CONSOB and Banca d'Italia, as the authorities in charge of supervising Italian central counterparties, comply with the ‘Conflicts of Interest Guidelines for Central Counterparties' issued by the European Securities and Markets Authority (ESMA), integrating them as part of their respective supervisory practices (Notice of June 3 2019).

The Guidelines, published on the ESMA website on April 5 and on the CONSOB website (at /documents/1912911/1988251/esma70_151_1439_IT.pdf/35715bdb-3b4e-9b48-5121-cedd43befd42), clarify the concept of conflicts of interest and detail the rules and procedures that the central counterparties should adopt in relation to the identification, prevention and management of conflicts of interest.

The intention is to encourage the shared, uniform and consistent application of European standards (article 33 of Regulation (EU) no. 648/2012 and articles 3, 5, 6 and 7 of Delegated Regulation (EU) no. 153/2013).

ESMA was informed of this compliance pursuant to Regulation (EU) no. 1095/2010.