The draft decree inserts into the part of Law 262/2005 governing administrative procedures a provision that limits the liability of the authorities (the Bank of Italy, Consob, Isvap and Covip), the members of their respective decision-making bodies and their employees to cases of bad faith or gross negligence.
This rule is in line with the most advanced international standards 14 and with what the International Monetary Fund has suggested on more than one occasion. The draft decree addresses the question of conflicts of interest in banking and amends the provisions of the Consolidated Law on Banking concerned with connected lending 15 and the obligations of banks’ corporate officers.