In a moment of great activity on the table where the impressive game of Italian banking risk is being played, even the supervisory authorities they organize themselves and aim to join forces. The Bank of Italy for banks, IVASS for insurance and the Consob for the stock markets they have so signed a Memorandum of Understanding “in the field of identification and additional surveillance on financial conglomerates".
There was already a Coordination Agreement dating back to 31 March 2006, but this new Protocol will replace it by taking into account "the changes that have occurred in the meantime in the institutional structure of supervision and the evolution of the reference standards" says a note, establishing a Single Supervisory Mechanism.
The Protocol defines the modalities for cooperation and exchange of information between the Authorities for the purpose of exercising supplementary supervision over financial conglomerates and, being configured as "Framework Agreement“, provides for the possibility for the signatory Authorities to define further agreements coordination specific to individual conglomerates.
Considering the attribution to the Single Supervisory Mechanism of the prudential supervisory tasks on “significant” banks, Protocol is now limited to financial conglomerates only which include credit institutions “less significant”. The operating procedures that the competent authorities for the exercise of supplementary supervision over the latter intend to follow for the calculation of the quantitative thresholds to measure the significance of the insurance sector and the banking/investment services sector with respect to the total of the group, in relation to the nature of the existing shareholding links, are also specified.
