Investment Services or Activities

On 1 November 2007, the Legislative Decree issued the 17 September 2007 no. 164 entered into force, implementing MiFID in Italy. 1 On the regulatory side, in compliance with the legislation that has implemented MiFID, the Commissione Nazionale per le Società e la Borsa (the Consob) and the Bank of Italy issued (inter alia) the following main regulations:Resolution no. 16190 issued by the Consob on 29 October 2007, which amended the rules on intermediaries;Resolution no. 16191 issued by the Consob on 29 October 2007, which amended the rules on markets; andResolution issued jointly by the Consob and the Bank of Italy on 29 October 2007, which provides for the rules concerning the organization and the procedures applicable to intermediaries authorised to provide investment services and collective portfolio management.