The Treasury Department, inasmuch as it is the administration responsible for regulating the Banking and Finance system, coordinates the formulation and updating of all legislation on financial brokers, including the activity of granting consumer credit and the determination of the requirements to exercise the various professions of that sector.
It is a sector that has undergone numerous legislative interventions and changes in the last years, that are yet to be completed, with a different allocation of competencies with respect to the past.
Supervisory activity, register maintenance, verifications and cancellations
Today, apart from some temporary activity which is still performed by Directorate IV and Directorate V of the Treasury Department (such as, for example, maintaining the Single register and the Special register of Stock brokers or the cancellation from the register of financial brokers as per article 106), register maintenance, and related verifications and cancellations, as well as supervisory activity and training of professionals in the sector, is now the responsibility of other Administrations, in particular:
- the Bank of Italy as regards financial brokers
- the OAM – Brokers and Agents Organism, set up in 2010 (Legislative Decree no. 141 of 13 August 2010), the only agency competent and autonomous to manage the register of financial and credit brokers (a special section of the Financial brokers register contains those Brokers that only provide payment services)