Market Access

ACCOUNTING AND TAXATION

INVOICING

The reference periods for invoicing variable fees are the January-March quarter, the April-June quarter, the July-September quarter and the October-December quarter.

For each invoicing period, GME issues an invoice to the Participant within seven days following the reference period.

GME's active invoices are made available on the "SetService" IT platform.
Under the conditions set forth by the legislation in force from time to time on electronic invoicing and of the related implementing provisions, the invoices are transmitted through the so-called Sistema di Interscambio (SDI).

TAXATION

The services supplied on the TEE Register shall mean general services and their VAT chargeability depends on the place where the customer has established his/her/its business.

Therefore, GME shall issue an invoice with VAT at the standard rate, if the customer has established his/her/its business in Italy.
If the customer declares a status of "esportatore abituale" by submitting a Statement (the so-called "dichiarazione d’intento"), GME shall issue an invoice without VAT.

GME, on the other hand, issues an invoice without VAT when the customer is a taxable EU Participant in its own Country.
In this case, it is the Participant that applies the reverse charge mechanism.

In case of a non-EU Participant, GME issues an invoice without VAT.

Participants, based in Italy subject to the VAT payment system called ”split payment“, are required to submit to GME a specific self-certification certifying its status pursuant to Article 47 of the Decree of the President of the Italian Republic n. 445 of 28/12/00.
An example of a declaration for the status of Participant subject to split payment can be found here.

If the entity (parent company or fixed establishment) that will materially carry out the purchase and/or sale transactions in the MTEE and/or on the TEE Register is different from the entity (parent company or fixed establishment) admitted as Participant to the MTEE and/or TEE Register, the latter (as parent company or fixed establishment) is required to notify to GME the entity (parent company or fixed establishment) that will materially carry out the purchase and/or sale transactions.

A Participant that is registered only in the TEE Register must file the statement only for the TEE Register, by using the following form.

On the other hand, the Participant also registered on the MTEE must also provide the declaration for the MTEE, according to the following form.

The above-mentioned statements will have effect by the end of the second working day following receipt of the request by GME, if the documents are correct and complete and if the requirements, if any, for updating the data and information provided by the Participant are satisfied.