Notice of 25 July 2019

Notice regarding the Guidelines issued by ESMA on the application of section C, points 6) and 7) of Annex I of Directive 2014/65 / EU (MiFID II)

The Italian Companies and Stock Exchange Commission (CONSOB)

On 5 June 2019, ESMA published on its website, in the official translation into Italian, the "Guidelines on the application of C6 and C7 of Annex 1 of MiFID II" (so-called "Guidelines"), adopted by the European Securities and Markets Authority itself, pursuant to Article 16 of Regulation n. 1095/2010 / EU (c.d. "ESMA Regulation"), dated 21 December 2018. The Guidelines are also available in the Italian version on the institutional CONSOB website.

The purpose of these Guidelines is to amend the Guidelines on the application of the definitions referred to in section C, points 6) and 7), adopted by ESMA in October 2015 in order to guarantee a common, uniform and coherent application of the Article 4, paragraph 1, point 17), in conjunction with points 6) and 7) of Section C, Annex I, of the MiFID directive, supplemented by Article 38 of Regulation (EC) No. 1287/2006. In particular, these Guidelines update the Guidelines adopted by ESMA in October 2015 to adapt them to the new MiFID II regulatory framework, without changing its substance.

CONSOB, in accordance with paragraph 3 of the aforementioned article 16 of the ESMA Regulation, informed the European Securities and Markets Authority of being compliant itself with the aforementioned Guidelines, which have been also integrated by CONSOB into its supervisory practices.

THE CHAIRMAN
Paolo Savona