The Bank of Italy has launched a public consultation on proposed amendments to Circular No. 288/2015 (“Disposizioni di vigilanza per gli intermediari finanziari”) and Circular No. 286/2013 (“Istruzioni per la compilazione delle segnalazioni prudenziali per i soggetti vigilati”), concerning the regulatory framework applicable to financial intermediaries under Article 106 of the Consolidated Banking Act (“TUB”) (“Intermediaries 106”).

The amendments to Circular No. 288/2015 pursue, in particular, the following objectives:

1. Implementation of the amendments introduced by CRR3: extending to Intermediaries 106 the prudential framework set out in Regulation (EU) No. 575/2013 (Capital Requirements Regulation, “CRR”), as most recently amended by Regulation (EU) 2024/1623 (“CRR3”), in particular with regard to credit risk, operational risk, credit valuation adjustment risk (CVA), large exposures and the output floor, as well as the related EBA guidelines.

2. Transposition of CRD VI provisions on transfers and assignments: following the amendments made to the TUB in transposing Directive (EU) 2024/1619 (“CRD VI”), revising the rules governing bulk assignments of legal relationships – for which the requirement of prior authorisation from the Bank of Italy is removed – and regulating material transfers of assets and liabilities, which are instead subject to prior notification.

3. Mitigation of concentration risk towards central counterparties: extending to Intermediaries 106 the obligations arising from Directive (EU) 2024/2994, which amended Directive 2013/36/EU (Capital Requirements Directive, “CRD”) with regard to concentration risk arising from exposures to central counterparties, requiring the adoption of processes for identifying, managing, monitoring and reporting such risk.

4. Alignment with DORA: adapting the framework to Regulation (EU) 2022/2554 (Digital Operational Resilience Act, “DORA”). Starting from 1 January 2027, Legislative Decree No. 23 of 10 March 2025 (DORA Decree) applies the simplified regime provided for under DORA to Intermediaries 106, resulting in the repeal of the rules on the IT system and ICT risk management, as well as of the administrative procedure for prohibiting the outsourcing of essential or important functions.

5. Simplification of the rules on interest rate risk in the banking book (IRRBB): confirming the metric and threshold used to identify the most exposed intermediaries (Supervisory Outlier Test, SOT), limiting the review solely to the highest level of consolidation, and technically updating the calculation of the risk exposure indicator.

6. Mitigation of operational risk for securitization servicers: revising the methodology for calculating the capital requirement for Intermediaries 106 carrying out servicing activities in securitization transactions, since the metrics provided for under the CRR and CRR3, based on balance-sheet items, do not adequately capture the risk profile of such activity.

Lastly, Circular No. 286/2013 is amended to extend to Intermediaries 106 the new EBA reporting templates for banks (the so-called Corep version 4.0), with simplifications aimed at reducing reporting burdens, consistent with the principle of proportionality.