Rome, 23^rd February 2011

The Autorità Garante per la Concorrenza e il Mercato and Banca d’Italia have signed a Memorandum of Understanding on the exercise of their respective powers to counteract unfair commercial practices and promote transparency and fairness in client-intermediary relations.

The Memorandum calls for mutual and timely notification whenever administrative proceedings under the competence of either Authority are initiated against intermediaries. Each Authority shall then be allowed to comment on notifications received from the other.

Regular meetings are also foreseen as well as the option of establishing joint working groups to confront issues of mutual interest.

The goal of the understanding is to ensure effective consumer protection, efficiency and coherence of control actions and cost containment for bankers and financial intermediaries.