Rules governing central counterparties, central securities depositories and central depository services: new joint regulationon post-trading issued by the Bank of Italy and Consob

On 13 August 2018 the Bank of Italy and Consob issued a joint regulation on post-trading, introducing new rules governing central counterparties, central securities depositories and central depository services. It replaces the previous regulation of 22 February 2008.

As a result of the entry into force of Regulation (EU) No 648/2012 ('EMIR') on OTC derivatives, central counterparties and trade repositories and of Regulation (EU) No 909/2014 ('CSDR') on securities settlement in the European Union and on central securities depositories, Italy's primary legislation on post-trading, set out in Legislative Decree No 58/1998 ('TUF'), was given a comprehensive review.

It was therefore necessary to adjust Italy's secondary legislation as well, to bring it in line with the relevant European regulations. The main new feature of these rules is the revision of the reporting requirements towards the Supervisory Authorities, which will only affect central counterparties and central securities depositories.

The joint regulation may be subject to a further, more extensive review covering the activities of intermediaries authorized to maintain securities accounts, once the Italian legislation has been updated to reflect the changes introduced by Directive (EU) 2017/828 amending Directive 2007/36/EC ('Shareholders' Rights Directive'). At that time, a thorough discussion involving intermediaries, issuers and all other relevant stakeholders will be held.