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Securities firms and groups headed by a securities firm

Investment firms are public limited companies other than the banks and financial intermediaries entered in the list referred to in Article 107 of the Consolidated Law on Banking, authorized to provide investment services pursuant to the provisions of the Consolidated Law on Finance. Investment services shall mean the following activities where they concern financial instruments:

• dealing for own account
• dealing for customer account
• subscription and/or placement with firm commitment underwriting or standby commitments to issuers
• placement without firm commitment underwriting or standby commitments to issuers
• management of investment portfolios
• reception and transmission of orders
• investment advice
• management of multilateral trading systems.

Investment firms are subject to the supervision of the Bank of Italy and Consob. Groups of investment firms are entered in the register kept by the Bank of Italy and subject to supervision on a consolidated basis.