For parties other than individuals, art. 128-quinquies of the TUB demands the following requirements:

  • equity and legal form requirements foreseen by civil law for companies;
  • registered and administrative office or, for EU subjects, permanent establishment in the territory of the Republic;
  • corporate purpose with provision for the exclusive exercise of financial agency activities (related or instrumental activities and those defined as compatible by the regulations pursuant to art. 17 of Legislative Decree no. 141/2010 may be envisaged);
  • possession of the requirements of integrity and professionalism, including the passing of a specific examination (if not exempted due to the transitional regime, see below), by those who carry out administrative, management and control functions and, limited to the requirements of integrity, also by those who hold a controlling interest;
  • possession of a certified electronic mail account (PEC) and a digital signature, as well as the stipulation of a third-party liability insurance policy.



The registration of legal entities is subject to the possession of the following professional requirements by their corporate representatives pursuant to art. 14, paragraph 2 of Legislative Decree no. 141/2010:

  • • persons with administrative, management and control functions must be chosen according to criteria of professionalism and competence from among persons who have accrued overall experience of at least three years through the exercise of:
      • administration or control activities or management tasks within companies;
      • professional activities relating to the credit, financial and securities sector;
      • university teaching activities in legal or economic subjects;
      • administrative or management functions at public bodies, public administrations, business associations or their service companies that are connected with the credit, financial or securities sector, or at public bodies or public administrations that are not connected with the above-mentioned sectors, provided that the functions involve the management of economic and financial resources;

  • the Chairman of the Board of Directors must be chosen according to criteria of professionalism and competence from among people who have a total experience of at least five years through the exercise of the activity or functions indicated in letter a);

  • the Sole Director, the sole shareholder of the limited liability company, the Managing Director and the General Manager must possess specific expertise in credit, finance and securities matters gained through work experience in positions of appropriate responsibility for a period of no less than five years. Similar requirements are required for offices involving the exercise of functions equivalent to those of the General Manager.


For the purposes of registration of legal entities, those who perform administrative and management functions, chosen according to the criteria described above, must also possess the following professional requirements:

  • a qualification of no less than upper secondary education, issued following a five-year or four-year course supplemented by the annual course required by law, or a foreign qualification deemed equivalent for all legal purposes;
  • attendance of a professional training course in the relevant subjects in the exercise of agency in financial activity;
  • possession of adequate knowledge of legal, economic, financial and technical subjects, ascertained by passing the appropriate examination, held by the Body in accordance with the procedures established by the latter.
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