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Related parties and other related subjects

Related Party Transactions are governed by a specific Policy, adopted by the Board of Directors pursuant to CONSOB Regulation No. 17221/2010 and subsequent amendments; Bank of Italy Circular No. 285/2013 and subsequent amendments; the obligations of bank corporate officers pursuant to Article 136 of the Consolidated Banking Act (TUB); as well as the obligations of corporate officers of financial companies pursuant to Bank of Italy Circular No. 288/2015 and subsequent amendments.

Group Policy on Transactions with Related Parties, Other Related Subjects and Company Representatives pursuant to Article 136 TUB

Banca Ifis goes about its business in compliance with the applicable laws and regulations and is guided by the fundamental principles of fairness and consistency in order to achieve the best economic result in accordance with the company’s ethical standards.

The “Group Policy on Transactions with Related Parties, Other Related Subjects and Company Representatives pursuant to Article 136 TUB”, outlines the approach that the Bank, also in the exercise of its role as Parent Company, takes in order to ensure effective control of any risks of conflicts of interest in transactions with related parties and other related subjects. It is aimed at protecting against the risk that the proximity of certain persons to the decision-making structures of Group Companies may compromise the objectivity and impartiality of decisions relating to transactions with the same persons, with possible extraction of private benefits, distortions in the process of allocating resources, exposure of the Bank to risks that are not adequately measured or monitored, and potential damage to depositors and shareholders, ensuring the transparency and substantive and procedural correctness of such transactions, whether carried out directly or through Subsidiaries.

Specifically, the Policy defines:

  • The criteria for identifying entities whose transactions may fall within the scope of the Policy;
  • The procedures for appraising, proposing and deciding on transactions;
  • Subsequent reporting to the Corporate Bodies;
  • Reporting and transparency obligations;
  • Exemptions from the application of the Policy.

The Policy classifies operations according to size into:

  • Significant Transactions: these are transactions in which at least one of the materiality ratios, applicable depending on the specific transaction, exceeds the threshold of 5% of consolidated shareholders’ equity taken from Banca Ifis’s most recent consolidated balance sheet;
  • Minor Transactions: these are those transactions, other than negligible transactions, where the significance ratios, applicable depending on the specific transaction, are less than or equal to the 5% threshold;
  • Negligible Transactions: are those transactions whose equivalent value is less than or equal to:
    • 50.000 Euro in the case of the purchase of goods and/or services from suppliers;
    • 250.000 Euro in the case of the granting of loans to customers.

Group Policy

Group Policy on Transactions with Related Parties, Other Related Subjects and Company Representatives pursuant to Article 136 TUB

Related-party transactions

Information document on a significant related party transaction