Issuers Requirements

Securitised Derivatives (Covered Warrants and Certificates) admitted to trading can be issued by a company or domestic or foreign entities subject to prudent supervision, or else by Governments or supranational Entities

The net worth of the issuer to be supervised must be equal to at least Euro 25 million and the issuer's systems of risk management must conform to the regulations for prudent supervision to which it is subject. Moreover, the issuer must have published and deposited its financial statements for the last three annual financial periods, of which at least the last was audited.

In the case where the issuers of the Securitised Derivatives are the object of evaluation by a rating agency, this rating must be communicated to Borsa Italiana.

Should the issue be guaranteed by a third party, Borsa Italiana makes reference, for the admission, to the requisites of the guarantor.