On December 13, ISDA, JAC, ICMA & ASSOSIM lent their support to a letter from Allen & Overy to the Bank of Italy regarding comments on the Consultation Document ‘Information Reporting as contemplated in Article 129 of the TUB (Consolidated Law on Banking) relating to the offer of financial instruments in Italy’, dated October 2013. The consultation proposals would impose rigorous information reporting requirements on the issue and offer of financial instruments in Italy, and could therefore serve to discourage non-resident entities from issuing and offering financial instruments in Italy.