How are the time limits/deadlines of the procedure calculated?
To calculate the time limits/deadlines of the authorisation procedure:
- count calendar days (and not business days);
- do not count the day in which the application, complete of all required documentation, is transmitted; the time limit begins elapsing the day after the application is filed;
- the day on which the final term of the procedure expires is counted; therefore, the day that coincides with the final deadline is useful for the purpose of adopting the acceptance / rejection provision;
- to calculate the time limits when the terms of the procedure are suspended, add the number of days used before the start of the suspension to the number of days utilized after its conclusion.
Before transmitting the application is it possible to present the project to the Bank of Italy?
Frequently, the promotors of an initiative and/or their consultants contact the Bank of Italy to inform it of their project and illustrate the main characteristics. To this end specific meetings can be organized, to which - where deemed useful because of the multidisciplinary aspects of the initiative - colleagues from other areas within or outside the Bank of Italy may be invited for specific areas of competence. At the meeting, and within the scope of the reciprocal collaborative relations normally established with applicants, clarifications may be provided regarding applicable rules and regulations, development of the processes and, in general, issues that are relevant for the specific project.
How can I contact the Bank of Italy to ask for clarification or arrange a meeting before submitting an application?
Clarifications or meetings can be requested by sending an email to: Servizio.Riv.Costituzioni@bancaditalia.it, also indicating the complete contact details (email, pec, mobile phone) at which you can be contacted.
For the formal submission of applications or documents pending the authorisation procedure, the use of the pec is mandatory.
What language is used for the administrative procedure?
Italian is the official language of administrative procedures in the Bank of Italy. It is possible however to provide communications and documentation in English, subject to prior agreement with the competent Division managing the procedure.
In the case of banking licenses, as these fall under the competence of the ECB, any official EU language may be chosen by the applicant pursuant to UE Regulation 468/2014.
Which documents must be attached to the application?
The documents are indicated in the Disposizioni di Vigilanza for the various categories of intermediary. Please refer to the specific dedicated sections on the website.
What happens if an application is irregular or incomplete?
Upon receipt of an application, the Bank of Italy first verifies its completeness; if the application is incomplete or irregular, the authorisation procedure cannot be initiated or it must be suspended in order to request the lacking information. Hence, it is fundamental to present a complete application as this allows the procedure to be concluded in the shortest possible timeframe.
During the procedure can the applicant present additional information and documentation?
After the administrative procedure is initiated, and within the terms provided for by Regulation ex Legge n. 241/1990, the applicant has the right to provide additional information and documentation. The presentation of documentation will not impact the final deadline of the procedure, except where such documentation modifies essential elements of the application. In this last case, the new documentation is equivalent to a new application and therefore - subject to verification of the regularity and completeness of the documentation - a new deadline will be established which will be communicated to the applicant.
Can the terms of the procedure be interrupted or suspended?
The terms of the procedure can be suspended where provided for by Regulation ex Legge n. 241/1990 as well as by specific applicable rules and regulations or memorandum of understanding. The suspension of the terms will be communicated in writing and will include:
- the reasons for the suspension of the terms (for example, to request integrations; acquire opinions; inspections);
- where the procedure has been suspended to request clarifications, a list indicating the necessary integrations;
- confirmation that the deadline will remain suspended until receipt of the requested information or the acquisition of the opinion from other Authorities or the conclusion of the inspection;
- affirmation of the maximum duration of the suspension.
The maximum duration of the suspension is 180 days. The remaining time in the terms of the procedure will restart after the integrations or opinions are received, or 180 days after the start of the suspension, even where the integrations or opinions have not been received.
For procedures regarding the exercise of supervisory functions, the regulations in force do not provide for the transmission of a communication regarding the restart of the procedural terms.
What happens if the applicant does not respond to the Bank of Italy’s request for integrations?
The Bank of Italy completes its examination of the application independent of the information and/or opinions requested but not received within the applicable timeframe. If the documentation or information is deemed necessary for the purposes of granting the authorisation, the lack of such can constitute motivation for the rejection/denial of the application.
Can the Bank of Italy apply limitations or recommendations to the applicant when granting the authorisation?
At the granting of the authorisation, limitations or recommendations can be applied to the applicant which aim to promote the adoption of initiatives deemed necessary to ensure respect of the prudential rules and sound and prudent management (including, for example, modifications of the business plan or adjustments of the initial capital) or, in the case of fiduciary trust companies, to guarantee adequate controls of the risks deriving from a lack of respect of Anti-Money Laundering and Countering the Financing of Terrorism laws.
Are there obligations the applicant must fulfil after obtaining authorisation?
After obtaining authorisation, and where provided for, the applicant must complete the necessary formalities to be listed in the Company Register (Registro delle Imprese) and communicate this to the Bank of Italy. The applicant must also transmit documentation attesting to its compliance with the additional requisites introduced by Supervision at the time the authorisation was granted.
Once the completeness and correctness of the transmitted documentation is verified, the Bank of Italy will register the firm in the designated Albo and assign it a competent supervisory unit.