The Bank of Italy has adapted its earlier measures in this field to the new legislation and issued regulations establishing the time limits and persons responsible for administrative proceedings. Regulations governing access to documents and participation in administrative proceedings will follow.
A set of common rules – the single rulebook – will help to prevent less strict supervisory rules and practices in one country from jeopardizing the stability of the European financial system, having repercussions on the economies of other countries and distorting competition. A first test will be the implementation in Europe of the Basel III rules.