PRESS RELEASE

LEGALITY RATING FOR VIRTUOUS COMPANIES: REQUESTS ON THE INCREASE ( 45%) IN THE FIRST HALF OF 2016

From the first half of 2015 to the first half of 2016, the requests submitted to the ICA for Legality Rating - a “rewarding” tool aimed at recognising the most virtuous companies - increased by 45%. In fact, applications rose from 726 last year to 1,054. At the same time, the cases closed increased from 513 to 852 ( 66%) and the attributions from 406 to 662 ( 63%). In proportion, the denials rose even more ( 153%).

Out of the total number of closed cases, attributions represent the largest share with 78%. Following, there are: dismissals (66, equal to 8%), attributions and confirmations with the same percentage (4%), renewals and higher scores (3%), and finally, revocations (1%).

From the beginning of the ICA’s involvement in this scope of action - that is, from January 2013 to the end of June - the total number of requests amounted to 3,068, with 2,611 decided cases (85%) and 457 in progress (15%). Among the cases closed, the total attributions were 2,015 (77%), denials amounted to 115 (4.4%) and revocations were 9 (0.3%).

Approved by Parliament at the end of 2012 and entered into force with the ICA’s Regulation in 2013, the Legality Rating is a “rewarding” tool. Through this tool, the ICA has been entrusted with the task of attributing a score, from one to three "stars", to virtuous companies with a yearly turnover above two million Euros and which satisfy a series of legal requirements. In order to obtain a "star", the Company’s owner and managers must not have previous criminal or tax-related records. In addition to not having been found guilty of anti-competitive behaviours in the two previous years, the Company must make payments and financial transactions above one thousand Euros exclusively through traceable means. In order to obtain a higher score, the Regulation indicates six further requirements: two "stars" are granted if half the requirements are satisfied, and three "stars" if all the requirements are satisfied.

Pursuant to law, the Legality Rating assigned by the ICA “is taken into account for the granting of public funds and for access to bank credit”. Under the same regulation, “credit institutions that fail to take the attributed rating into account when granting funds to companies are obliged to submit a detailed report to Banca d’Italia explaining the reasons for their decision”.

Rome, 4 July 2016