The OAM is the body exclusively and autonomously competent for the management of the Lists of financial agents and credit brokers. In a special section of the List dedicated to financial agents, agents who provide exclusively payment services are also registered.

Established pursuant to Legislative Decree no. 141 of 13 August 2010, the OAM has legal personality under private law, in the form of a non-profit association, with organizational, statutory and financial autonomy.

As of July 1, 2011, in compliance with the sector reform introduced by Legislative Decree no. 141/2010 and subsequent amendments, the registrations in the list of agents in financial activities and in the register of credit brokers kept by the Bank of Italy have ceased.

Today, after ascertaining the existence of the requisites of integrity and professionalism required by law, the OAM provides for the registration in the lists.

The OAM is required, among other tasks, to verify:

• the continued fulfillment of membership requirements;
• the compliance of members with the provisions applicable to them;
• the absence of causes of incompatibility, suspension and cancellation in respect of those registered;
• the effective carrying out of the activity for the purposes of remaining in the Lists.

With the transition from the public function of the Bank of Italy to the private structure of the OAM, the Lists are designed to give publicity to the essential information concerning Agents in financial activity and Credit Brokers. The OAM directories will ensure the primary need for consumer protection, guaranteeing, moreover, the permanence of the requirements of professionalism and integrity for those registered.

Within the scope of its financial autonomy, OAM determines and collects the contributions and amounts due by the members of its lists, in the measure, manner and terms determined by itself, in order to ensure the performance of its activities.

OAM establishes the standards of the professional training courses in the subjects relevant to the exercise of agency in financial activities and credit mediation required for the purposes of the examination, assessment test and professional updating.

The body also determines the contents and methods of carrying out the assessment test, to which employees and collaborators of the companies registered in the lists must undergo, and supervises compliance with the duty of professional training.

OAM is also endowed with sanctioning powers towards its members as required for the performance of its institutional tasks. It is, in turn, subject to the supervision of the Bank of Italy.

The functioning of OAM is regulated by its own Statute, approved by the Ministry of Economy and Finance, after consultation with the Bank of Italy. The members of the Management Committee of the Body have been chosen by the same Ministry from among persons with proven competence in financial, economic and legal matters, as well as characteristics of independence such as to ensure autonomous judgement.

The Body is based in Rome, Via Galilei no. 3, and has an unlimited duration.