Financial, Consob and Bank of Italy, Memorandum of Understanding on investment services and activities and collective asset management
Leg. n. 129 of 2017 implementing the Mifid II directive
Consob and the Bank of Italy signed a new Memorandum of Understanding on investment services and collective asset management on November 5, 2019, intended to replace the previous Protocol of October 31, 2007.
The update is aimed at adapting the framework of cooperation between the two authorities to the regulatory changes that have occurred in recent years and intends to increase the overall degree of effectiveness and efficiency of the coordination of the respective supervision activities.
In summary, the new Protocol:
a) redefines the scope of the collaboration between the Bank of Italy and Consob in light of the ECB’s competences in the context of the Single Supervisory Mechanism;
b) governs the procedures for exercising the regulatory powers of the two authorities, in line with the changes in the regulatory framework introduced by Legislative Decree no. 129 of 2017, implementing the Mifid II directive;
c) defines the exchange of information acquired in the context of the controls of respective competence and the methods of cooperation in inspection;
d) contains provisions aimed at ensuring coordination in the event of irregularities being ascertained and in the area of crisis management for qualified parties;
e) lays down the provisions for the coordination of the procedures for the issue of the authorization provisions for which the Consolidated Law on Finance – Tuf provides for the agreement or the release of opinions between the two authorities.
11 November 2019
Source Consob
