Italian Competition Authority Opens Formal Proceedings Against 10 Banks
05/14/2008Chair of the Italian Competition Authority announced today, during a speech at the Public Administration Forum in Rome, that the Competition Authority has opened formal proceedings against 10 banks, alleging unfair commercial practices related to the implementation of the new rules on mortgages portability (recently introduced by the so-called Bersani law in April 2007). Any bank offering mortgages in Italy could be affected by this announcement.
This is not an antitrust proceeding. In September 2007, the Competition Authority was given powers to apply the new rules transposing Community Directives 2006/114/EC and 2005/29/EC into Italian law, applicable to all forms of unfair commercial practices.
