Fulfillment of a collecting
The legislative decree of March 15, 2017, n. 35 has implemented Directive 2014/26 / EU, on the collective management of copyright and neighboring rights.
This legislative provision introduced new rules and obligations with the aim to better regulate the rights intermediation market. The following publication is carried out in compliance with the provisions of art. 26 of the aforementioned decree.
- a) Statute.
- b) Membership Terms (Registration Regulation) and the Terms of withdrawal of the authorization to manage the rights (Mandate regulation), as not specified in the Statute.
- c) Standard licensing contracts and applicable standard tariffs, including reductions http://www.nuovoimaie.it/regole/.
d) List of Directors (Article 12 of the Legislative Decree) http://www.nuovoimaie.it/governance/.
e) General policy for the distribution of the amounts due to the rightholdersa (Distribution Rules)
f) General policy on management fees http://www.nuovoimaie.it/regole/. The percentage of the remuneration collected by the Institute to cover all of its management fees (so-called commission) is fixed annually when the forecast budget is prepared, based on the trend of the management costs and on possible surplus of the previous financial year. Currently the NUOVOIMAIE commission is 15% of the total amount collected for rights under art. 71 septies, 71 octies, 73, 73 bis, 80, 84 and 180 bis of the Copyright Law and Neighboring Rights n. 633/41.For the collection of remunerations through collecting societies with which the Institute has signed representation agreements, NUOVOIMAIE does not apply any commission. In short, it is a service that NUOVOIMAIE carries out for free. A commission is withheld at source by the foreign collecting society. The measure of the amount applied by the foreign collecting with which NUOVOIMAIE has signed a bilateral or unilateral agreement (when known) is described in the communications documents related to the remuneration accrued by each single mandator.
g) General policy on deductions, different from the one relating to management fees, to income from rights and to any income deriving from operating expenses, including those aimed to provide social, cultural and educational services http: // www. nuovoimaie.it/regole/ .
The Institute allocates 50% of the amount collected for private video copy to the support activity of the category referred to in art. 7 L. 93/92. This obligation derives from the law (Article 71 octies L. 633/41 and Article 7 L. 100/10) and is governed by the Statute and the related implementing regulations. On the amounts allocated to these activities, the Institute withhold as commission fee a percentage equal to 15% The Institute also offers a series of services and conventions to its members and mandators that are completely free. Registration is also free
From an accounting point of view the asset relating to Income deriving from rights is separated from other assets. The asset financial activity must comply with the following criteria stated in the Administrative Regulations:The asset financial activity must comply with the following criteria stated in the Administrative Regulations:
- principle minimizating the risk ;
- principle of the maximum possible diversification of financial products allocated in terms of type, general conditions and duration. Therefore, individual allocations can never exceed 20% of the asset value and in any case up to a maximum limit of 10 million euro;
- the creditworthiness rating of the chosen financial instruments must be lower, adequate to the requirements that allow the capital to be guaranteed after relocation of the market (at the date of purchase never lower than the letter B). The total amounts invested with the rating in single B can not in any case exceed 30% of the total portfolio
- in addition to the classic creditworthiness rating referred to in the previous point, if the appropriate bodies of the Institute deem it necessary, they will be able to base their choices also taking into account the so called ethical rating, given to the issuers of financial instruments (where available in the specific), if this allows a more accurate choice according to the provisions of point 1. One of the most accredited sources that provides the ethical rating of issuers of financial instruments is the European Agency of Investment Standard Ethics in Brussels;
- the instruments chosen, in compliance with the criteria set out in points (1) and (2), can be identified between Italian government bonds, foreign government bonds in the OECD area with at least the national rating, non-subordinated bank corporate bonds and non-derivatives issued by Italian credit institutions, asset management mainly of a monetary nature with a low risk of volatility with short or medium duration (0-18 months, 18-36 months), repurchase agreements, separate management of the first branch with guaranteed capital . Financial instruments such as shares, equity funds, the S.I.C.A.V. and any other asset that does not comply with the previous points;
- the choice of the best allocation must be made after the acquisition and evaluation, also with the opinion of external professionals, of more proposals coming from credit institutions considered eligible in terms of reliability and safety;
- the choice of the best allocation must in any case guarantee sufficient liquidity to the Institute’s multi-year (two-year, three-year) needs, with duration (average life) of investments taking into account the short and medium-term cash flow needs and of what is planned from the economic-financial and strategic policy of the Institute. Periodically, if available financial resources are accumulated on the liquidity (s), in accordance with the provisions of this point and according to the aforementioned criteria, they must be promptly allocated, with caution, if the conditions of the investment market guarantee a return. higher than that given by normal bank accounts;
- the activity must be carried out with constant and periodic verification of the performance of the financial instruments that form the chosen financial asset and of the entire financial market;
- with reference to the selection criteria for asset allocation activities, the following is added:
- extension of the duration of the “Gestioni Patrimoniali” up to 36 months;;
b) extension of the financial instruments to the “Gestioni separate di ramo primo a capitale garantito”
c) single allocation limit not exceeding 20% of the asset value;;
d) limit of 30% of the total amounts invested in instruments with ratings in single B;
e) annual verification for the financial institutions of the financial solidity on the basis of the coefficients established by the supervisory legislation.
- h) List of the signed representation agreements and the names of the collective management organizations with which these representation agreements have been signed http://www.nuovoimaie.it/accordi-internazionali .
- i) General policy on the use of non-distributable amounts http://www.nuovoimaie.it/regole/. 14, paragraph 2, letter b) of the Statute assigns to the Assembly of Delegates the task of discussing, approving and deciding on the use of non-distributable amounts. In this sense also the art. 18 of the Distribution Rules.
With the implementation of aforementioned statutory and regulatory provisions and in compliance with the articles. 17, 18 and 19 of the legislative decree n. 35 of 15 March 2017, NUOVOIMAIE once it has fulfilled the requirements for the identification, distribution and communication of the remunerations declares “not distributable” any amounts for which the rightholders were not found after 3 years from the end of the financial year in which the collection of the rights took place.The individual amounts accrued may in any case be collected by the rightholders identified within the four-year limitation terms, starting nine months following the end of the calendar year in which the same rights have been collected or in the following different term in which NUOVOIMAIE distributes the related remunerations. This is due to objective reasons related in particular to the obligations of communication by users, to the identification of rights or rightsholders or to the assignment of works and other materials protected to the related rightholders, in accordance with the provisions of the articles 17 and 19 of the legislative decree n. 35 of 2017. After that term-limit, NUOVOIMAIE will make the above amounts available in favor of its members and mandators for the activities referred to in art. 7 of Law No. 93/92, according to the Regulation ratified pursuant to art. 21 paragraph 1 letter l) of the Statute. Awaiting for the new collegial bodies to be elected on the basis of the electoral regulations that will be approved by December 31, 2017 the powers and functions of the bodies elected by virtue of the elections of 7 and 8 April 2013 will be considered extended as established by art. 36 (transitional provisions) of the Statute (will therefore be, respectively, the Audio and Video Committees to propose to the General Assembly the call for proposal pursuant to Article 7 L. 93/92 of the sectors in which they belongs). Currently, the institute’s governing bodies have allocated non-distributable amounts by adopting the Regulation Art. 7 L. 93/92 This Regulation was approved on 7 July 2014 by the Supervising Authorities, pursuant to art. 7 of the law 100/10. The call of proposals implementing the aforementioned Regulation provide for forms of intervention and support: a) for elderly artists in a state of need; b) for artist mothers; c) for artistic training; d) for the promotion of projects involving the participation of artists; e) for the organization of events present young emerging artists. All related calls for proposals are available at http://www.nuovoimaie.it/m_come_mutualistico/.
- l) Procedures for handling complaints and resolving disputes available pursuant to articles 38 and 39 http://www.nuovoimaie.it/regole/.
Any rightholder can propose a complaint to the Institute if he considers that he has been unfairly excluded from the list of rightholder of the single work or in the event that his role (primary or secondary) has been wrongly classified. The Institute will reply in writing within 45 days of receipt of the complaint. The Institute’s reply must contain all the necessary clarifications and, where possible, indicate the steps taken to remedy any disservices or mistakes; the written answer, adequately motivated, will be given even in case of complaints without foundation. The procedures for handling the complaints concerning the identification and classification of the rightholders, in relation to phonograms for the rights of the music industry and to cinematographic and similar works for the rights of the audiovisual sector, are governed by art. 3 (audiovisual sector) and art.11 (music sector) of the Distribution Rules. In order to guarantee the maximum transparency of operating procedures, the Institute has adopted the Rules for access to documents. For the resolution of disputes between the Institute and its members, the latter can appeal to the Board of Arbitrators according to the provisions of art. 27 paragraph 3 of the Statute and to the procedures set forth in the specific Operating Regulations of the Board of Arbitrators.
Update to 10 October 2017.