Bank of Italy, Consob, and Isvap publish on their websites the criteria they will follow – pending further regulatory clarifications – to assess any overlapping of offices that violate article 36 of the Salva Italia decree.
In particular, the new law prohibits the assumption or holding of offices between companies or groups of competing companies operating in the credit, insurance or finance markets. The goal is to protect competition, but the text has left room for interpretative doubts on the part of those who should have applied the law, trade associations and law firms.
The publication of the criteria therefore aims to ensure transparency and coordination of the work of the Supervisory Authorities who are called upon to guarantee compliance with them.
The work was carried out within the framework of a technical table set up at the Ministry of the Economy and Finance. The Competition and Market Authority has provided its collaboration and agrees with the identified criteria.
