![]() purchases of shares, equity-linked participating financial instruments and securities representing equity investments and transactions on derivatives executed by an entity which acts as an intermediary in a transaction providing clearing and settlement services to the extent that such entity is authorised under Regulation (EU) 648/2012 of 4 July 2012 of the European Parliament and the Council (as amended) 4.which buys securities of other financial instruments from one party and sells to the other party to the extent that the price, quantity and settlement date of the buy and sale transactions match except for situations where the buyer does not fulfil its obligations.which intermediates between two parties and acts as counterparty of both parties and.purchases and transactions executed by a financial intermediary:.transactions involving products and services classified as "ethical" and "socially responsible" in accordance with Italian securities law and regulations.transactions involving shares issued by "small cap" companies that are Italian companies listed on a regulated market or on an MTF whose average market capitalisation during November of the previous year was lower than EUR 500 million as identified by a decree of the Italian Ministry of Economy and Finance to be published on a yearly basis.any body or international organisation established in accordance with international agreements enforced in Italy.the central bank of any EU Member State or a central bank or organisation also managing the official reserves of other States.any of the entities covered by the protocol on the privileges and immunities of the European Union, the European Central Bank and the European Investment Bank.the European Union or a European Union institution. ![]() transactions where one of the counterparties is:.purchases of or derivatives over shares in società a responsabilità limitata, units of collective investment funds and SICAV shares.transactions involving the issue of new shares (including in the case of bond conversion or the exercise of an option granted to a shareholder), cancellation of existing shares or buy-back made from the issuer.stock-lending transactions, repo transactions, buy-sell back and sell-buy back transactions (settled through the delivery of the same securities).the grant of security (as long as the charged instruments are returned to the grantor).transactions relating to bonds and debt securities which are principal-protected (i.e.transactions executed by entities acting as liquidity providers in commonly accepted market practices, as per EU Regulation 596/2014 pursuant to a contract with the issuer of the securities involved.transactions executed in the course of "market-making activities" 3.Italian FTT applies irrespective of the place of tax residence or incorporation of the parties and, save for (c) above, irrespective of where the transaction is executed. For these purposes, a HFT transaction occurs where the decisions to order, modify or cancel a trade are automatically generated by a computer algorithm where the ratio of orders amended and cancelled in no longer than half a second exceeds 60 per cent of the total orders entered. high-frequency trading (HFT) transactions in Italian Equities but only if executed on Italian financial markets or multilateral trading facilities (MTFs).transactions in derivatives or equity-linked notes, whether cash or physically settled, where the underlying asset is Italian Equities (Derivative Transactions) 2.ADRs over such shares (Italian Equities) 1 purchases (Purchases) of shares or certain quasi-equity instruments issued by Italian incorporated companies and certain similar instruments, e.g.Transactions subject to (or potentially subject to) Italian FTT are: ![]() This briefing provides an overview of the current state of the Italian Financial Transaction Tax (Italian FTT).
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