On July 1 1998 Commissione Nazionale per le Società e la Borsa (CONSOB) approved Resolution No. 11522 introducing new rules for intermediaries. The rules describe the procedure to be followed by an EU investment company to obtain authorization from the Italian authorities to offer in Italy services not admitted to mutual recognition.
The request of authorization (not a request for a single trade but a general authorization for certain kinds of transaction) must be filed by the EU investment company, accompanied by a certificate of the competent home country authority in which it is certified that the applying company operates in the area of services which it intends to offer in Italy, in compliance with local legislation. In addition, a programme of activities must be submitted in which the services to be offered and the relevant types of transactions are described.
CONSOB may also request certificates on the directors and other documents. All documents not filed in Italian must be accompanied by an Italian translation.
CONSOB has 120 days to issue its approval, which may be extended if additional clarifications or documents are required. In the absence of a reply within 120 days from the date of filing the authorization is considered as granted.