The Bank of Italy’s supervisory activities are carried out by the Directorate General for Financial Supervision and Regulation at central level and by the Bank’s branches at local level.
With the launch of the Single Supervisory Mechanism on 4 November 2014, the Directorate General was reorganized to make the controls on banks and financial intermediaries more effective.
The branches perform supervisory tasks regarding banking groups and banking and financial intermediaries operating mainly at local level (see Bank of Italy branches in charge of supervisory tasks: territorial jurisdiction). Besides being directly responsible for supervising intermediaries and acting as the local point of contact, the branches are entrusted with consumer protection (financial education, appeals to the Banking and Financial Ombudsman (ABF) and complaints).
The Bank of Italy Regulation of 25 June 2008 (currently being revised) and subsequent provisions designate the organizational units in charge of administrative proceeding within the scope of the Bank of Italy’s supervisory functions (see Organizational units in charge of administrative proceedings).