Article 3.4.1

1.       For the purpose of verifying compliance with these Rules and the accompanying Instructions and, more generally, in order to ensure the performance of its functions of organising and managing the markets, Borsa Italiana may:

a)      request market intermediaries to provide all the necessary information and documents concerning transactions carried out on the markets;

b)      convoke the representatives of market intermediaries to clarify specific conduct or situations;

c)      exclusively for the purpose of verifying compliance with the requirements of Article 3.1.3, paragraph 1 and 2, carry out examinations on the premises of market intermediaries.

2.       Market intermediaries must guarantee that Borsa Italiana can carry out examinations on the premises of third parties entrusted with the management of technological systems under Article 3.1.3, paragraph 3.

3.       Where evidence is found of presumed violations of these Rules or the accompanying Instructions, Borsa Italiana, after acquiring appropriate substantiating elements, shall initiate the procedure referred to in Article 3.4.4.

4.       In the event of minor infringements of these Rules or the accompanying Instructions, Borsa Italiana may invite the market intermediary to comply adequately with the provisions in question.

5.       For transactions involving financial instruments issued by Borsa Italiana, the verification activity referred to in this article shall be carried out by Consob.