ASIF acts as the central Authority with exclusive competence for the prudential supervision and regulation of entities carrying out financial activities on a professional basis within the Jurisdiction. This function is aimed at ensuring the sound and prudent management of supervised entities, their financial stability and the adequacy of their corporate governance and internal control systems.
Prudential supervision includes verifying compliance with applicable legislation, assessing the organisational structure of supervised entities and analysing their economic and financial position. Particular attention is paid to capital and liquidity requirements, the sustainability of their activities, risk management processes and the effectiveness of measures adopted to mitigate the various types of risk, including reputational risk.
The Authority carries out its activities by collecting and analysing economic and financial data, continuously monitoring information flows, conducting off-site controls and documentary checks, and performing on-site inspections. Supervisory activities are planned and conducted according to a risk-based approach, enabling supervisory resources to be focused on the profiles of greatest prudential significance.
Within its areas of competence, ASIF also assesses the professional competence, integrity and independence of corporate officers and holders of key functions within supervised entities, verifying their suitability for the positions they hold. The Authority also monitors the implementation of corrective measures required following supervisory activities and, where necessary, proposes the adoption of sanctioning measures.
Prudential regulation is aimed at keeping the Jurisdiction's regulatory framework aligned with applicable international standards through the development of new secondary regulatory instruments and the updating of existing regulations. In exercising its powers, the Authority also carries out specific activities related to obligations arising from the FATCA Agreement and prepares the monetary and financial statistical information transmitted to the European Central Bank.