On November 27, 2013 the Bank of Italy submitted for public consultation a draft circular setting forth the new prudential supervision rules (“disposizioni di vigilanza prudenziale”) for banks and banking groups (the “Draft Circular”). The Draft Circular will be adopted in the framework of the future implementation in Italy of Directive no. 2013/36/EU (the “Capital Requirements Directive IV” or “CRDIV”) and in connection with theapplication of EU regulation no. 575/2013 (the “Capital Requirements Regulation” or “CRR”).
In August 2013 the Bank of Italy had published for consultation and comment an illustrative document on the actions planned by the Italian regulator for the application of CRDIV and CRR and the exercise of certain discretions permitted by such legislation.
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