Prospectus - Notowania

these shares, provided that the shares or financial instruments are traded on organized
Italian or EU nation markets) or individual portfolio management agreements
finalized off-premises, is suspended for a duration of seven days as from the date the
investor signs. Within this period the investor can communicate their withdrawal
without any charges or fees payable to the financial advisor or qualified party; this
faculty is indicated on the forms, etc. provided to the investor. The same regulation
applies to contractual proposals made off premises.
Pursuant to Article 31 of the TUF, authorized parties avail themselves, for offpremises
sales, of financial advisors who must be enrolled in the specific consolidated
register, held by a body made up of professional associations representative of the
advisors and the qualified parties. Financial advisory activities must be carried out
exclusively in the interests of a sole party, who will be responsible jointly and
severally for damages caused to third parties by the financial advisor, even if these
damages are consequent to the responsibility of the financial advisor ascertained via
criminal proceedings. When providing their services, financial advisors are obliged to
observe the rules of conduct and presentation vis-à-vis the investors, established by
Consob under its regulations.
Germany
Banking activities and those relating to financial services carried out in Germany by
the Group are regulated extensively and subject to the supervision of the BaFin and
the German federal bank (Deutsche Bundesbank or Bundesbank) in accordance with
German banking law (Kreditwesengesetz). The BaFin oversees the observance, among
other aspects, of the capital adequacy and liquidity requirements, the credit
disbursement limits, the restrictions on certain activities imposed by German banking
law and the adequate capital coverage of the market risk and counterpart risk
associated with security and foreign exchange transactions carried out by the banks.
the BaFin has the faculty to request the banks for information and documents relating
to their activities and ask the banks for periodic reports. If necessary, the BaFin has
the faculty to request an institution to increase its funds or its liquidity reserve,
prohibit distributions or payments of profits to subsidiary companies. If the BaFin
finds irregularities, it avails of instruments which impose the observance of laws, such
as inspections, sanctions, personal sanctions for directors, and, in the last instance, the
revocation of authorization to carry out regulated activities.
In Germany, German banking law and the regulations on solvency
(Solvabilitätsverordnung) implement Basel II.
Banks must report to the Bundesbank on loans of a certain entity that they have
disbursed and must inform the BaFin and the Bundesbank if specific thresholds are
exceeded. The loans which exceed these thresholds can only be granted subject to the
approval of the BaFin and the amount exceeding these thresholds must be covered by
additional capital of the financial institution.
Pursuant to German law on the guarantee of deposits (Einlagensicherungs- und
Anlegerentschädigungsgesetz), the association of German commercial banks operating
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