How are the time limits of the procedure calculated?
To calculate the time limits/deadlines 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 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 considered for the purpose of adopting the acceptance/rejection provision;
- 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.
Can I discuss my application with the Bank of Italy before submitting it?
Applicants and/or their consultants often contact the Bank of Italy to discuss their applications. To this end, specific meetings can be arranged and colleagues from other areas within or outside the Bank of Italy may be invited for 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 rules and regulations, the process and, in general, issues that may be relevant for the specific application.
How can I contact the Bank of Italy 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, PEC or mobile phone).
For the formal submission of applications or documents subject to preliminary assessment, you must have a certified email address (PEC).
What language may I use for the administrative procedure?
Italian is the official language of the Bank of Italy's administrative procedures. However, you may submit communications and documentation in English, subject to prior agreement with the Division managing the procedure.
In the case of banking licenses, which fall under the competence of the ECB, you may use any official EU language pursuant to Regulation (EU) 468/2014.
What documents should I attach to my application?
The documents are listed in the supervisory regulations for the various categories of intermediary. Please refer to the specific sections on the website.
What happens if an application is incorrect or incomplete?
Upon receipt of an application, the Bank of Italy first verifies its completeness; if the application is incomplete or incorrect, the licensing procedure cannot be initiated or it must be suspended in order to request the missing information. Therefore, it is essential to submit a complete application to conclude the procedure in the shortest possible timeframe.
May I submit additional information and documentation during the procedure?
After the administrative procedure is initiated, 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 will not impact the final deadline of the procedure, unless it modifies essential elements of the application. In this case, the new documentation is considered equivalent to 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?
Procedures can be suspended where provided for by the Regulation under Law 241/1990 and by specific applicable rules and regulations or memorandums of understanding. The suspension will be communicated in writing and will include:
- the reasons for the suspension of the terms (for example, to request integrations, acquire opinions and carry out inspections);
- where the procedure has been suspended to request clarifications, a list of the required integrations;
- confirmation that the deadline will remain suspended until receipt of the requested information or the acquisition of opinions from other authorities or the conclusion of the inspection;
- the maximum duration of the suspension.
Procedures may be suspended for up to 180 days. The remaining time of the procedure will restart after the integrations or opinions are received, or 180 days after the start of the suspension if 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 any communication regarding the restart of the procedural terms.
What happens if I do not respond to the Bank of Italy’s request for integrations?
The Bank of Italy completes its examination of the application irrespective of the information and/or opinions requested but not received within the applicable timeframe. If the requested documentation or information is deemed necessary for the purposes of granting the licence, failure to reply may constitute grounds for rejection of the application.
Can the Bank of Italy impose restrictions or make recommendations to the applicants when granting a licence?
When granting of a licence, the Bank of Italy may impose restrictions or make 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?
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 the Bank of Italy. The applicant must also submit documentation attesting to its compliance with the additional requirements introduced by the Bank of Italy at the time the licence was granted.
After verifying the completeness and correctness of the submitted documentation, the Bank of Italy will enter the intermediary in the designated register (Albo) and assign it to a competent supervisory unit.
