External Controls

Bank of Italy:
The Bank of Italy checks that banks and financial intermediaries are run soundly, that is that they carry out their business in full compliance with the regulations in force, and prudently, that is, that they do not put their own existence and the money entrusted to them at risk in order to make profits. It also directs its supervisory activity to promote overall stability, efficiency and competitiveness of the financial system. Finally, it protects the transparency and correctness of operations and of banking and financial services with a view to continuously improving relations with customers.
To this end it:

• Issues technical regulations, and checks that these are applied
• Monitors the sound and prudent management of intermediaries through review of the documentation and inspections at their offices
• Penalizes improper and non-transparent behaviour towards customers

www.bancaditalia.it

Consob:
The objective of the activities of Italian stock market regulator Consob (Commissione Nazionale per le Società e la Borsa) is to protect investors and to ensure the efficiency, transparency and development of stock markets.
Its functions have developed gradually over time in relation to the need to extend the scope of protection of savings and in line with the gradual changes in the financial market and legislation in this area.
 

www.consob.it

Borsa Italiana
Borsa Italiana is the organization responsible for the organization, operation and functioning of financial markets. Its main objective is to develop the markets and maximize their liquidity, transparence, competitiveness and efficiency.
Its main responsibilities include:

• Monitoring the correct execution of trades;
• Defining the requisites and procedures for admission to listing and retaining listed status for issuers;
• Defining the requisites and procedures for admission for intermediaries;
• Managing information in respect of listed companies.
   

www.borsaitaliana.it

The company’s accounts are required by law to be audited by an external auditor, which is appointed by shareholders in general meeting based on the Statutory Audit Committee’s reasoned proposal.
The duties of:

     a) audit of the Bank’s statutory financial statements;
     b) audit of the Bank’s consolidated financial statements;
     c) checking that the company’s books have been kept properly during the year and that operating data has been entered accurately in the accounts;
     d) limited audit of the company’s interim financial statements;
     e) signing off the “Unico” and “770” tax declarations
are the responsibility of Reconta Ernst & Young S.p.A., appointed as external auditors until the date on which the financial statements for the year ended 30 June 2012 are approved.

The partner responsible for this appointment is Mr Davide Lisi.

Fees paid to external auditors: