SEFIT - Servizi Fiduciari S.p.A.
Milano 20122 - Via Larga 8
T: +39 02 72008136
F: +39 02 89014344

The activities of trust companies are regulated by the Laws of 1966, of 23.11.1939 and RD No. 531 of 22.4.1940. The trust company is authorized by ministerial decree to carry out, within the constraints of the law, the administration of the movable assets of a company, thus ensuring the effective ownership of the property (grantor), with complete confidentiality towards third parties. In other words, trust companies, on their own but always on behalf of the grantor and in order to follow their precise instructions, constitute a "protection" for the real owners of the assets. The assets, therefore, while remaining the property of the grantor, are registered to the trust company: in this way there is a division between ownership (which remains with the grantor) and apparent ownership, which resides with the trust company. The latter is entitled to work in accordance with the terms of the contract and therefore exercises the rights of the owner (attendance at meetings, collecting profits, subscribing capital increases, etc..) whilst managing the assets on the basis of any precautionary instructions given exclusively in writing by the trustor, refraining from exercising any activity not expressly authorized.

To integrate our professional competence with innovative ideas to provide personalized solutions for our clients. To provide full support in the use of instruments, to seek responses which are focused on the needs of the business.

OBJECTIVES As in the description of the purpose of such a business, its financial activity may be developed in several different ways: - registration of assets, administration and custody of personal property, but always with the aim of ensuring confidentiality concerning the possession of such property;

- Safekeeping of securities pledged and / or movable assets; registration and administration and custody of business wealth, in order to ensure anonymity and complete confidentiality regarding the possession of such assets:

• the incorporation of companies;
• subscribing capital increase;
• subscribing bonds;
• payment of increases in share capital;
• using commercial initiatives in order to avoid creating tensions with rival companies, price distortions and refusals to supply;
• in operations such as transfer of shares, disposals and / or mergers of companies;
• participation in the company’s general meetings.

- Implementation of agreements between shareholders and other such agreements not within the company structure to prevent and resolve disputes between groups of members or shareholders;
- undertaking joint representation of bondholders and savings shareholders .

The trust agreement contains the requirements for complete reliability, ruling out any risk of injury to the beneficiary’s rights of ownership of the assets.
The regulations for such a business relationship in fact make it absolutely clear that those who wish to enter into such an agreement should be aware of the specific nature of the contract, of the specific requirements of the administrator and auditors of the trust company, and also of the close supervision of trust companies cried out by the relevant Government ministry.
The Ministry requires the following of the latter:

- Approval of forms, documentation and general conditions of contracts, the drafts of which must be deposited with the Ministry itself;
- Examination of annual balance sheets
- Regular and extraordinary inspections.
It should also be stressed, again to protect the reliability and assurance that the trust company is strictly prohibited from the following:
- they must not take on the activities which they have been entrusted with in a fiduciary capacity as part of their own business interests;
- Take their own interests in companies and industry bodies, commercial, financial;
- Collect moneys from the public in any form (except as provided by Law No. 1 2.1.1991);
- Issue bonds;
- incur debts or take on business commitments on behalf of the trustor without their authorization.

The trustee is compelled to keep their assets separate from those of the trustor.