Registration in the List of Credit Brokers is subject to possession of the following requisites in accordance with art. 128-septies of the TUB (Consolidated Banking Act):

• status of joint-stock company, limited partnership, limited liability company or cooperative company;
• registered and administrative office or, for EU subjects, permanent establishment in the territory of the Republic;
• corporate purpose with provision for the exercise of the activity of credit brokerage on an exclusive basis; related or instrumental activities and those defined as compatible by the regulations pursuant to art. 17, paragraph 4-quater, of Legislative Decree no. 141/2010 may be provided for;

• possession by the persons in control and the persons carrying out administrative, management and control functions of the requirements of integrity pursuant to art. 15 of Legislative Decree no. 141/2010;

• possession by the persons carrying out administrative and management functions of the professional requirements, including the passing of a specific examination (if not exempted due to the transitional regime, see below);

  possession of a certified electronic mail account (PEC) and a digital signature with the same legal value as a handwritten signature pursuant to Legislative Decree no. 82 of March 7, 2005 and related implementing regulations.

The paid-up share capital must not be less than that provided for joint-stock companies by Article 2327, as amended by Article 20, paragraph 7, Decree Law No. 91/2014 converted into Law No. 116/2014 of the Civil Code (Euro 50,000.00).
It is also necessary, as a condition of effectiveness of registration, the conclusion of a civil liability insurance policy for damages caused in the exercise of the activity arising from its own conduct or that of third parties for whose actions the company is liable under the law.

 

PROFESSIONALISM REQUIREMENTS

The registration of credit brokerage companies in the relevant List is subject to the possession of the following professional requirements by their company representatives pursuant to Article 14, paragraph 2, of Legislative Decree no. 141/2010: 

• • persons with administrative, management and control functions must be chosen according to criteria of professionalism and competence from among persons who have accrued overall experience of at least three years through the exercise of: 
  
  • administration or control activities or management tasks within companies;
  • professional activities relating to the credit, financial and securities sector; 
  • university teaching activities in legal or economic subjects;
  • administrative or management functions at public bodies, public administrations, business associations or their service companies that are connected with the credit, financial or securities sector, or at public bodies or public administrations that are not connected with the above-mentioned sectors, provided that the functions involve the management of economic and financial resources; 
• the Chairman of the Board of Directors must be chosen according to criteria of professionalism and competence from among people who have a total experience of at least five years through the exercise of the activity or functions indicated in letter a); 
• the Sole Director, the sole shareholder of the limited liability company, the Managing Director and the General Manager must have specific expertise in credit, finance and securities matters gained through work experience in positions of appropriate responsibility for a period of no less than five years. Similar requirements are required for offices involving the exercise of functions equivalent to those of the General Manager. 

 

For the purposes of registration, those who carry out administrative and management functions, chosen according to the criteria described above, must also possess the following professional requirements pursuant to paragraph 1 of art. 14 of Legislative Decree no. 141/2010: 

• educational qualification not inferior to the upper secondary school diploma, issued following a five-year or four-year course supplemented by the annual course provided for by law, or a foreign educational qualification deemed equivalent for all legal purposes (it should be noted that with Circular no. 10/13 the OAM has provided for and introduced the provisions relating to the continuation of the activity of financial agency and credit brokerage by persons enrolled in the previous lists kept by the Bank of Italy and lacking a five-year high school diploma);
• attendance of a professional training course in the relevant subjects in the exercise of credit mediation;
• • possession of adequate knowledge of legal, economic, financial and technical subjects, ascertained by passing the appropriate examination, held by the Body according to the methods established by the latter (if not exempt due to the transitional regime, see below).