Article 3.1.1

1.       The following may participate in trading in markets organised and managed by Borsa Italiana: intermediaries authorised under the law or regulations to provide the services and engage in the activity of dealing for own account and/or executing orders on behalf of clients and those that fulfil specific membership requirements established by Borsa Italiana in the Instructions.

2.       Borsa Italiana shall specify in the Instructions the categories of intermediaries admitted to trading. The entry into force of such rules shall be subject to the Consob granting its explicit consent.

3.       The participation of non-EU entities is subject to the conclusion of agreements between Consob and the corresponding supervisory authorities in the home country.