1. The instruments referred to in Article 1 are financial instruments and the provisions of the Legislative Decree No. 58 of 24th February 1998, setting-forth the consolidated text in respect of financial matters, are applicable.

2. The assignee or the company issuing the instruments, if different from the assignee, prepares the information memorandum.

3. In the event that the financial instruments object of the securitisation transactions shall be offered to professional investors, the information memorandum shall contain the following indications:

a) the assignor, the assignee company, the terms and conditions of the transaction having reference to the credits and the instruments issued for the financing thereof;

b) the entities in charge to prepare the issuance and the placement of the financial instruments;

c) the entities entrusted for the collection of the credits assigned and for the paying and cash services;

d) the conditions, in favour of the holders of the instruments, in accordance of which the assignment of the credits purchased to the assignee is permitted;

e) the conditions pursuant to which the assignee may re-invest in other financial activities the funds deriving from the management of the credits assigned, not immediately utilized for the payment of the rights deriving from the instruments;

f) the ancillary financial transactions entered into for the successful implementation of the securitisation;

g) the minimum content of the instruments issued and the advertising conditions of the information memorandum, adequate to permit the easy knowledge by the holders of the instruments;

h) the costs of the transaction and the conditions in accordance to which the assignee may deduct them from the amount received by the debtor or by the debtors assigned, as well as the indication of the profits contemplated by the transaction and the recipient thereof;

i) the possible participation relationships between the assignor and assignee.

4. In the event that the instruments object of the securitisation transactions are offered to non-professional investors, an appraisal of the credit should be effected by third parties specialists.

5. The National Commission for the Companies and the Stock Exchange (CONSOB), with a its own Regulation, to be published on the Official Gazette, establishes the professional requirements and the criteria for secure the independence of the entities performing the evaluation of the worth of the credit and the information relating to the possible connections between such entities and other entities, that under different roles participate at the transaction, also if the appraisal is not mandatory.

6. The services referred to in paragraph 3, letter c) of this Article, shall be performed by banks or financial intermediaries recorded in the special list provided for in Article 107 of the Consolidated Text of Banking Laws, entrusted to control that the operations are in compliance with the Law and the information memorandum.

7. The information memorandum shall be, upon simple request, delivered to the holders of the instruments.

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