In accordance with Article 28 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 and Article 17 of its Statute,   the User Committee, composed by following 9 members as representatives of Participant and Issuers, was established:


Designed Representatives



Franco Carulli

Head of Direct  Custody and Clearing Italy

Depo Bank

Luisito Belotti

Head of Custody


Gijs Korsmit

Network Manager

Banca Sella Holding

Maurizio de Stefano

Responsible Post Trade Services and Info Providers


Federico Lodi

Head of Securities Settlement

Directa SIM

Silvia Bimbati

Head of Back Office


Alberto Bastanzio

Corporate VP Corporate Affairs, Compliance and Company Secretary


Fabio Bonomo

Head of Corporate Affairs


Lucrezia Geraci

Head of Corporate Affairs & Governance Department

The 9 members  have been chosen in accordance with the User Committee Terms of Reference, where the governance and the operating procedures relating to the functioning of the Committee are also defined.

Mr. Franco Carulli was appointed as Chairman

Please note that the TOR User Committee published herein has been duly approved by the Board of Directors, on 03/25/2020, however the same document remains subject to possible amendments  or integrations which might be requested by the competent Supervisory Authorities as provided for by law and regulation in force applicable  to our central securities depository.


  • PDF

Annex 1 - User Committee Member Acceptance Letter


English 03/03/2021 /sites/default/files/2021-03/Annex%201%20-%20template%20acceptance%20letter%20Member%20User%20Committee.pdf Annex 1 - User Committee Member Acceptance Letter
  • PDF

Annex 2 - User Committee Member’s Designated Representative


English 03/03/2021 /sites/default/files/2021-03/Annex%202%20-%20template%20acceptance%20letter%20Designated%20Representative.pdf Annex 2 - User Committee Member’s Designated Representative
  • PDF

TOR - User committee


English 03/03/2021 /sites/default/files/2022-04/4201%20TOR_User%20Committee_ENG_ESMIL.pdf TOR - User committee