Following the publication of secondary measures finalising the reform of banking financial intermediaries ("BFIs") (please refer to our previous Newsflashes "Reform of financial intermediaries: new rules on financing and next steps" and "Completion of the banking financial intermediaries reform"), the Bank of Italy clarified the transitional period applicable to BFIs.

In particular:

  • pre-existing BFIs will be able to continue to carry out their activities until 12 May 2016;
  • a BFI currently enrolled in the Register held by the Bank of Italy pursuant to Article 107 and (if falling within the scope of the consolidated banking supervision) Article 106 of the Consolidated Banking Act ("CBA") must apply to the Bank of Italy for an authorisation as new 106 BFIs by 11 October 2015if it wish to continue to carry out financing activity;
  • a BFI currently enrolled in the Register held by the Bank of Italy pursuant to Article 106 of the CBA and not falling within the scope of the consolidated banking supervision must apply to the Bank of Italy for an authorisation as new 106 BFIs by 12 February 2016 if it wish to continue to carry out financing activity.

Please click here to download the explanatory note and thetimetable provided by the Bank of Italy (available in Italian only).