IVASS is a department of the Bank of Italy which is funded for the most part by private institutions. Participation in the capital of the Bank of Italy is governed by Articles 3 and 49 of the Statute. The capital, amounting to € 156,000, is divided into 300,000 registered shares with a par value of € 0.52 each. The rules on the ownership of shares refer to the relevant provisions of law and also specify that shares may be transferred, acting on a proposal from the Directorate, only with the prior consent of the Board of Directors, so as to “preserve at all times the autonomy and independence of the Bank and a balanced distribution of the shares”.See also Regulation 2019/2175 establishing a European Supervisory Authority (art. 46).