FAQ

How are the deadlines of the procedure calculated?

To calculate thedeadlines of the licensing procedure:

  • count calendar days (not business days);
  • do not count the day on which the application, complete with all the required documentation, is submitted; the time limit begins to elapse the day after the application is filed;
  • to calculate the time limits when a procedure is suspended, add the number of days elapsed before the procedure is suspended to the number of days elapsed after it is concluded.
  • the day on which the final term of the procedure expires is counted; therefore, the day corresponding to the final deadline is considered for the purposes of adopting the decision to accept or reject the application;

In cases where legislation requires that deadlines be calculated in working days (such as for licensing procedures for crowdfunding service providers or for entities operating in crypto-asset markets under the MiCA Regulation), the days to be considered are Monday to Friday, excluding public holidays.

Can I discuss my application with Banca d'Italia before submitting it?

Yes. Applicants and/or their consultants often contact Banca d'Italia to discuss their applications. To this end, specific meetings can be arranged and colleagues from other areas within or outside Banca d'Italia may be invited as part of a multidisciplinary approach. During these meetings, and within the scope of the mutual collaborative relations normally established with applicants, clarifications may be provided regarding applicable legislation, the process and, more generally, issues that may be relevant to the specific application.

Based on experience, these meetings are particularly effective when held after applicants have thoroughly reviewed the relevant legislation.

How can I contact Banca d'Italia for clarification or to arrange a meeting before submitting an application?

Clarifications or meetings can be requested by sending an email to Servizio.Riv.Costituzioni@bancaditalia.it. Please provide your full contact details (email address, certified PEC email address, or mobile phone).

You must have a certified email address (PEC) to submit applications or documents requiring preliminary assessment.

What language may I use for the administrative procedure?

Italian is the official language of Banca d'Italia's administrative procedures. However, you may submit communications and documentation in English, subject to prior agreement with the Division managing the procedure.

For banking licence applications, which fall under the competence of the ECB, you may use any official EU language in accordance with Regulation (EU) 468/2014.

What documents should I attach to my application?

The required documents are listed in the supervisory regulations applicable to each category of intermediary. Please refer to the specific sections on Banca d'Italia's website for detailed information.

What happens if an application is incorrect or incomplete?

When Banca d'Italia receives an application, it first verifies its completeness; if the application is incomplete or incorrect, the licensing procedure cannot be initiated or must be suspended while the missing information is requested. Therefore, it is essential to submit a complete and accurate application to conclude the procedure in the shortest possible timeframe.

May I submit additional information and documentation during the procedure?

Yes. Once the administrative procedure has started, the applicant has the right to provide additional information and documentation within the terms provided for by the Regulation under Law 241/1990. The submission of further documentation does not affect the final deadline of the procedure, unless it modifies essential parts of the application. In such cases, the new documentation is treated as a new application and a new deadline will be communicated to the applicant, subject to verification of the accuracy and completeness of the documentation.

Can a procedure be interrupted or suspended?

Yes. Procedures can be suspended where provided for by the Regulation under Law 241/1990 and by specific applicable rules, regulations, or memorandums of understanding. The suspension will be communicated in writing and will include:

  • the reasons for the suspension (for example, to request additional information, acquire opinions and carry out inspections);
  • if the procedure has been suspended to request clarifications, a list of the required information;
  • confirmation that the timeline will remain suspended until the requested information is received, the opinions of other authorities are obtained, or the inspection is complete;
  • the maximum duration of the suspension.

Procedures may be suspended for up to 180 days. The remaining time of the procedure will resume after the requested information or opinions are received, or after 180 days from the start of the suspension if the requested information or opinion have not been received.

For procedures involving the exercise of supervisory functions, the regulations in force do not require the transmission of any communication regarding the resumption of procedural timelines.

What happens if I do not respond to Banca d'Italia's request for additional information?

Banca d'Italia will complete its assessment of the application irrespective of whether the requested information and/or opinions are received within the applicable timeframe. If the requested documentation or information is deemed necessary for granting the licence, failure to provide it may constitute grounds for rejection of the application.

Can Banca d'Italia impose restrictions or make recommendations to applicants when granting a licence?

Yes. When granting of a licence, Banca d'Italia may impose restrictions or issue recommendations to encourage the adoption of measures deemed necessary to ensure compliance with prudential rules, sound and prudent management (including, for example, changing the business plan or adjusting the initial capital) or, in the case of trust companies, to guarantee adequate control of the risks arising from non-compliance with anti-money laundering and countering the financing of terrorism (AML-CFT) laws.

Are there any obligations I must fulfil after obtaining a licence?

Yes. After obtaining a licence, the applicant must complete the necessary formalities to be listed in the Italian Business Register (Registro delle Imprese), where required, and notify Banca d'Italia. The applicant must also submit documentation attesting to its compliance with any additional requirements introduced by Banca d'Italia at the time the licence was granted.

After verifying the completeness and correctness of the submitted documentation, Banca d'Italia will enter the intermediary in the designated register (Albo) and assign it to the appropriate supervisory unit.