CBSM Provisions

The regulatory measures issued by the Central Bank are divided into regulations and circulars. The regulations are "general and abstract" measures of a binding nature, that the Central Bank issues within the scope of the exercise of the regulatory powers assigned to it by article 39 of Law no. 165/2005 for the purpose of implementing the provisions contained in the law itself.

Compared to the regulations, the circulars, although they have the same characteristics of generality, abstractness and binding nature, and thus a regulatory nature, govern more limited, often mainly technical, contexts; sometimes the regulations of the Central Bank themselves refer, for technical aspects and/or implementation procedures, to specific circulars.

Article 40 of the LISF also provides for the possibility for the Central Bank to issue recommendations that, being themselves of a general and abstract nature, are not binding but deemed as guidelines, aimed at interpreting the provisions of the LISF and of the relevant implementation measures.

As regards the prevention and fight against money laundering and terrorism financing, the Financial Intelligence Agency (FIA) is the regulatory body issuing specific instructions.