The new Bank of Italy rules will apply from October 1, 2016.

The Bank of Italy has implemented the provisions of article 129 of Legislative Decree no. 385 of 1 September 1993 (the Consolidated Banking Act or CBA) (the Rules) which require a filing with the Bank of Italy (solely for statistical purposes) when Italian entities issue, offer or place financial instruments in Italy or outside of Italy or non-Italian entities issue, offer or place financial instruments in Italy, regardless of whether or not a prospectus is required or if the transaction is a retail offer or a private placement. The Rules identify the entities, the type of financial instrument[1] which is subject to reporting requirements, the type of information to be filed with Bank of Italy as well as the timing, format and procedures of such filing.