Consob Resolution 14015 of 1 April 2003 - CONSOB AND ITS ACTIVITIES

Asset Publisher

Bullettin

Resolution No. 14015

Provisions concerning requirements for the transmission of data and information and documents and records by authorized intermediaries and stockbrokers

CONSOB

HAVING REGARD TO Law 216/1974, as amended;

HAVING REGARD TO Legislative Decree 415/1996;

HAVING REGARD TO Legislative Decree 58/1998;

HAVING REGARD, in particular, to Article 8.1 of Legislative Decree 58/1998, which states that Consob may, within the scope of its authority, require authorized persons to communicate data and information and to transmit documents and records in the manner and within the time limits it establishes;

HAVING REGARD TO Article 201.12 of Legislative Decree 58/1998, which states that Article 8.1 of that legislative decree shall apply to stockbrokers;

HAVING REGARD also to Article 17 of Legislative Decree 58/1998, which, inter alia, states that Consob may require Italian investment firms, asset management companies and Sicavs to provide the names of their shareholders on the basis of the register of shareholders, reports received or other information available to them;

HAVING REGARD TO Presidential Decree 144/2001, which contains rules on the provision of investment services by Poste Italiane s.p.a.;

HAVING REGARD TO its own Resolution 12191/1999 concerning requirements for the transmission of data and information and documents and records by authorized intermediaries and stockbrokers;

DEEMING that it is necessary to update such requirements;

R E S O L V E S:

The attached requirements for the transmission of data and information and documents and records by authorized intermediaries and stockbrokers are approved.

This resolution and the attached provisions shall be published in the Gazzetta Ufficiale della Repubblica Italianand Consob's Bulletin.

THE CHAIRMAN

Luigi Spaventa

Rome, 1 April 2003

Provisions concerning requirements for the transmission of data and information and documents and records by authorized intermediaries and stockbrokers

CONTENTS

Article 1 - (Definitions)
Article 2 - (Italian investment firms)
Article 3 - (Italian banks)
Article 4 - (Stockbrokers)
Article 5 - (EU investment firms that provide investment services in Italy through branches)
Article 6 - (Non-EU investment firms that provide investment services in Italy through branches)
Article 7 - (EU and non-EU banks that provide investment services in Italy through branches)
Article 8 - (EU and non-EU investment firms that provide investment services in Italy without establishing branches)
Article 9 - (EU and non-EU banks that provide investment services in Italy without establishing branches)
Article 10 - (Asset management companies)
Article 11 - (Sicavs)
Article 12 - (Financial intermediaries)
Article 13 - (Manner of sending reports)
Article 14 - (Transitional provisions)
Article 15 - (Entry into force)

ANNEXES

Annex 1
Annex 2
Annex 3
Annex 4
Annex 5
Annex 6
Annex 7
Annex 8
Annex 9
Annex 10
Annex 11

Technical Annex

Article 1
(Definitions)

1. In these regulations:

a)"Legislative Decree 58/1998" shall mean Legislative Decree No. 58 of 24 February 1998;

b)"Legislative Decree 415/1996" shall mean Legislative Decree No. 415 of 23 July 1996;

c)"Consob Regulation 11522/1998" shall mean the Regulation approved in Consob Resolution No. 11522 of 1 July 1998;

d)"Consob Regulation 11971/1999" shall mean the Regulation approved in Consob Resolution No. 11971 of 14 May 1999;

e)"investment services" shall mean services referred to in Article 1.5 of Legislative Decree 58/1998 and those listed in Section A of the table attached thereto;

f)"Italian investment firms" shall mean società di intermediazione mobiliare, including those referred to in Article 60.4 Legislative Decree 415/1996,

g)"Italian banks" shall mean Italian banks authorized pursuant to Article 19.4 of Legislative Decree 58/1998;

h)"stockbrokers" shall mean persons entered in the single national role referred to in Article 201.6 of Legislative Decree 58/1998;

i)"financial intermediaries" shall mean financial intermediaries entered in the list referred to in Article 107 of Legislative Decree No. 385 of 1 September 1993 authorized pursuant to Article 19.4 of Legislative Decree 58/1998.

Article 2
(Italian investment firms)

1. Italian investment firms shall be subject to the reporting requirements specified hereinafter:

a)Periodic supervisory reports

Italian investment firms shall send the periodic supervisory reports specified in the operating manual referred to in the technical annex.

b)The annual financial report and the consolidated financial statements

Italian investment firms shall transmit the annual financial report and the consolidated financial statements (where they are required to draw them up), together with the report on operations, the report of the board of auditors, the report of the external auditors, and the resolution approving the annual financial report within 30 days of the approval thereof.

c)Amendments to the constituent instrument and/or the bylaws

Italian investment firms shall transmit the minutes of resolutions modifying the constituent instrument and/or the bylaws and of those concerning mergers and spin-offs within 30 days of the date of their adoption.

As soon as they are available, Italian investment firms shall transmit merger and spin-off instruments and, with reference to all resolutions modifying the constituent instrument and/or the bylaws, the certificates demonstrating the entry thereof in the company register where this is prescribed.

d)List of persons with qualified holdings

Italian investment firms shall transmit, using the forms contained in Annex 1, a list of the persons who, at 30 June and 31 December of each year, own a direct or indirect holding of more than 5% in their voting capital, with an indication of the size of the individual holdings.

The list referring to the situation at 30 June shall be sent by 31 July of the same year, while that referring to the situation at 31 December shall be sent by 31 January of the following year.

e)Members of governing bodies

Italian investment firms shall report, within 30 days of their occurrence, changes in the composition of the board of directors and/or the board of auditors ^{( 1)}and appointments and terminations of general managers.

As soon as possible Italian investment firms shall supplement the above-mentioned reports by sending the minutes of the meeting of the board of directors or, in the case of a sole director, of the board of auditors, in which the body expressed its opinion on the satisfaction of the integrity and experience requirements and the non-existence of impediments or causes of suspension from such positions referred to in Decree No. 468/1998 of the Minister of the Treasury, the Budget and Economic Planning. ^{( 2)}The documentation referred to in Annex 2 of Consob Regulation 11522/1998 shall be attached to the minutes. Articles 8.2, 8.3 and 8.4 of Consob Regulation 11522/1998 shall apply. As regards the satisfaction of the integrity requirements, the transmission obligations in question shall also apply in the case of the confirmation in the position of directors and auditors.

Italian investment firms shall also report, within 30 days of their occurrence, appointments and terminations of the heads of corporate functions.

To this end they shall use the forms contained in Annex 2.

f)Annual report on the organizational structure and the accounting system

Every year Italian investment firms shall transmit, by 31 March, the report on the organizational structure and the accounting system provided for in the Bank of Italy regulation on administrative and accounting arrangements and internal controls.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

g)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

Italian investment firms shall transmit, together with the report referred to at letter b), the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings, with account taken of the external auditor's evaluation of the reliability of the internal controls -- and the annual schedule of planned checks referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function. Italian investment firms shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 57.6 of Consob Regulation 11522/1998.

h)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

Italian investment firms shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10. Italian investment firms shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 59.4 of Consob Regulation 11522/1998.

i)Composition of the portfolios under management

Italian investment firms shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

l)Management mandates

Italian investment firms that provide the service of portfolio management on an individual basis shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

m)Agreements with intermediaries

Italian investment firms shall transmit information on agreements with Italian and foreign intermediaries referred to in the forms contained in Annex 4, within 30 days of their conclusion, amendment or termination.

Italian investment firms shall report, by 31 March of each year with reference to the previous year, the gross and net amounts of funds raised and the commissions received by means of placement and door-to-door selling, using the forms contained in Annex 6 (this information is not required for so-called "bancassurance products" or for the services of reception and transmission of orders; net fund-raising does not have to be reported for insurance products).

Italian investment firms shall report agreements regarding the provision of the services of portfolio management on an individual basis, trading and reception and transmission of orders with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in the reception and transmission of orders that provide for the investment firm to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

n)Financial salesmen who cease to satisfy the requirements for entry in the register

Italian investment firms that engage in door-to-door selling shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

o)Commencement and termination of relationships with financial salesmen

Italian investment firms that engage in door-to-door selling shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

p)Disciplinary measures adopted regarding financial salesmen

Italian investment firms that engage in door-to-door selling shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

q)Commencement, interruption and resumption of the performance of investment services

Pursuant to Article 14 of Consob Regulation 11522/1998, Italian investment firms shall report the commencement, interruption and resumption of the performance of individual investment services within 30 days of the date thereof.

Article 3
(Italian banks)

1. Italian banks and Poste Italiane s.p.a. shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

Italian banks are required to comply with the current Bank of Italy instructions concerning the transmission of statistical information on their securities business, included in the system of accounting supervisory reports ("Matrice dei Conti");

Consob shall acquire this information from the Bank of Italy.

b)The annual financial report and the consolidated financial statements

Italian banks shall transmit the annual financial report and the consolidated financial statements (where they are required to draw them up), together with the report on operations, the report of the board of auditors, the report of the external auditors, and the resolution approving the annual financial report within 30 days of the approval thereof.

c)Amendments to the constituent instrument and/or the bylaws

Italian banks shall transmit the minutes of resolutions modifying the constituent instrument and/or the bylaws and of those concerning mergers and spin-offs within 30 days of the date of their adoption. As soon as they are available, Italian banks shall transmit merger and spin-off instruments and, with reference to all resolutions modifying the constituent instrument and/or the bylaws, the certificates demonstrating the entry thereof in the company register where this is prescribed.

d)Annual report on the procedures used in performing individual investment services

Once a year Italian banks shall transmit a report on the procedures used in performing individual investment services. ^{( 3)}

The report shall be sent by 31 March each year.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

e)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

Italian banks shall transmit, together with the documentation referred to at letter b), the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings, with account taken of the external auditor's evaluation of the reliability of the internal controls -- and the annual schedule of planned checks referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function. Italian banks shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 57.6 of Consob Regulation 11522/1998.

f)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

Italian banks shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10. Italian banks shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 59.4 of Consob Regulation 11522/1998.

g)Composition of the portfolios under management

Italian banks shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

h)Management mandates

Italian banks that provide the service of portfolio management on an individual basis shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

i)Agreements with intermediaries

Italian banks shall transmit information on agreements with Italian and foreign intermediaries referred to in the forms contained in Annex 4, within 30 days of their conclusion, amendment or termination.

Italian banks shall report, by 31 March of each year with reference to the previous year, the gross and net amounts of funds raised and the commissions received by means of placement and door-to-door selling, using the forms contained in Annex 6 (this information is not required for the services of trading and reception and transmission of orders).

Italian banks shall report agreements regarding the provision of the services of portfolio management on an individual basis, trading and reception and transmission of orders with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in trading or the reception and transmission of orders that provide for the bank to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

l)Financial salesmen who cease to satisfy the requirements for entry in the register

Italian banks that engage in door-to-door selling shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

m)Commencement and termination of relationships with financial salesmen

Italian banks that engage in door-to-door selling shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

n)Disciplinary measures adopted regarding financial salesmen

Italian banks that engage in door-to-door selling shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

q)Commencement, interruption and resumption of the performance of investment services

Italian banks shall report the commencement, interruption and resumption of the performance of individual investment services within 30 days of the date thereof.

Article 4
(Stockbrokers)

1. Stockbrokers shall be subject to the reporting requirements specified hereinafter

a)Periodic supervisory reports

Stockbrokers shall continue to be subject to the current obligations regarding the submittal of periodic supervisory reports.

b)Annual financial report

Stockbrokers shall transmit the annual financial report within 30 days of the date of issue of the external auditor's opinion, together with a copy thereof.

c)Report on organizational arrangements and internal procedures

Stockbrokers shall send, within 60 days of each financial year, a report on the procedures used in performing investment services. The report shall also contain the organization chart of the brokerage at 31 December of the previous year, with a list of the names of the employees and collaborators, and shall describe the internal control activity carried out during the previous calendar year.

d)Composition of the portfolios under management

Stockbrokers shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

e)Management mandates

Stockbrokers that provide the service of portfolio management on an individual basis shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

f)Financial salesmen who cease to satisfy the requirements for entry in the register

Stockbrokers that engage in door-to-door selling of their investment services shall report the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen within 10 days of the date on which they learn of the fact.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

g)Commencement and termination of relationships with financial salesmen

Stockbrokers that engage in door-to-door selling of their investment services shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

h)Disciplinary measures adopted regarding financial salesmen

Stockbrokers that engage in door-to-door selling of their investment services shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

i)Commencement, interruption and resumption of the performance of investment services

Stockbrokers shall report the commencement, interruption and resumption of the performance of individual investment services within 30 days of the date thereof.

l)Appointment and dismissal of external auditors

Pursuant to Article 67.1 of Consob Regulation 11522/1998, stockbrokers shall promptly report the appointment of external auditors, the terms of the engagement; and, where applicable, the reasons for the revocation thereof.

Article 5
(EU investment firms that provide
investment services in Italy through branches)

1. EU investment firms that provide investment services in Italy through branches shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

EU investment firms that provide investment services in Italy through branches shall send the periodic supervisory reports specified in the operating manual referred to in the technical annex.

The reporting requirements refer exclusively to the investment services provided in Italy through branches.

b)Members of governing bodies

EU investment firms shall report, within 30 days of their occurrence, appointments and replacements of managers and of heads of corporate functions at their branches in Italy.

c)Address in Italy

EU investment firms shall report changes in the addresses of their branches to which requests for documentation may be sent within 30 days of their being made.

d)Annual report on the procedures used in performing individual investment services

Once a year EU investment firms shall transmit a report on the procedures used in performing individual investment services by their branches in Italy. ^{( 4)}

The report shall be sent by 31 March each year.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

e)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

With reference to their branches in Italy, EU investment firms shall transmit, within 60 days of the close of each financial year, the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings -- and the annual schedule of planned checks for the current year referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function.

f)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

With reference to the complaints received by their branches in Italy, EU investment firms shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10.

g)Composition of the portfolios under management

EU investment firms shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis in Italy through branches and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

h)Management mandates

EU investment firms that provide the service of portfolio management on an individual basis in Italy through branches shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

l)Agreements with intermediaries

EU investment firms that provide investment services in Italy through branches shall transmit information on agreements with Italian and foreign intermediaries referred to in the forms contained in Annex 4, within 30 days of their conclusion, amendment or termination.

EU investment firms shall report, by 31 March of each year with reference to the previous year, the gross and net amounts of funds raised and the commissions received by means of placement and door-to-door selling carried out in Italy through branches, using the forms contained in Annex 6 (this information is not required for so-called "bancassurance products" or for the services of reception and transmission of orders; net fund-raising does not have to be reported for insurance products).

EU investment firms shall report, with reference to their branches in Italy, agreements regarding the provision of the services of portfolio management on an individual basis, trading and reception and transmission of orders with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in the reception and transmission of orders that provide for the investment firm to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

l)Financial salesmen who cease to satisfy the requirements for entry in the register

EU investment firms that engage in door-to-door selling in Italy through branches shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

m)Commencement and termination of relationships with financial salesmen

EU investment firms that engage in door-to-door selling in Italy through branches shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

n)Disciplinary measures adopted regarding financial salesmen

EU investment firms that engage in door-to-door selling in Italy through branches shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

o)Commencement, interruption and resumption of the performance of investment services

Pursuant to Article 14 of Consob Regulation 11522/1998, EU investment firms shall report the commencement, interruption and resumption of the performance of individual investment services by their branches in Italy within 30 days of the date thereof.

Article 6
(Non-EU investment firms that provide
investment services in Italy through branches)

1. Non-EU investment firms that provide investment services in Italy through branches shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

Non-EU investment firms that provide investment services in Italy through branches shall send the periodic supervisory reports specified in the operating manual referred to in the technical annex.

The reporting requirements refer exclusively to the investment services provided in Italy through branches.

b)Members of governing bodies

Non-EU investment firms shall report, within 30 days of their occurrence, changes in the within 30 days of their occurrence, appointments and replacements of managers and of heads of corporate functions at their branches in Italy.

As soon as possible non-EU investment firms shall supplement the above-mentioned reports by sending the minutes of the meeting of the board of directors or, in the case of a sole director, of the board of auditors, or equivalent bodies, in which the body expressed its opinion on the satisfaction of the integrity and experience requirements and the non-existence of impediments or causes of suspension from such positions referred to in Decree No. 468/1998 of the Minister of the Treasury, the Budget and Economic Planning. ^{( 5)}The documentation referred to in Annex 2 of Consob Regulation 11522/1998 shall be attached to the minutes. Articles 8.2, 8.3 and 8.4 of Consob Regulation 11522/1998 shall apply.

To this end they shall use the forms contained in Annex 2.

c)Address in Italy

Non-EU investment firms shall report changes in the addresses of their branches to which requests for documentation may be sent within 30 days of their being made.

d)Annual report on the procedures used in performing individual investment services

Once a year non-EU investment firms shall transmit a report on the procedures used in performing individual investment services by their branches in Italy. ^{( 6)}

The report shall be sent by 31 March each year.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

e)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

With reference to their branches in Italy, non-EU investment firms shall transmit, within 60 days of the close of each financial year, the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings -- and the annual schedule of planned checks for the current year referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function.

f)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

With reference to the complaints received by their branches in Italy, non-EU investment firms shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10.

g)Composition of the portfolios under management

Non-EU investment firms shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis in Italy through branches and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

h)Management mandates

Non-EU investment firms that provide the service of portfolio management on an individual basis in Italy through branches shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

i)Agreements with intermediaries

Non-EU investment firms that provide investment services in Italy through branches shall transmit information on agreements with Italian and foreign intermediaries referred to in the forms contained in Annex 4, within 30 days of their conclusion, amendment or termination.

Non-EU investment firms shall report, by 31 March of each year with reference to the previous year, the gross and net amounts of funds raised and the commissions received by means of placement and door-to-door selling carried out in Italy through branches, using the forms contained in Annex 6 (this information is not required for so-called "bancassurance products" or for the services of reception and transmission of orders; net fund-raising does not have to be reported for insurance products).

Non-EU investment firms shall report, with reference to their branches in Italy, agreements regarding the provision of the services of portfolio management on an individual basis, trading and reception and transmission of orders with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in the reception and transmission of orders that provide for the investment firm to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

l)Financial salesmen who cease to satisfy the requirements for entry in the register

Non-EU investment firms that engage in door-to-door selling in Italy through branches shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

m)Commencement and termination of relationships with financial salesmen

Non-EU investment firms that engage in door-to-door selling in Italy through branches shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

n)Disciplinary measures adopted regarding financial salesmen

Non-EU investment firms that engage in door-to-door selling in Italy through branches shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

o)Commencement, interruption and resumption of the performance of investment services

Pursuant to Article 14 of Consob Regulation 11522/1998, non-EU investment firms shall report the commencement, interruption and resumption of the performance of individual investment services by their branches in Italy within 30 days of the date thereof.

Article 7
(EU and non-EU banks that provide
investment services in Italy through branches)

1. EU and non-EU banks that provide investment services in Italy through branches shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

EU and non-EU banks that provide investment services in Italy through branches are required to comply with the current Bank of Italy instructions concerning the transmission of statistical information on their securities business, included in the system of accounting supervisory reports ("Matrice dei Conti");

Consob shall acquire this information from the Bank of Italy.

b)Annual report on the procedures used in performing individual investment services

Once a year EU and non-EU banks that provide investment services in Italy through branches shall transmit a report on the procedures used in performing individual investment services. ^{( 7)}

The report shall be sent by 31 March each year.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

c)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

With reference to their branches in Italy, EU and non-EU banks shall transmit, within 60 days of the close of each financial year, the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings -- and the annual schedule of planned checks for the current year referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function.

d)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

With reference to the complaints received by their branches in Italy, EU and non-EU banks shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10.

e)Composition of the portfolios under management

EU and non-EU banks shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis in Italy through branches and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

f)Management mandates

EU and non-EU banks that provide the service of portfolio management on an individual basis in Italy through branches shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

g)Agreements with intermediaries

EU and non-EU banks that provide investment services in Italy through branches shall transmit information on agreements with Italian and foreign intermediaries referred to in the forms contained in Annex 4, within 30 days of their conclusion, amendment or termination.

EU and non-EU banks shall report, by 31 March of each year with reference to the previous year, the gross and net amounts of funds raised and the commissions received by means of placement and door-to-door selling carried out in Italy through branches, using the forms contained in Annex 6 (this information is not required for the services of trading and reception and transmission of orders).

EU and non-EU banks shall report agreements regarding the provision of the services of portfolio management on an individual basis, trading and reception and transmission of orders with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in trading that provide for the bank to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

h)Financial salesmen who cease to satisfy the requirements for entry in the register

EU and non-EU banks that engage in door-to-door selling in Italy through branches shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

i)Commencement and termination of relationships with financial salesmen

EU and non-EU banks that engage in door-to-door selling in Italy through branches shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

l)Disciplinary measures adopted regarding financial salesmen

EU and non-EU banks that engage in door-to-door selling in Italy through branches shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

Article 8
( EU and non-EU investment firms that provide
investment services in Italy without establishing branches)

1. EU and non-EU investment firms that provide investment services in Italy without establishing branches shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

EU and non-EU investment firms that provide investment services in Italy without establishing branches shall send the periodic supervisory reports specified in the operating manual referred to in the technical annex.

The reporting requirements refer exclusively to the investment services provided in Italy.

b)Financial salesmen who cease to satisfy the requirements for entry in the register

EU and non-EU investment firms that provide investment services in Italy without establishing branches and engage in door-to-door selling shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

c)Commencement and termination of relationships with financial salesmen

EU and non-EU investment firms that provide investment services in Italy without establishing branches and engage in door-to-door selling shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

d)Disciplinary measures adopted regarding financial salesmen

EU and non-EU investment firms that provide investment services in Italy without establishing branches and engage in door-to-door selling shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

e)Commencement, interruption and resumption of the performance of investment services

Pursuant to Article 14 of Consob Regulation 11522/1998, EU and non-EU investment firms that provide investment services in Italy without establishing branches shall report the commencement, interruption and resumption of the performance of individual investment services within 30 days of the date thereof.

Article 9
(EU and non-EU banks that provide
investment services in Italy without establishing branches)

1. EU and non-EU banks that provide investment services in Italy without establishing branches shall be subject to the reporting requirements specified hereinafter.

a)Financial salesmen who cease to satisfy the requirements for entry in the register

EU and non-EU banks that engage in door-to-door selling in Italy without establishing branches shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

b)Commencement and termination of relationships with financial salesmen

EU and non-EU banks that engage in door-to-door selling in Italy without establishing branches shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

c)Disciplinary measures adopted regarding financial salesmen

EU and non-EU banks that engage in door-to-door selling in Italy without establishing branches shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

Article 10
(Asset management companies)

1. Asset management companies shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

Asset management companies are required to comply with the current Bank of Italy instructions concerning the transmission of statistical and supervisory reports.

Consob shall acquire these reports from the Bank of Italy.

b)The annual financial report and the consolidated financial statements

Asset management companies shall transmit the annual financial report and the consolidated financial statements (where they are required to draw them up), together with the report on operations, the report of the board of auditors, the report of the external auditors, and the resolution approving the annual financial report within 30 days of the approval thereof.

c)Amendments to the constituent instrument and/or the bylaws

Asset management companies shall transmit the minutes of resolutions modifying the constituent instrument and/or the bylaws and of those concerning mergers and spin-offs within 30 days of the date of their adoption. As soon as they are available, asset management companies shall transmit merger and spin-off instruments and, with reference to all resolutions modifying the constituent instrument and/or the bylaws, the certificates demonstrating the entry thereof in the company register where this is prescribed.

d)List of persons with qualified holdings

Asset management companies shall transmit, using the forms contained in Annex 1, a list of the persons who, at 30 June and 31 December of each year, own a direct or indirect holding of more than 5% in their voting capital, with an indication of the size of the individual holdings.

The list referring to the situation at 30 June shall be sent by 31 July of the same year, while that referring to the situation at 31 December shall be sent by 31 January of the following year.

e)Members of governing bodies

Asset management companies shall report, within 30 days of their occurrence, changes in the composition of the board of directors and/or the board of auditors ^{( 8)}and appointments and terminations of general managers.

Asset management companies shall also report, within 30 days of their occurrence, appointments and terminations of the heads of corporate functions.

To this end they shall use the forms contained in Annex 2.

f)Annual report on the organizational structure and the accounting system

Every year asset management companies shall transmit, by 31 March, the report on the organizational structure and the accounting system provided for in the Bank of Italy regulation on administrative and accounting arrangements and internal controls of 1 July 1998.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

g)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

Asset management companies shall transmit, together with the report referred to at letter b), the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings, with account taken of the external auditor's evaluation of the reliability of the internal controls -- and the annual schedule of planned checks referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function.

Asset management companies shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 57.6 of Consob Regulation 11522/1998.

h)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

Asset management companies shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10. Asset management companies shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 59.4 of Consob Regulation 11522/1998.

i)Composition of the portfolios under management

Asset management companies shall transmit, within 30 days of the end of each half-year, aggregate data on the composition of the portfolios managed in providing the service of portfolio management on an individual basis and the changes therein during the half-year.

To this end they shall use the forms contained in Annex 7.

l)Management mandates

Asset management companies shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

m)Summary tables of agreements between promoters and managers

Asset management companies shall transmit, within 30 days of the end of each quarter, information on information on agreements between promoters and managers using the forms contained in Annexes 8 and 9.

n)Agreements with intermediaries

Asset management companies shall report agreements regarding the provision of the services of portfolio management on an individual basis and collective asset management with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in trading or the reception and transmission of orders that provide for the asset management company to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

o)Financial salesmen who cease to satisfy the requirements for entry in the register

Asset management companies that engage in door-to-door selling shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

p)Commencement and termination of relationships with financial salesmen

Asset management companies that engage in door-to-door selling shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

q)Disciplinary measures adopted regarding financial salesmen

Asset management companies that engage in door-to-door selling shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

r)Commencement, interruption and resumption of the performance of investment services

Asset management companies shall report the start of the provision of collective management services within 30 days of the date thereof.

Asset management companies shall report the commencement, interruption and resumption of the performance of portfolio management services on an individual basis within 30 days of the date thereof.

s)Fund rules

Asset management companies shall send the rules of each investment fund with the amendments made within 30 days of their approval by the Bank of Italy.

If the promoter is different from the manager, the requirement in question shall be complied with by the promoter.

t)Fund statements of operations

Asset management companies shall send the statement of operations for each fund within 30 days of the time limit established for the preparation thereof. The statement of operations shall be accompanied by the report of the directors and the report of the external auditors. If the promoter is different from the manager, the requirement in question shall be complied with by the promoter.

u)Half-yearly fund reports

Asset management companies shall send the half-yearly report for each fund within 30 days of the time limit established for the preparation thereof. If the promoter is different from the manager, the requirement in question shall be complied with by the promoter.

2. Reporting requirements for the integrity of the markets

Asset management companies shall report transactions involving shares listed on Italian regulated markets issued by companies belonging to the group they belong to and listed and unlisted financial instruments, including derivatives, by whomsoever issued, that give the right to buy, subscribe for or sell such shares, even where execution involves the payment of differential amounts in cash.

Asset management companies shall report transactions carried out for the collective investment undertakings they manage, inter aliaon the basis of agreements with other asset management companies, and for the collective investment undertakings for which they have received management mandates.

The group to which an asset management company belongs shall be as defined in the provisions implementing Article 11 of Legislative Decree 58/1998.

Purchases, subscriptions and sales carried out by exercising the right to buy, subscribe for or sell, including pre-emption rights, deriving from other financial instruments shall not be reported.

Asset management companies, with reference to the transactions specified in the first paragraph carried out in each month, shall send Consob a report containing the information on a daily basis provided for in Annex 11.

Reports must reach Consob within 10 working days of the end of each month.

Article 11
(Sicavs)

1. Sicavs shall be subject to the reporting requirements specified hereinafter.

a)Periodic supervisory reports

Sicavs are required to comply with the current Bank of Italy instructions concerning the transmission of statistical and supervisory reports.

Consob shall acquire these reports from the Bank of Italy.

b)The annual financial report

Sicavs shall transmit the annual financial report within 30 days of the approval thereof. It shall include the report on operations, the report of the board of auditors, the report of the external auditors, and the resolution approving the annual financial report.

c)Half-yearly reports

Sicavs shall send the half-yearly report within 30 days of the time limit established for the preparation thereof.

d)Amendments to the constituent instrument and/or the bylaws

d.1) Sicavs shall report amendments to the bylaws within 30 days of their approval by the Bank of Italy.

d.2) Sicavs shall transmit the resolutions adopted within 30 days of the date on which the shareholders' meeting voted on proposals that imply amendments to the constituent instrument and corporate mergers and spin-offs.

As soon as they are available, asset management companies shall transmit merger and spin-off instruments and, with reference to all resolutions modifying the constituent instrument and/or the bylaws, the certificates demonstrating the entry thereof in the company register where this is prescribed.

e)List of persons with qualified holdings

Sicavs shall transmit, using the forms contained in Annex 1, a list of the persons who, at 30 June and 31 December of each year, own a direct or indirect holding of more than 5% in their capital represented by registered shares, with an indication of the size of the individual holdings.

The list referring to the situation at 30 June shall be sent by 31 July of the same year, while that referring to the situation at 31 December shall be sent by 31 January of the following year.

f)Members of governing bodies

Sicavs shall report, within 30 days of their occurrence, changes in the composition of the board of directors and/or the board of auditors ^{( 9)}and appointments and terminations of general managers. Sicavs shall also report, within 30 days of their occurrence, appointments and terminations of the heads of corporate functions. To this end they shall use the forms contained in Annex 2.

g)Annual report on the organizational structure and the accounting system

Every year Sicavs shall transmit, by 31 March, the report on the organizational structure and the accounting system provided for in the Bank of Italy regulation on administrative and accounting arrangements and internal controls of 1 July 1998.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

h)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

Sicavs shall transmit, together with the report referred to at letter b), the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings, with account taken of the external auditor's evaluation of the reliability of the internal controls -- and the annual schedule of planned checks referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function. Sicavs shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 57.6 of Consob Regulation 11522/1998.

i)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

Sicavs shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10. Sicavs shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 59.4 of Consob Regulation 11522/1998.

l)Management mandates

Sicavs shall transmit, within 30 days of the end of each quarter, information on the management mandates granted to third parties and those received from third parties, using the forms contained in Annex 3.

m)Agreements with intermediaries

Sicavs shall report agreements with management companies of Italian and foreign collective investment undertakings and intermediaries engaged in trading or the reception and transmission of orders that provide for the Sicav to receive benefits, within 30 days of the conclusion, amendment and termination thereof. To this end they shall use the forms contained in Annex 5.

n)Financial salesmen who cease to satisfy the requirements for entry in the register

Sicavs that engage in door-to-door selling shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

o)Commencement and termination of relationships with financial salesmen

Sicavs that engage in door-to-door selling shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

p)Disciplinary measures adopted regarding financial salesmen

Sicavs that engage in door-to-door selling shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

q)Start of operations

Sicavs shall report the start of operations within 30 days thereof.

2. Reporting requirements for the integrity of the markets

Sicavs shall report transactions involving shares listed on Italian regulated markets issued by companies belonging to the group they belong to and listed and unlisted financial instruments, including derivatives, by whomsoever issued, that give the right to buy, subscribe for or sell such shares, even where execution involves the payment of differential amounts in cash.

The group to which a Sicav belongs shall be as defined in the provisions implementing Article 11 of Legislative Decree 58/1998.

Purchases, subscriptions and sales carried out by exercising the right to buy, subscribe for or sell, including pre-emption rights, deriving from other financial instruments shall not be reported,

Sicavs, with reference to the transactions specified in the first paragraph carried out in each month, shall send Consob a report containing the information on a daily basis provided for in Annex 11.

Reports must reach Consob within 10 working days of the end of each month.

Article 12
(Financial intermediaries)

1. Financial intermediaries shall be subject to the reporting requirements specified hereinafter.

a)The annual financial report and the consolidated financial statements

Financial intermediaries shall transmit the annual financial report and the consolidated financial statements (where they are required to draw them up), together with the report on operations, the report of the board of auditors, the report of the external auditors, and the resolution approving the annual financial report within 30 days of the approval thereof.

b)Amendments to the constituent instrument and/or the bylaws

Financial intermediaries shall transmit the minutes of resolutions modifying the constituent instrument and/or the bylaws and of those concerning mergers and spin-offs within 30 days of the date of their adoption.

As soon as they are available, financial intermediaries shall transmit merger and spin-off instruments and, with reference to all resolutions modifying the constituent instrument and/or the bylaws, the certificates demonstrating the entry thereof in the company register where this is prescribed.

c)Annual report on the procedures used in performing individual investment services

Once a year financial intermediaries shall transmit a report on the procedures used in performing individual investment services. ^{( 10)}

The report shall be sent by 31 March each year.

If there have been no changes with respect to the information contained in the report for the previous year, this shall be reported.

d)Annual report on the checks carried out and the annual schedule of planned checks, prepared by the head of the internal control function

Financial intermediaries shall transmit, together with the documentation referred to at letter a), the report on the checks carried out during the year, the results thereof and any proposals made -- inter aliain the light of an overall assessment of the findings -- and the annual schedule of planned checks referred to in Article 57.6 of Consob Regulation 11522/1998, prepared by the head of the internal control function. Financial intermediaries shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 57.6 of Consob Regulation 11522/1998.

e)Half-yearly report of the head of the internal control function concerning the outcome of complaints, any shortcomings found and the proposals for overcoming them

Financial intermediaries shall transmit the half-yearly report of the head of the internal control function describing, for each service performed, the overall situation with regard to the complaints received, any shortcomings found and the proposals for overcoming them in accordance with Article 59.4 of Consob Regulation 11522/1998, within 60 days of the end of each half-year. The report must contain at least the information specified in Annex 10. Financial intermediaries shall attach the comments and decisions of the board of directors and the board of auditors pursuant to Article 59.4 of Consob Regulation 11522/1998.

f)Financial salesmen who cease to satisfy the requirements for entry in the register

Financial intermediaries that engage in door-to-door selling shall report, within 10 days of the date on which they learn of the fact, the names of the financial salesmen they use who no longer satisfy the requirements for entry in the register of financial salesmen.

The report shall also be sent to the body referred to in Article 31.4 of Legislative Decree 58/1998 and to the competent local committees referred to in Article 31.6 of the same decree.

g)Commencement and termination of relationships with financial salesmen

Financial intermediaries that engage in door-to-door selling shall send the body referred to in Article 31.4 of Legislative Decree 58/1998 and the competent local committees referred to in Article 31.6 of the same decree, by the end of each month, a list of the financial salesmen with whom they commenced or terminated an employment or agency relationship in the previous month.

h)Disciplinary measures adopted regarding financial salesmen

Financial intermediaries that engage in door-to-door selling shall report any disciplinary measures they adopt in connection with irregularities by financial salesmen within 10 days of their adoption.

i)Commencement, interruption and resumption of the performance of investment services

Financial intermediaries shall report the commencement, interruption and resumption of the performance of individual investment services within 30 days of the date thereof.

Article 13
(Manner of sending reports)

1. Except as provided for in paragraphs 2 and 3, the reports referred to in this resolution shall be sent to Consob in the manner specified in the technical annex.

2. Reports on financial salesmen who cease to satisfy the requirements for entry in the register and disciplinary measures adopted regarding financial salesmen shall be sent to Consob in paper-based form at the following address: Divisione Intermediari - Ufficio Vigilanza ed Albo Promotori - Via della Posta, 8/10 20123 MILAN.

3. Reports referred to in Articles 2.1. e), second paragraph, and 6.1. b), second paragraph, shall be sent to Consob in paper-based form at the following address: Divisione Intermediari - Ufficio Vigilanza ed Albo Intermediari e Agenti di cambio - Via della Posta, 8/10 20123 MILAN.

Article 14
(Transitional provisions)

1. The requirements for EU and non-EU investment firms that provide investment services in Italy with or without establishing branches to send supervisory reports referred to in Article 5.a), 6.a) and 8.a) shall not apply until Consob has made available the electronic procedures for the entry and control of the data. Consob will issue a notice when these procedures become available.

2. Until the entry into operation of the body referred to in Article 31.4 of Legislative Decree 58/1998 and of the local committees referred to in Article 31.6 of the same decree:

a)reports concerning financial salesmen who cease to satisfy the requirements for entry in the register shall be sent to Consob and the regional and provincial committees referred to in Article 23.6 of Legislative Decree 415/1996;

b)reports concerning the commencement and termination of relationships with financial salesmen shall be sent to the regional and provincial committees referred to in Article 23.6 of Legislative Decree 415/1996

3. In complying with the requirement to send the supervisory reports referred to in Article 2.1. a), Italian investment firms shall adopt the procedure specified in the technical annex starting from the reports referring to the first quarter of 2003, which may be sent up to 25 May 2003.

4. Until Consob gives further notice, the requirement referred to in Articles 2.1. i), 3.1. g), 4.1. d), 5.1. g), 6.1. g), 7.1. e)and 10.1. i)shall be complied with by sending a floppy disk containing a file with the information specified in Annex 7.

5. Except as specified in the preceding paragraphs, authorized intermediaries and stockbrokers shall comply with the reporting requirements established in this resolution until Consob gives further notice by sending paper-based documentation, using the forms contained in the annexes where prescribed.

Article 15
(Entry into force)

1. This resolution shall enter into force on the day following its publication in the Gazzetta Ufficiale della Repubblica italiana.With effect from such date Resolution No. 12191 of 10 November 1999 shall be repealed.

Notes to the articles:

1. Confirmations of directors and auditors shall also be reported.

2. The examination of persons' positions must be carried out on an individual basis, with the abstention of the persons directly concerned on each occasion.

3. The report must contain the organization chart showing the corporate units involved in performing investment services and the related support functions, with an indication of the names of the heads thereof.

With reference to dealing for own and customer account, the report must: 1) describe the organization of the rooms (by function, by product, etc.); and 2) indicate the number of desks in place and the markets in which the bank operates.

With reference to the service of placement, the report must describe the distribution network, if any, with an indication of its geographical structure.

With reference to the service of asset management, the report must: 1) describe the division of tasks among the persons involved (by customer, by sector, by market, etc.), with an indication of the degree of decision-making autonomy they have; 2) describe the mechanisms adopted to ensure the service is provided independently, in the exclusive interest of investors and prevent persons providing other services from being able to access the archives, including electronic records, of the management unit; 3) describe the mechanisms adopted to ensure compliance with the legislative provisions governing asset management and the instructions given by customers; 4) indicate whether the unit is charged with tasks involving the choice of portfolio investment strategies and securities to be acquired; 5) indicate, if the answer to point 4) is negative, the unit charged with the tasks in question; 6) if management is delegated to third parties, indicate the size of the mandate and the nature of the tasks delegated; and 7) indicate the tasks assigned to units in contact with customers.

With reference to the service of reception and transmission of orders, the report must describe: 1) the ways in which orders are obtained (customer service desks at branches, network of financial salesmen, etc.); 2) the procedures used to process orders (transmission to group dealers, etc.).

4. With reference to dealing for own and customer account, the report must: 1) describe the organization of the rooms (by function, by product, etc.); and 2) indicate the number of desks in place and the markets in which the branch operates.

With reference to the service of placement, the report must describe the distribution network, if any, with an indication of its geographical structure.

5. The examination of persons' positions must be carried out on an individual basis, with the abstention of the persons directly concerned on each occasion.

6. With reference to dealing for own and customer account, the report must: 1) describe the organization of the rooms (by function, by product, etc.); and 2) indicate the number of desks in place and the markets in which the branch operates.

With reference to the service of placement, the report must describe the distribution network, if any, with an indication of its geographical structure.

7. The report must contain the organization chart showing the corporate units involved in performing investment services and the related support functions, with an indication of the names of the heads thereof.

With reference to the service of placement, the report must describe the distribution network, if any, with an indication of its geographical structure.

8. Confirmations of directors and auditors shall also be reported.

9. Confirmations of directors and auditors shall also be reported.

10. The report must contain the organization chart showing the corporate units involved in performing investment services and the related support functions, with an indication of the names of the heads thereof.

With reference to dealing for own and customer account in financial derivatives, the report must: 1) describe the organization of the rooms (by function, by product, etc.); and 2) indicate the number of desks in place and the markets in which the intermediary operates.

With reference to the service of placement, the report must describe the distribution network, if any, with an indication of its geographical structure.

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