PRESS RELEASE

LEGALITY RATINGS - SHARP INCREASE IN REQUESTS: 726 (OF WHICH 406 WERE ACCEPTED) IN THE FIRST HALF OF 2015

In the first half of 2015, 726 applications were submitted to the Antitrust Authority to obtain a legality rating, the “reward tool” assigned to honest businesses under law (no.62/2012). This is a trend that is showing a strong increase compared to a total of 1,307 applications that arrived throughout a two and a half year period since the entry into force of the measure, that is from January 2013 up till now.

Of these 726 requests, the office of the Antitrust Authority closed 513 cases, while 213 assessments are under way. Rating allocations reached a total of 406, equivalent to 79%, with four renewals, six confirmations and five higher scores. The Antitrust Authority instead issued 15 refusals (equivalent to 3%) and two cancellations while 75 files were put away (14.7%) for lack of sufficient evidence.

Approved by Parliament at the end of 2012, the legality rating is a “reward” tool with which the Antitrust Authority was assigned the task of assigning a score, from one to three “small stars”, to honest businesses with a turnover that exceeds €2.0 million annually and that meet a series of legal requirements. To obtain a “small star”, the owner of the company and the other executives must not have – among others – criminal or tax proceedings. Besides not being sentenced in the previous two years for antitrust offences, the company must make payments and financial transactions that are over €1,000 only by means of traceable systems. To obtain a higher score, the Rules indicate six other requirements: two “small stars” if half of these requirements are met, three “small stars” if all these requirements are met.

The Rating assigned by the Antitrust Authority, as required by law, “is taken into account in the granting of loans by the public administration, as well as when gaining access to bank credit”. Under the same legislation, “credit institutions that fail to take into account the rating assigned at the time when granting finance to business are bound to submit to the Banca d'Italia a detailed report on the reasons behind the decision taken”.

The full list of enterprises that have so far obtained a legality rating and instructions on how to present a request can be found on the website of the Antitrust Authority (http://www.agcm.it/rating-di-legalita.html).

Rome, 6 July 2015