Based on the provisions of the Coordination Agreement entered into on 31 March 2006, Consob, the Bank of Italy and IVASS and 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, securities, 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 2019 comprises two financial conglomerates already subject to supplementary supervision last year. The Bank of Italy maintains its role as coordinator of one bank-led conglomerate, which includes institutions not categorized as 'significant', while IVASS is the coordinating authority for one insurance-led conglomerates.

The list omits financial conglomerates comprising 'significant' 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 2019 is available on the websites of the Bank of Italy, Consob and IVASS.

LIST OF ITALIAN FINANCIAL CONGLOMERATES
SUBJECT TO ADDITIONAL SUPERVISION
COORDINATED BY THE COMPETENT NATIONAL AUTHORITIES
WITH REFERENCE TO DATA AT DECEMBER 31, 2019
(Published on 17 December 2020)