Consob resolution No. 18494 of March 13, 2013

Measures regarding the Italian Financial Transaction Tax, under article 16, paragraph 3, letter a, of Decree of the Minister of the Economy and Finance of 21 February 2013

THE ITALIAN COMPANIES AND STOCK EXCHANGE COMMISSION (CONSOB)

HAVING REGARD TO Law no. 216 of June 7, 1974, as subsequently amended and integrated;

HAVING REGARD TO Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012;

HAVING REGARD TO "Guidelines on the exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps" ("Guidelines"), published by ESMA on 1 February 2013;

HAVING REGARD TO Law No. 228 of 24 December 2012, which has established the financial transaction tax on transactions on shares issued by Italian companies;

HAVING REGARD TO Decree of the Minister of the Economy and Finance of 21 February 2013, implementing paragraphs from 491 to 499 of the above-mentioned Law No. 228 of 2012;

HAVING REGARD TO article 16, paragraph 3, letter a, first part, of the above-mentioned Decree, which excluded from the scope of the tax the transactions effected during market making activities, as defined in the above-mentioned Regulation (EU) no. 236/2012, provided that the person acting in the course of this activity has been granted the exemption under Article 17, paragraph 1 of the Regulation by the authority specified in Article 17, paragraphs 5 and 8 of the Regulation;

HAVING REGARD TO article 16, paragraph 3, letter a, second part, of the above-mentioned Decree, according to which, under some circumstances, a person performing market making activities, in the absence of the authorization referred to in the first part of the above-mentioned article, is entitled to the exemption, provided that such person has submitted a specific request to CONSOB according to the procedures to be issued by this public authority and fulfills the same requirements and conditions provided for in the above Regulation and Guidelines;

R E S O L V E S:

1. The request under article 16, paragraph 3, letter a, second part, of Decree of the Minister of the Economy and Finance of 21 February 2013, has to be submitted to Consob according to the following procedures.

2. The request has to be submitted using the form attached to this Resolution. The form, duly filled, signed and complete of all the attachments, has to be sent via certified e-mail address to the address consob@pec.consob.it, to the attention of Divisione Mercati, Ufficio Post-Trading, or via registered letter, the contents of which have to be sent in advance to the email address shortselling-service@consob.it.

3. It is clarified that the request submitted under paragraph 1 of this Resolution does not represent a request of exemption under article 17 of Regulation no. 236/2012.

4. It is clarified furthermore that persons performing market making activities, as defined in Regulation no. 236/2012, on a market or a multilateral trading facilities of the European Union, are not allowed to submit the request under paragraph 1 of this Resolution. These persons, according to article 16, paragraph 3, letter a, first part, of the Decree of the Minister of the Economy and Finance of 21 February 2013, are entitled to the exemption for the market making activities by the competent authority as defined under article 17, paragraphs 5 and 8, of Regulation no. 236/2012.

This resolution is published on the Consob website.

Rome, 13 March 2013

THE CHAIRMAN
Giuseppe Vegas