The new implementing regulation on legality ratings comes into force today, 20 October. The amendments take into consideration the comments received from stakeholders following a public consultation.

Changes include the extended scope of application of the regulation, which now allows entities registered only in the Economic and Administrative Repertoire to apply for the rating. Furthermore, in order to make the rating more responsive to the objectives identified by the legislator, the legality requirements have been increased both from a subjective and objective point of view.

In particular, to further enhance the rewarding nature of the rating, the directors of the parent company or of the company or entity that exercises management and coordination activities over the company applying for the legality rating are also included among the relevant subjects. Moreover, in addition to the offences already envisaged by the Regulation as being an obstacle to issuing the rating, there are now also those of usury, fraudulent transfer of assets and fraudulent bankruptcy.

Additional amendments to the Regulation concern its adaptation to case law and the simplification and clarification of the procedure. 

The WebRating platform, through which companies submit rating applications electronically, has already been updated in accordance with the provisions of the new Regulation.

Rome, 20 October 2020