Financial, New Intermediaries Regulation, Strengthening protection for investors in financial instruments, Transposition into Italian law of Directive 2014/65/EU and of Regulation (EU) no. 600/2014 (MiFIR)
On 15 February 2018 the Commission approved the new Intermediaries Regulation which will enter into force on the day following its publication in the Official Gazette.
This concludes the phase of transposition into Italian law of Directive 2014/65 / EU (Markets in Financial Instruments Directive – MiFID II) and of Regulation (EU) no. 600/2014 (MiFIR), which reinforce the safeguards for investors in financial instruments distributed by intermediaries and / or traded on trading venues in the European Union.
The new Intermediaries Regulation was drawn up on the basis of the results of the consultations with the market started in the second half of 2017.
The Regulation contains in particular:
1. the provisions for the protection of investors, including the requisites of knowledge and competence required of the personnel of intermediaries who provide information or advice to their clients (the consultation ended on 21 August 2017, for further details see the Consob newsletter) Informs you in XXIII, No. 26 of 10 July 2017);
2. the new regulation of the activity of financial advisors and, in implementation of the provisions of the 2016 Stability Law, of the new supervisory and sanctioning powers of the Supervisory Board and the single register of financial advisers – OEC (the consultation ended on September 30, 2017, for further details see the Consob Informa a. XXIII, No. 29 of July 31, 2017);
3. the authorization procedures of the Sims and the entry in Italy of the EU and non-EU investment companies and the Mifid II derivation regulations applicable to the managers (the consultations closed on September 30th and November 8th 2017; Further details can be found in the Consob Informa a. XXIII, No. 30 of 7 August 2017 and No. 38 of 23 October 2017).
Together with the adoption of the new Intermediaries Regulation, Consob and the Bank of Italy stipulated an addition to the previous memorandum of understanding of 2007 (memorandum of understanding of February 15, 2018), for the coordination of the respective regulatory and supervisory functions. on the management of conflicts of interest that are potentially detrimental to customers, pursuant to articles 5, c. 5-bis and 6, c. 2-bis of Legislative Decree no. 58/1998.
February 16, 2018
Source Consob
The memorandum of understanding of February 15, 2018, the Intermediaries Regulation and the illustrative report containing also the results of the consultations are texts reserved to the Clients.
