Joint notice by Consob, Bank of Italy, IVASS of 2 December 2022 - CONSOB AND ITS ACTIVITIES
Based on the provisions of the Coordination Agreement signed on 31 March 2006, the Bank of Italy, IVASS and Consob have updated the list of Italian financial conglomerates i.e. groups of companies under common control whose exclusive or predominant activities consist of providing significant services in at least two different financial sectors (banking, investment services, insurance).
The supervision of financial conglomerates is carried out pursuant to Legislative Decree 142/2005. This provides for supplementary supervisory instruments in addition to those used for sectoral supervision, with a view to systematically monitoring the capital adequacy and riskiness of each conglomerate as a whole, while taking account of the interconnections between the insurance and banking/financial activities of its members.
The list at 31 December 2021 includes one insurance-led financial conglomerate already subject to supplementary supervision last year. IVASS maintains its role as coordinator of the conglomerate.
The list omits financial conglomerates comprising significant supervised institutions, whose identification is assigned to the European Central Bank in the context of the Single Supervisory Mechanism.
The updated list of conglomerates identified at 31 December 2021 is available on the websites of the Bank of Italy, IVASS and Consob.
LIST OF ITALIAN FINANCIAL CONGLOMERATES
AUTHORITIES AT 31 DECEMBER 2021
|Conglomerate||Main sector||Coordinating Authority|