A substantial part of the relevant law in Italy is derived from or has been harmonized to adjust to, EU directives and regulations. In many respects, therefore, Italian domestic legislation and rules simply give effect to pan-European legal requirements. However, since many European directives only set minimum standards, the way in which directives have been implemented across Europe can vary. In other words, Italy and other European jurisdictions have introduced domestic laws that exceed European-level requirements. Directives also contain obligations and discretions at a member state level, and Italy also has various domestic rules.

The main domestic sources of the Italian regulatory framework are essentially as follows (each of which is further detailed by secondary regulations issued by the competent authorities):

• Legislative Decree no. 385 of 1 September 1993, as amended (the Consolidated Banking Act or CBA), for the banking sector
• Legislative Decree no. 58 of 24 February 1998, as amended (the Consolidated Financial Act or CFA), for the securities sector
• Legislative Decree no. 209 of 7 September 2005, as amended, for the insurance sector