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.
Markets and Payment Systems Directorate General
Payment Systems Directorate
Payment and Correspondent Services Division
Via Pastrengo, 14 - Rome
Tel: +39 06 4792 3868