More Stringent Suitability Requirements For Italian Intermediaries' Corporate Officers

Introduction

By means of Legislative Decree no. 72 of 12 May 2015 (the "Decree"), Italy implemented Directive 2013/36/EU (Capital Requirements Directive; "CRD IV"), which reformed, inter alia, banks' and investment firms' corporate officers "fit and proper" criteria for better governance purposes.

To this end, the Decree modified Article 26 of Legislative Decree no. 385 of 1 September 1993 (the "Consolidated Banking Law"), thereby requiring corporate officers of banks supervised by the Bank of Italy ("BoI") (i.e., the less significant ones) to meet the above mentioned criteria in order to be appointed.

The underlying rationale being to ensure such banks' sound and prudent management, while strengthening the integrity of the banking and financial system as a whole and the investors' protection.