The Bank of Italy introduced in 2015, and then amended on 10 August 2016, new reporting requirements in connection with the placement or offering of certain securities (including debt securities, such as high yield or plain vanilla bonds) in Italy, in furtherance of Article 129 of Legislative Decree No. 385 dated 1 September 1993 (the Italian Banking Act). The new rules entered into force on 1 October 2016, with a phase-in period applicable to banks.

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