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The Italian legislative decree No. 176 of 12 August 2016 has amended The Italian Securities Act introducing a new regulation relating to the central depositary system for financial instruments...
The Italian legislative decree No. 176 of 12 August 2016 has
amended the Legislative Decree No. 58 dated 24 February 1998 (the
Italian Securities Act) introducing a new regulation relating to
the central depositary system for financial instruments and
posttrading services with a view to aligning the national rules
with the Regulation No. 909/2014 (Central Securities Depositories
Regulation).
In particular, the new rules implemented the following changes
to the existing legislative framework: (i) alignment of the
settlement date of transactions performed during trading, which
cannot occur later than the second business day after the trading
date (the so-called "T+2"); and (ii) introduction of
specific measures in case of settlement defaults, as well as cash
penalties, buyin procedures and suspension procedures in case of
systemic breach of delivery obligations.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
