Other services – Italy


Clearstream's securities lending and borrowing and triparty services

All Italian debt securities eligible in Clearstream qualify for Clearstream’s securities lending and borrowing programme.

Equities and warrants are not eligible for Clearstream’s securities lending and borrowing programme. Multiple beneficiary accounts are also unable to participate in Clearstream’s lending and borrowing programme.

Multi-market securities service

Please refer to the Multi-Market Securities page on the Clearstream website for a complete list of multi-market securities that are settled via Intesa Sanpaolo and the corresponding instruction specifications.

As there are an additional number of intermediaries in the settlement chain, cross-border transfers and realignments may take several days to settle. Consequently, Clearstream Banking cannot guarantee timely settlement of cross-border instructions which means that CSDR SDR cash penalties might occur if there is late or failed settlement.

Clients are therefore strongly recommended to send their cross-border settlement instructions to Clearstream Banking as early as possible to avoid settlement delays.

Disclosure requirements

Please refer to the Disclosure Requirements - Italy.

Tax services

The client, by holding Italian securities in Clearstream, either on their behalf or on behalf of underlying investors (beneficial owners), expressly waives the application of “regime amministrato”, as provided for under Article 6(2) of Legislative Decree 21 November 1997, No. 461, resulting in the mandatory application of “regime ordinario” or “regime della dichiarazione” to any capital gain income that may, from time to time, be relevant for Italian tax purposes. The client acknowledges that the above waiver will result in the obligation of the client or the beneficial owners to declare to the Italian Tax Authorities any capital gain income that may, from time to time, be subject to Italian tax and pay the associated amount of Italian taxation. The client further undertakes to comply with any other reporting obligations set forth by such regime. Details about this and other tax services in Italy can be found in the Market Taxation Guide - Italy.

Italian Financial Transaction Tax Law (the “IFTT Law”)

The reporting and payment obligations in relation to the Italian Financial Transaction Tax on Italian securities (IFTT) follow art. 17 par. 3 of the MEF’s Decree dated 21 February 2013 (and as may be amended from time to time). The obligations for Clearstream and its clients are set out in a specific Italian Financial Transaction Tax document attached below. The document lists Italian companies with an average capitalisation lower than EUR 500 million as at November 2023 and with shares traded on a regulated market or via an Italian or foreign multilateral trading facility (MTF).

Transactions on shares, other financial instruments, representing a participation into companies resident in Italy, and derivative financial instruments, issued by the Italian companies included in the above-mentioned document, will be exempt from the application of the Italian Financial Transaction Tax on Italian securities (IFTT) in the year 2024.

Note: For the avoidance of doubt, such Italian Financial Transaction document (attached below) is a Governing Document and forms part of the Market Link Guide – Italy.