What are the requirements to obtain authorization in your jurisdiction?
In order to obtain authorization, an applicant must satisfy the conditions set forth in the applicable Italian regulations.
The conditions can vary, depending on the particular regulated activities that the applicant intends to carry out and, in particular, whether the applicant is to be authorized by the Bank of Italy, the Consob, the ECB or the IVASS. Broadly, however, the following conditions will usually need to be satisfied:
- Location of offices - For Italian incorporated companies, both the head and registered office must be located in Italy.
- Business model - The regulator will examine the applicant’s business model. In particular, specific business models are required in order to carry out certain activities.
- Capital requirement - Certain capital requirements will need to be met, depending on the authorization sought.
- Independence and integrity requirements - The corporate officers (i.e., those performing administrative, management or control functions) must meet certain experience, independence and integrity requirements.
- Shareholders’ requirements - The substantial shareholders must satisfy certain integrity requirements.
- Corporate plan - The applicant must submit a plan concerning the initial activity, together with the articles of incorporation and the bylaws. The plan is necessary in order to evaluate the business projects of the applicant.
- Structure of the group - The applicant must not have a group structure that may impede the supervision activity by the relevant authorities.