Custody of shareholdings in Banca d'Italia's capital

Following the dematerialization of Banca d'Italia's capital in January 2016, shareholders now keep their respective shares in securities accounts opened with the Bank which, pursuant to Legislative Decree 133/2013, acts as the 'sole intermediary' for the custody and administration of shares of its own capital.

Each shareholder's dematerialized shares are registered with Monte Titoli SpA in separate 'third-party liquidation accounts' in the name of Banca d'Italia.

The custody of the shareholdings and the obligations connected with their transfer are governed by a specific securities custody contract between the shareholder and Banca d'Italia (see the attachments).

Those who intend to purchase shareholdings and who meet the requirements, submit the contract documents to the branch of Banca d'Italia competent for the territory concerned, according to the indications laid down in the Operational Guideline (avaiable only in Italian). In this case shareholders can authorize other persons to act on their behalf (for cash settlement or for sending settlement instructions).

Once the contractual relationship has been entered into, shareholders can mobilize the shares held in their Banca d'Italia account.

The instructions for Over-The-Counter (OTC) sales of shares between shareholders are sent to Banca d'Italia which then enters them into the TARGET2-Securities system in order to settle the transfers.

Banca d'Italia is also responsible for providing shareholders with periodical statements of holding regarding transactions recorded and the amount of shares held in their respective accounts, as well as for paying the dividends periodically approved at the Shareholders' Meeting.

Contact

Markets and Payment Systems Directorate General
Payment Systems Directorate
Payment and Correspondent Services Division
Via Pastrengo, 14 - Rome

Tel: +39 06 4792 3868
e-mail: IT.SECURITIES@bancaditalia.it

Sezione di approfondimento

Banca d'Italia's Board of Directors began the process of dematerializing shareholdings in the Banca d'Italia's capital by passing a resolution to transfer them in dematerialized form to the central securities depository Monte Titoli SpA effective 18 January 2016 (Gazzetta Ufficiale, Part II, No. 19 of 15 October 2015). The paper certificates representing the shares ceased to be valid on the date the dematerialization came into effect.

On 18 January 2016, securities accounts were opened with Banca d'Italia for each shareholder as they appeared in the shareholders' register on 2 January 2016.

The custody of the dematerialized shares and all activities relating to their transfer are governed by a securities custody contract. There will be dedicated guidelines for all activities connected with the transfer of the shares and related communications with Banca d'Italia.

The formalities for the dematerialization of the shares are set out in a Notice to Shareholders.