New Corporate Governance Rules for Italian Banks

June 9, 2008

In March 2008, the Bank of Italy issued a supervisory regulation regarding banks’ internal organization and corporate governance, which implements the general guidelines set forth by Decree No. 200 of the Minister of Economic Affairs of August 2004 on the principles to be followed by banks and other financial intermediaries adopting the new governance systems introduced by the 2004 corporate law reform. The new regulation applies to both banks and bank holding companies incorporated in Italy and sets forth the essential features to be introduced in corporate governance systems to ensure the banks’ sound and prudent management.

Please find attached a memorandum illustrating the new regime.