Press Release of February 21, 2020 - HP - CONSOB AND ITS ACTIVITIES
PRESS RELEASE
Consob has today launched a consultation with the financial market [only Italian version] on a "Recommendation on the reporting methods ex post of the costs and charges which are associated with the provision of investment and accessory services".
The regulatory framework of disclosure to customers of both costs and charges associated with the provision of investment and accessory services is one area of utmost innovation and operational impact of Mifid2, the second release of the European directive on the provision of investment services.
The consultation has the target of ensuring that investors are aware of all the costs and charges for evaluating investments, in a comparative perspective of services and financial instruments, too.
In order to align the intermediaries' compliance with the relevant provisions and to protect, in this way, the right of investors to obtain clear, appropriate and not misleading information from service providers, it has been necessary to make recommendations related to the required reporting ex post about the costs and charges payed by customers.
The indications of Consob, that must be considered as starting from the preparation of the next reports relating to the year 2019, involve the structure and content of the aggregated information, the relationship between aggregate and analytical information and the timing of sending the reporting.
The text of the consultation above mentioned is available on the Consob website [only Italian version]; its deadline is March 7, 2020.
