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Updating of the Criteria for the application of Article 36 of Decree Law n. 201/2011
(prohibition of “interlocking”)

(I) Introduction

On 21st December 2018 CONSOB, Bank of Italy and Ivass, in agreement with the AGCM (Italian Antitrust Authority), have published on their websites an update of the criteria (“Application Criteria”), adopted in 2012, for the application of the prohibition on holding or exercising multiple offices in intermediaries competing within the financial sector (so-called prohibition on “interlocking”; Article 36, Decree Law n. 201/2011).


(II) Main changes

(a) Main amendments relating to the Application Criteria

According to the Application Criteria in force in 2012, the prohibition should have applied when a total turnover of even one of the companies (or groups of companies) involved, achieved nationally, was at least € 47 million (threshold defined by reference to the provisions contained in Law No. 287/90 so-called “antitrust law”: provisions significantly modified by Law no. 124 of 4 August 2017, which then induced the Supervisory Authorities, in agreement with the AGCM, to modify the Application Criteria, maintaining unchanged the reference to the antitrust law).

(b) The new paragraph 3.1.2, letter B) of the Application Criteria

Bank of Italy, CONSOB and IVASS, with the approval of the AGCM, therefore modify the Application Criteria, drawn up, in 2012 and in particular specify that – starting from the offices taken on or renewed after the date of publication of the communication – for the application of the interlocking prohibition, it must be exceeded, by at least two of the intermediaries in which the same person holds offices, a threshold of turnover equal to € 30 million. With regard to the mechanism for updating the threshold, it is confirmed that the periodic updates provided for antitrust purposes are automatically extended to the subject of the interlocking prohibition.


For any further information feel free to contact the following professionals at our firm:

Avv. Giampaolo Grasso

Email: ggrasso@glglex.com

Avv. Andrea Antonio Tumminelli

Email: atumminelli@glglex.com

Avv. Marika Manganaro

Email: mmanganaro@glglex.com

Tel: 0039 02 8282 6000