CAPITAL MARKETS | Monte Titoli Service Rules updated

In accordance with the Bank of Italy, CONSOB has approved some amendments to Monte Titoli’s service regulations (the Rules) aimed at facilitating the admission of foreign entities as participants in the settlement service provided by Monte Titoli S.p.A. (“Monte Titoli”). Before the amendments, the Rules provided (under Article 59.3) that foreign entities (e.g. banks, investment firms, central counterparties and central depositories) could participate in the settlement service provided by Monte Titoli if both the competent Italian supervisory authorities (i.e. CONSOB and Bank of Italy) had concluded dedicated cooperation agreements with the corresponding foreign supervisory authorities.The Rules now provide that a cooperation agreement concluded by either CONSOB or Bank of Italy with their respective corresponding foreign supervisory authority is sufficient to allow the relevant foreign entity to participate in the settlement service and any other ancillary service provided by Monte Titoli.

Newsletter n. 94 -March 2024