2019/2175, which benefit from a derogation pursuant to art. 2, paragraph 3, of MiFIR, registered, on January 2, 2024, in the register referred to in art. 79-bis, paragraph 4, of Italian Legislative Decree no. 58/1998

The contribution payable is equal to € 5,975.00 for each authorised service.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 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 Italian Legislative Decree no. 58/1998, and entered, as of January 2, 2024, 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 € 2,830.00 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, 2024 as follows:

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art.3, lett. x)

BENCHMARK ADMINISTRATORS

The administrators of indices used as benchmark parameters in financial instruments and financial contracts or to measure the performance of investment funds (referred to in art. 1, paragraph 1, lett. r-ter.2 of Italian Legislative Decree no. 58/1998) subject to supervision, and subjects who asked Consob to approve reference indices provided by third countries for use in the EU, established in Italy, authorised on January 2, 2024.

The contribution is equal to € 59,705.00 per capita.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

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

Art. 3, lett. y)

UNDERTAKINGS SUBJECT TO NON FINANCIAL REPORTING

Subjects who published the non-financial statement in pursuance of art. 2 of Italian Legislative Decree 254/2016 in 2023, entered in the register referred to in Article 3, para. 3, of Consob Regulation no. 20267/2018.

The contribution is equal to a fixed amount of € 2,265.00 per capita.

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

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)

Art. 3, z)

SECURITIZATION

The securitization special purpose entities (SSPE),the originators, the sponsors and the original lenders, subject to the supervision of the Consob, pursuant to art. 4-septies.2, para. 6, of Italian Legislative Decree no. 58/1998, in the period between January, 1°, 2023 and December 31, 2023.

The contribution is € 5,115.00 per capita.

Payment before April 15, 2024, by payment notice (see Art. 4, paragraphs 1, 2)