On 15 July 2015, the Bank of Italy approved certain changes to its July 2009 Resolution, “Transparency of banking and financial transactions and services – correctness of relationships among intermediaries and customers” (the Resolution).

The changes are intended to simplify certain disclosure documents and provide clarifications which have been previously approved at the legislative level. In particular the changes:

  • simplify and revise the content of pre-contractual disclosure documents (for example, the “document explaining the main rights of the customer” has been superseded, and certain information templates have been revised); and
  • simplify and clarify the regime concerning ongoing communications (for example, it will be possible to agree to electronic only communication vis-à-vis those customers that are legally bound to have a certified e-mail address, e.g. enterprises and professionals);

The changes also coordinate the content of the Resolution with the regime for PPI/CPI insurance policies and with the provisions on commission of banking contracts.

The changes come into force on 1 October 2015.

View Disposizioni in materia di trasparenza dei servizi bancari e finanziari  on Bank of Italy website (in Italian).