The Award is assigned annually to one work of Fiction and one work of Nonfiction, in Italy and in the Unites States, for a total of 4 winning books, and consists of a sum to cover the translation cost into the opposite language. Furthermore, the Prize covers the traveling and lodging costs for the two American winners in Rome and for the two Italian winners in New York.

The Steering Committee of the book award is composed by one representative of each Institution and Organization that sponsor the Award.

The Prize has a mirror structure with two sections, one Italian and one American, similar and opposite to each other. The Italian books in competition, 5 books of fiction and 5 books of nonfiction published in Italy, are judged by two American juries while the American books in competition, 5 books of fiction and 5 books of nonfiction published in the Unites States, are judged by two Italian juries.

The Steering Committee appoints four juries, two in Italy and two in the United States, to the fiction and nonfiction categories. They are composed by literary critics, writers, scholars and specialists of Italian and American culture and society, professors of Italian or American language, literature and history, journalists, translators, and cultural curators. The two Italian juries consist of Italian citizens with a good knowledge of the English language, and the American Literature. The two American juries consist of American citizens (or in possession of a Permeant Residency) with a good knowledge of the Italian language and Italian Literature. The juries operate voluntarily. The members of the juries who choose to leave the jury are replaced by the Steering Committee.

To avoid any conflict of interest, if a translator or a writer who is also a member of the jury is engaged in translating a winning book , He/She must to be disqualified as juror for that particular edition of the prize. He/She can regain the position in the following edition. To avoid any conflict of interest, if a writer who is also a member of the jury has been selected for the competition, He/She must to be disqualified as juror for that particular edition of the prize. He/She can regain the position in the following edition.

There is not an entry fee for submission. The American and Italian books in competition must have been published in a period between January 1 of the year preceding the Award until March 31 of the year of the Award. The authors must have no more than one book already translated into the other language. To submit the official candidacy, publishers must ship 20 copies of the selected books to the other country by the end of May. Afterwords, the books will be distributed to the juries. The Italian publishing houses will ship the books to New York, and the American publishers to Rome. The books will not be returned.

The selection of the 20 books in competition is made by the Steering Committee in consultation with Italian and American experts, collaborators, literary critics. The total number of books in competitions are 20 — 10 for each country. After evaluating all the books proposed to or suggested by the Commette, 5 books of Fiction and 5 books of Non-Fiction for each section, Italian and American, are selected as entries in the competition. There are no restrictions on topics for the books selected. However, for the American nonfiction it is preferable to cover general themes on Italian culture. The titles in competition are announced by the end of May.

The Steering Committee is not involved in any negotiations for the acquisition of the publishing rights. However, the Committee recommends to not charge this cost to encourage and facilitate the publication of the winning books in the opposite country. The publishing houses committed to publish the winning books must complete the translation by the end of the following year. Any other agreement must be discussed with the Steering Committee.

The four juries for the fiction and non fiction categories in the two countries cast their votes by email in two ballots. The first ballot chooses the top two rated books in each category (Italian Fiction - Italian Non Fiction - American Fiction - American Non Fiction). The second ballot determines the winner for each category for a total of four winning authors, two for each country. The voting process occurs between September and October. The Steering Committee announces the winners in November.

The two award ceremonies, one in Rome for the American winners and one in New York for the Italian winners, are communicated in due time. In conjunction with the ceremonies, the Steering Committee organizes book presentations and literary events in the two countries.

The awards consist of a sum to cover the translation costs into the opposite language for the four winning books, and the traveling and lodging costs to Rome for the two American winners and to New York for the two Italian winners.

The translation costs are paid directly to the translators, prior the presentation of the estimate of their work. The translators are chosen by the Committee in agreement with the authors and their publishers or in agreement with the editors of the opposite country who purchase the rights. The winning authors must attend the award ceremony in order to be recipients of the award. If, for any reason, except in cases of force majeure, the winner cannot attend the ceremony, he /she cannot receive the award. In this eventuality the prize goes to the runner-up.