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TRUST SERVICES AND AUDITING
The TECA services umbrella includes TECA Fiduciaria e di Revisione s.r.l. authorized with Ministerial Decree to exercise trustee registration and organization and accounting audits, in accordance with Law 66/1936. Registration of assets Administration with trustee registration of third party assets is a service typically provided by a trust company and consists in registering shareholdings, property holdings, current accounts and other titles and rights. Registration is made in the name of the trustee, exclusively on behalf of the grantor who retains the ownership of the assets while maintaining strict anonymity. The trust company can only and exclusively act according to the customer's wishes, with the obligation to reinstate the property to the rightful owner on his or her simple request. Furthermore, the trustee is not entitled to exercise any management of the assets registered to its name and can only act according to the explicit instructions of the customer.

Auxiliary Activities
The trust services delivered by TECA include a series of other activities, such as:

  • administration and custodianship of securities, among which deposit and updating of shareholders' registers and relevant obligations;
  • administration of shareholdings in joint-stock companies, in relation to exercising related rights, among which shareholdings restricted by syndicate contracts;
  • the activity of common representation of the bondholders of companies, with power to take part in and vote in the general meetings.

Fulfilment of all Fiscal and Tax Obligations
As part of registration and administration of assets, in its role of withholding agent, the trust company is empowered to pay the withholding taxes on income, such as dividends or interest earned, collected on behalf of its grantors; it must also pay substitute taxes on capital gains earned by its customers. The intervention of the trustee as a withholding agent leads to exclusion from the obligation of declaration of these proceeds by the effective beneficiaries.

Audit and accounting organization
The trustee is authorized to provide various services for its customers, for example, auditing and certification of financial statements, financial and asset and liability situations, excluding the companies listed on the regulated markets. It can also provide:

  • assistance in drawing up and restructuring the accounting system;
  • assistance in transfer of shareholding packages or quotas, in sales of rights on shareholdings and securities;
  • assistance in generational changes of control of joint-stock companies;
  • domiciliation of company offices;
  • control and updating of mandatory data such as keeping the single information system on behalf of third parties and obligations relating to the Italian Currency Exchange Office.

List of the services