The primary legislative sources empower Banca d'Italia to regulate some aspects of managing crises in banking and financial intermediaries.
Banca d’Italia's legal instruments can take many forms (supervisory rules, regulations, circulars). Banca d’Italia also issues communications on specific aspects or profiles pertaining to regulated subject matter, which are not to be included in legal instruments but may contain additional information and clarifications.
Under Law 262/2005 for the protection of savings, Banca d'Italia must perform regulatory impact analysis (RIA) to assess the costs and benefits of proposed regulations for affected persons and entities and must conduct a public consultation that allows those interested to offer their observations, comments and proposals. Law 262/2005 also provides that legal instruments must explain their purpose and are subject to periodic review.
The resolution and crisis management rules and regulations of Banca d'Italia are published on this website, and in the Gazzetta Ufficiale della Repubblica Italiana when they contain provisions aimed at persons and entities other than those usually subject to supervision.
In carrying out its tasks, the Resolution and Crisis Management Unit cooperates with the Directorate General for Financial Supervision and Regulation each within their respective powers, including for the purpose of liaising with the Single Resolution Board (SRB).
This cooperation is carried out in accordance with the provisions of the Measure of 5 February 2019 (and its implementing document) entitled 'Measures for cooperation between the Directorate General for Financial Supervision and Regulation and the Resolution and Crisis Management Unit', issued pursuant to Article 3(6) of Legislative Decree 180/2015, which states that 'Banca d'Italia, in exercising its organizational autonomy, shall put into place appropriate forms of separation between the functions connected with crisis management and the other functions it performs, so as to ensure its operational independence, and shall establish forms of cooperation and coordination between the corresponding units. It shall publish the measures taken to achieve the objectives referred to in this subparagraph.'
