Call for respect of the restrictive measures adopted by the EU in response to the Russian military aggression in Ukraine

Mar 7th '22

Bank of Italy, Commissione Nazionale per le Società e la Borsa (CONSOB), Institute for the Supervision of Insurance (IVASS) and Financial Intelligence Unit (UIF) call for the attention of supervised entities to full compliance with the restrictive measures decided by the European Union in response to the situation in Ukraine.


The measures are available on the websites of the Official Journal of the European Union, the European Council, the UIF and the Financial Security Committee.


Please note that the measures – adopted by the European Union through Regulations and Decisions – are entirely binding and are directly and immediately applicable in each of the Member States.


The supervised entities are therefore required to comply with them, putting in place the necessary controls and devices, constantly monitoring the updating of the measures in question.


For the purposes of fulfilling the obligations of communication of the freezing measures applied to the designated subjects, the indications provided by the UIF with the Notice of 4 March 2022 will also be taken into consideration.


In the current context, supervised entities are recommended to exercise the utmost attention with reference to the risk of cyber attacks, to intensify monitoring and defence activities in relation to possible malware activities and to adopt all the risk mitigation measures that become necessary.


Supervised entities are also invited to carefully consider the business continuity plans and to guarantee the correct functioning and prompt restoration of backups; in this context, the importance of guaranteeing the separation of the backup environment from the operating one is emphasized, evaluating the possibility of providing offline backup solutions (i.e. that are not physically or logically connected to the network) of the essential systems and data.


Finally, supervised entities are invited to pay constant attention to the updates provided by the Computer Security Incident Response Team – Italy (see


Source: CONSOB