Article 3.2.1

1.    Market intermediaries shall ensure continued satisfaction of the authorisation and other requirements referred to in Article 3.1.1 and of the conditions referred to in Article 3.1.3.

2.    Market intermediaries shall notify, in the manner and within the time limits specified in the Instructions, every variation with respect to the operating conditions referred to in the information provided at the time of submission of the application for admission.

3.    Revocation or expiry of the authorisation to trade or the issue of injunctions referred to in Articles 51 and 52 of the Consolidated Law on Finance by the competent authority or cessation of fulfilment of the requirements for unauthorised persons shall result in suspension or exclusion from trading, without prejudice to any measures adopted by the supervisory authorities to ensure the closure of any positions still open and the carrying out of any related transactions required to protect customers’ interests. In the event of:

a)      suspension of an intermediary’s administrative bodies under Article 53 of the Consolidated Law on Finance or Article 76 of the Consolidated Law on Banking;

b)      suspension or cancellation of a stockbroker under Article 201 of the Consolidated Law on Finance;

c)      extraordinary administration;

d)      compulsory administrative liquidation; 

e)      another bankruptcy procedure; or

f)       other measures taken by Competent Authority that result in it being impossible, even if only temporarily, for inter­mediaries to enter into undertakings or perform undertakings they have entered into,

Borsa Italiana may suspend or exclude the intermediary from trading.

4.    The cessation of direct or indirect participation in the settlement system and the clearing and guarantee of transactions in financial instruments must be immediately notified in writing to Borsa Italiana by market intermediaries and shall result in their being promptly suspended from trading in the markets or, only for the MOT and IDEM markets, in the segments concerned until they are again able to settle trades, directly or indirectly.

5.   After six months have passed without the cessation of the condition that gave rise to the suspension from trading, Borsa Italiana may exclude the intermediary.