By means of the Bank of Italy’s Provision of 13th August 2020, new measures were introduced in relation to the administrative sanctionary procedure before the Bank of Italy, which apply to alleged breaches of the Consolidated Law on Banking (and its implementing provisions) ascertained after 29th September 2020.
Among the main novelties, it is worth mentioning (i) the setting-up of the Supervisory Institutional Relations Service as the body responsible for preliminary investigation, and (ii) the adaptation of the relevant Bank of Italy’s Supervisory Provisions to the organisational and procedural arrangements in consequence of the establishment of the Client Protection and Financial Education Department within the same Bank of Italy.
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