The Bank of Italy post-trade reporting requirements are likely to impact the issuance and offering of bonds and other debt securities in Italy.

The Bank of Italy has the power to require entities issuing or offering financial instruments periodic filing of certain post-trade information and data on financial instruments issued or offered in Italy, or outside of Italy by Italian entities, for the purposes of gathering information and monitoring the development of financial products and markets(Article 129 of Legislative Decree no. 385 of September 1, 1993 as amended (the Italian Banking Act)).