CAPITAL MARKETS | Italian regulators amend criteria to apply the interlocking prohibition

On 16 February 2024, Bank of Italy, CONSOB and IVASS, in agreement with AGCM – Autorità Garante della Concorrenza e del Mercato – published a notice updating the criteria, issued in 2012 and revised in 2018, for the application of the prohibition on taking positions in competing intermediaries in the financial sector (so-called “interlocking prohibition”, provided by Article 36 of Decree Law No. 201 of 6 December 2011). The update concerns the method of calculating turnover for the application of the size relevance threshold of the intermediaries involved (provided by Article 16.2 of Law No. 287 of 10 October 1990) and takes into account the amendments made to the Competition Law (Law No. 214 of 30 December 2023).

Newsletter n. 94 – March 2024