Article 2.3.18

1.       For the admission to trading of securitised derivative financial instruments, there must be at least one specialist that undertakes on a continuous basis to support the liquidity of the financial instruments for which application for admission has been made. Borsa Italiana may admit a larger number of specialists taking into account the placement procedures and the distribution of the financial instruments.

2.       Intermediaries admitted to trading on the market on which securitised derivative financial instruments are traded may act as specialists for such instruments when appointed by the issuer. Only for the SeDeX market, specialists may also be the issuers of the instruments for which they perform the function of specialist.

3.       The termination of the relationship between an issuer and a specialist for any reason must be notified to Borsa Italiana in writing in the manner laid down in the Instructions. The issuer must guarantee continuity of the specialist function and promptly inform Borsa Italiana of a new appointment, if any.