Italy Money and Banking: Banking Laws
Banking Act
(Testo Unico Bancario)
Date Enacted: 1993
Individuals and Organizations Regulated: Banks, financial institutions, and other entities engaged in banking activities.
Activities Regulated: The Banking Act regulates establishment and operation of banks and other financial institutions in Italy. It covers various aspects of banking operations, such as capital requirements, corporate governance, risk management, and customer protection.
Purpose of the Law: The purpose of the Banking Act is to promote the stability and efficiency of the banking system, protect depositors' funds, and ensure the safety and soundness of the banking sector.
Consolidated Law on Finance
(Testo Unico della Finanza)
Date Enacted: 1998
Individuals and Organizations Regulated: Financial intermediaries, investment firms, and other entities engaged in financial activities.
Activities Regulated: The Consolidated Law on Finance regulates various financial activities, including securities issuance and trading, investment services, collective investment schemes, and market abuse.
Purpose of the Law: The purpose of the Consolidated Law on Finance is to ensure the transparency, fairness, and integrity of financial markets, protect investors' interests, and promote the development of the Italian financial system.
Anti-Money Laundering Law
(Legge Antiriciclaggio)
Date Enacted: 2007
Individuals and Organizations Regulated: Banks, financial institutions, and other entities are subject to money laundering and terrorist financing risks.
Activities Regulated: The Anti-Money Laundering Law sets out the obligations of banks and other financial institutions to prevent, detect, and report money laundering and terrorist financing activities.
Purpose of the Law: The Anti-Money Laundering Law aims to combat money laundering and terrorist financing activities, enhance the transparency of financial transactions, and promote the integrity of the financial system.
Italian Securities Commission Regulation
(Regolamento Consob)
Date Enacted: 2010
Individuals and Organizations Regulated: Financial intermediaries, investment firms, and other entities subject to securities regulation.
Activities Regulated: The Italian Securities Commission Regulation sets out the securities issuance and trading rules, disclosure requirements, and market conduct.
Purpose of the Law: The purpose of the Italian Securities Commission Regulation is to ensure the transparency, fairness, and efficiency of the Italian securities market, protect investors' interests, and prevent market abuse.
Italian Privacy Code
(Codice in materia di protezione dei dati personali)
Date Enacted: 2003
Individuals and Organizations Regulated: Banks and other financial institutions process the personal data of customers and employees.
Activities Regulated: The Italian Privacy Code regulates the processing of personal data by banks and other financial institutions, including the collection, use, and disclosure of personal data.
Purpose of the Law: The purpose of the Italian Privacy Code is to protect individuals' privacy rights, promote the proper handling of personal data by banks and other financial institutions, and ensure compliance with data protection regulations.
Payment Services Directive 2
(Sirettiva sui Servizi di Pagamento 2)
Date Enacted: 2018
Individuals and Organizations Regulated: Payment service providers, banks, and other entities providing payment services.
Activities Regulated: PSD2 regulates payment services within the European Union, including payment initiation services, account information services, and electronic payment transactions.
Purpose of the Law: The purpose of PSD2 is to improve the security of electronic payments, promote competition and innovation in payment services, and enhance consumer protection.
Italian Consumer Code
(Codice del Consumo)
Date Enacted: 2005
Individuals and Organizations Regulated: Banks, financial institutions, and other entities provide consumers with financial products and services.
Activities Regulated: The Italian Consumer Code regulates consumer protection in relation to financial products and services, including transparency, fairness, and the prevention of unfair commercial practices.
Purpose of the Law: The purpose of the Italian Consumer Code is to protect consumers' interests, ensure the fairness and transparency of financial transactions, and promote responsible conduct by financial institutions.
Supervisory Regulations
(Regolamento di Vigilanza)
Date Enacted: 2018
Individuals and Organizations Regulated: Banks, financial institutions, and other entities are subject to prudential supervision.
Activities Regulated: The Supervisory Regulations set the rules and standards for the prudential supervision of banks and other financial institutions in Italy.
Purpose of the Law: The purpose of the Supervisory Regulations is to ensure the safety and soundness of the banking sector, promote the stability of the financial system, and protect the interests of depositors and other stakeholders.
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