On 30 June 2017, the Decision of the Bank of Italy of 7 June 2017, entitled “Provisionson disclosure and statistical obligations for vehicle companies involved in securitization transactions” (the “Decision”) was published in the Official Gazette - General Series - No. 151.

The Decision has the equivalent content as the previous one, issued on 30 September 2014, with the exception of the provision according to which the Special Purpose Vehicle (“SPV”) is required to give separate evidence, in the reports to the Bank of Italy, of the financial transactions that the SPV can carry out pursuant to Art. 1-ter of Law 130/1999 (the “Securitization Law”), in accordance with Reg. (EU) No. 1075/2013 of 18 October 2016 concerning the statistics on the assets and liabilities of financial vehicle companies involved in securitization transactions.

Together with the Decision, the “Application Guide for Vehicle Company Reports”, which includes all rules for filling in reports of securitization transactions carried out by vehicle companies pursuant to Reg. (EU) No. 1075/2013 and the procedures of submission to the Bank of Italy, has been published. Violations of disclosure and statistical obligations are subject to sanctions under Art. 7 Reg. (EC) No. 2533/1998 of the Council Regulation of 23 November 1998, No. 2533 (on the collection of statistical information by the European Central Bank). The Decision has entered into force since the day of its publication in the Official Gazette.