What's new
  • Iosco published the World Investor Week 2021 Public Report and a guide to the range of activities that participating jurisdictions could undertake in World Investor Week 2022 that will take place from 3 to 9 October 2022 (18 August 2022)

    Published: 18/08/2022

    The International Organization of Securities Commissions (IOSCO) will celebrate the sixth annual World Investor Week (WIW), from 3 to 9 October 2022, with investor resilience and sustainable finance as its two main themes.

    As part of the preparations for the campaign, IOSCO today published the World Investor Week 2021 - Public Report. The report describes real examples of the variety of activities organized and conducted by different participating jurisdictions in 2021, thus providing a useful guide to the range of activities that participating jurisdictions could undertake in 2022.

    Although last year's campaign took place under the stringent conditions imposed by the Covid-19 pandemic, the participating jurisdictions adapted the format of their campaigns to fit their circumstances (e.g., using a virtual format in some cases or offering in-person activities in others). Moreover, different participants took advantage of the WIW campaign to announce significant local initiatives to enhance investor education and investor protection.

  • Publication of the Financial Education paper on the impact assessment of financial education interventions (3 August 2022)

    Published: 03/08/2022

    The Financial Education Research Paper no. 2 about "Tools for impact assessment of financial education in upper secondary school. Evidence from a qualitative survey " has been published.

    The Research Paper illustrates the main evidence of a focus group, run by CONSOB in the second half of 2021, aimed at gathering useful information for the development of tools for assessing the effectiveness of financial education initiatives for secondary schools. The survey involved some of the teachers who had joined the Project "Finance, a story to tell ...: from bartering to Bitcoin", launched for the first time in 2018 by CONSOB, in collaboration with the Regional School Office (Usr) of Lombardy, at the basis of the didactic model illustrated in the first paper of the financial education series, the result of the collaboration between CONSOB, Usr and the teachers involved. In detail, the Project Finance, a story to tell ... provides for a first stage of teacher training, supervised by CONSOB, and a second one in which teachers transfer the contents to the students of 4th and 5th classes. A profile only partially covered by the Didactic Model involves the evaluation of effectiveness of the Project, based on the administration to both teachers and students of questionnaires aimed at evaluating the effects of the training initiative on knowledge and attitudes; the experience gained, however, highlighted some margins of improvement concerning, for example, findings about the impact on skills.

    As part of the focus group, indications were gathered on how to improve the questionnaires prepared by CONSOB with particular reference to the language used, skills to be verified and behaviours to be explored. Furthermore, the need to integrate the questionnaire tool with a 'level assessment' has emerged, to be carried out through simulation exercises or 'reality tasks'. Finally, the teachers expressed their wish to anticipate the financial education path to 2nd and 3rd classes in order to consolidate the notions learned along the school path, strengthen the involvement of students and prevent the propensity to invest through digital platforms which, in the perception of the participants to the survey, is increasingly widespread.

     Financial Education Research Paper no. 2

     Abstract of Financial Education Research Paper no. 2

  • Adoption of the TIBER-IT National Guidance for advanced cybersecurity tests for the Italian financial sector (2 august 2022)

    Published: 02/08/2022

    In view of the increasing sophistication and pervasiveness of cyber threats in the financial sector, the Bank of Italy, the National Commission for Companies and the Stock Exchange (Consob) and the Italian Institute for the Supervision of Insurance (IVASS) have jointly adopted the TIBER-IT National Guidance as a reference method for individual financial entities to conduct advanced cybersecurity tests on a voluntary basis.

    This Guidance is the national transposition of the Threat Intelligence‑Based Ethical Red teaming framework (TIBER-EU), issued by the ECB, a reference model for conducting advanced cybersecurity tests harmonised at the European level.

    Financial entities carry out these tests, led by the cyber threat intelligence and according to their business and operating models and the relative risk scenarios. The goal is to strengthen the proactive defence capabilities of individual financial entities, making it possible improve the cyber resilience of the financial system as a whole and, therefore, its overall stability.

    The Guidance is primarily addressed to the major operators and critical infrastructures of the financial system to ensure the continuity of key economic functions and services as well as their security and reliability, in line with the digital development of the economy and society.

    Further details on the purpose and target audience of the Guidance, as well as on the testing methodology, are available in the Joint Communication by the three Authorities, namely the Bank of Italy, Consob and IVASS, and in the TIBER-IT National Guidance.

    Documentation:

  • Consob simplifies the procedure for approving prospectuses - Documents in English are allowed - Green light to the amendments to the Issuers Regulations (Press Release of 1 August 2022)

    Published: 01/08/2022

    PRESS RELEASE

    Simplified procedures for the approval of prospectuses by Consob and green light for documentation in English: these are the two main changes introduced by the amendments to the Issuers Regulations approved by the Commission to comply with the needs of the market.

    Among the innovations introduced at the end of a consultation with operators started in 2021 is the abolition of the preliminary verification of the completeness of the documentation. With the entry into force of the new rules (Resolution no. 22423 of 28 July 2022, being published in the Official Gazette), the administrative proceedings will start from the date of submission of the related applications to Consob.

    The deadlines for the maximum duration of the proceedings and for the response to requests for additions to the prospectus have also been eliminated and the timing has been aligned with the provisions of the European Regulation on prospectus.

    In agreement with the requests coming from the consultation with the market, the documents to be attached to the draft prospectus have been also reduced. The possibility has been confirmed for the issuer and/or the offeror to first submit to Consob issues of particular relevance related to the public offer or admission to trading, to ease the promptness of the preliminary process.

    Finally, the possibility to draw up the prospectus in English has also been introduced, providing for the translation into Italian of the Summary Note only in the case of offers carried out entirely or partially in Italy, or if admission to trading on the Italian regulated market has been requested.

    The report illustrating the results of the consultation, the contributions received as part of the consultation, the Resolution amending Issuers Regulation and the opinion of Committee of Market Operators and Investors (COMI) can be consulted on the Consob website www.consob.it .

      Press release PDF version

  • Esma call for evidence regarding a practice sometimes carried out by traders prior to the conclusion of contracts - so-called pre-hedging (1 agosto 2022)

    Published: 01/08/2022

    On 29 July 2022, ESMA published a Call for Evidence regarding a practice sometimes carried out by traders prior to the conclusion of contracts (so-called pre-hedging). 

    The topic had already been addressed as part of the work on the review of Regulation (EU) No 596/2014 ("MAR"). The ESMA Final Report containing the opinion for the European Commission of 23 September 2020 presented the views of market participants and indicated the need to provide the market with guidance on the subject.

    The objective of the Call for Evidence is therefore to gather information and evidence on pre-hedging in order to support ESMA in developing guidance on the admissibility of such conduct in the context of MAR, as well as of Regulation (EU) No 600/2014 (so-called "MiFIR") and Directive 2014/65/EU (so-called "MiFID II").

    Responses to the Call for Evidence shall be submitted to ESMA by 30 September 2022.

  • Publication of the new Consob FinTech Paper on the evolution of the composition of retail trading in the Italian Stock Market following the mobility restrictions due to the COVID pandemic (29 July 2022)

    Published: 29/07/2022

     FinTech n. 10 - July 2022 [PDF]

    The study, stemmed out by the collaboration between Consob and the "Scuola Normale Superiore" of Pisa, refers to the trading activity of all retail investors in the Italian Stock Market and investigates the changes in the population and the trading activity in conjunction with and subsequently to the restriction periods imposed by the Italian Authorities in order to contain the spread of the pandemic, from 9th March to 18th May 2020 (national lockdown) and from 24th December 2020 to 14th February 2021 (peak of the restrictions adopted by most of the 20 Italian regions; second partial lockdown).

    The analysis refers to data from the Italian Electronic Stock Market in the period from January 2019 to September 2021.

    The evidences show that the restrictions associated with the lockdown periods have been accompanied by a generally increased interest in the Italian Stock Market, as demonstrated by the trading volume of individual investors.

    Due to the generalized decline in prices during the tightening periods, retail investors, typically contrarians, were net buyers, albeit for individual average values lower than the individual average recorded in 2019. This can be explained by the admission to the MTA, during the lockdown, of a group of approximately 185,000 new investors, i.e. investors who - compared to the reference data set (starting in January 2019) - had never traded.

    The analysis provides further information resulting from the comparison between new and active investors also in the previous period (pre-lockdown population). In particular, the research shows that new investors are on average ten years younger; by the observation of the gross profit and loss - they seem to be more capable of making a profit, therefore more skilled in trading; furthermore, the segment of males is higher among new investors than in the pre-lockdown population.

    The study also provides indications relating to the fact that the lockdown periods, and more generally the COVID pandemic, led to a change in the population of retail investors on the Italian Stock Market, with an increase of the market share of these investors

  • Abusive financial services: Consob blacks out 3 abusive websites (Press release of 29 July 2022)

    Published: 29/07/2022

    PRESS RELEASE

    Consob has ordered the blackout of 3 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    • "FTI FINANCE" (website https://www.ftifinance.net);
    • Broker Capitals Limited (website https://brokercapitals.com and related page https://platform.brokercapitals.com);
    • "MB Invest" (website www.investingmb.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 744.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

     Press release PDF version

  • Amendments to the Consob Intermediaries Regulation (29 July 2022)

    Published: 29/07/2022

    All documents are available only in Italian

    Consob, having concluded the public consultation (see Consob Informa no. 6/22), amended with Resolution no. 22430 of 28 July 2022 the Regulation no. 20307 of 15 February 2018, concerning the regulation of intermediaries ("Intermediaries Regulation"), to adapt the domestic system to the following European acts:

    • Directive (EU) 2021/338 which, as part of the Capital Markets Recovery Package, modifies MiFID II concerning investor protection, dealing in particular with the aspects concerning the disclosure to customers on the costs and charges of financial instruments and investment, periodic reports to customers, the assessment of adequacy, the provisions applicable to eligible counterparties;
    • delegated acts for the implementation of MiFID II, UCITS and IDD regulations on the integration of sustainable finance in the provision of investment services, in the distribution of IBIPs and in collective management;
    • Directive (EU) 2019/2034 amending MiFID II as regards the provision of investment services by non-EU companies on the exclusive initiative of customers (so-called reverse solicitation).

    On this occasion, rationalization and simplification interventions were carried out on the regulations in force also with reference to the following additional areas:

    • the requirements of knowledge and competence of the staff of intermediaries, in order to provide certain details regarding the obligations of document retention imposed on operators;
    • the register and the rules applicable to financial advisors;
    • the procedure for extending the authorization of the SIMs to carry out investment services, the management of the register provided for by Article no. 20 of the Consolidated Law on Finance (TUF), as well as the cross-border operations of SIMs.

     Report illustrating the outcomes of the consultation

     Contributions received as part of the consultation

  • Joint Consob/Bank of Italy press releases of 25 July 2022 regarding: 1) delay in the public disclosure of inside information and 2) financial benchmarks

    Published: 25/07/2022

    Memorandum of understanding between Consob and the Bank of Italy:
    delay in the public disclosure of inside information

    The National Commission for Companies and the Stock Exchange (Consob) and The Bank of Italy have signed a Memorandum of Understanding (MoU) and cooperation concerning the authorization procedures for the delay in the public disclosure of inside information, pursuant to article no. 17, paragraphs 5 and 6 of the Market Abuse Regulation (MAR).

    Said Regulation provides that, with the purpose to preserve the stability of the financial system, an issuer with securities listed on a regulated market or traded on a multilateral trading facility (a bank or other supervised financial institution) may delay, under the its responsibility, the public disclosure of inside information as well as, for example, information related to a temporary liquidity problem.

    In such circumstances, the delay can be authorized by Consob if all the following conditions are met:

    a) the disclosure of privileged information involves the risk of compromising the financial stability of the issuer and the financial system;

    b) the delay in communication is in the public interest;

    c) the confidential nature of the information can be guaranteed.

    For the purpose of issuing the authorization, Consob requests an opinion from the Bank of Italy. The protocol signed today concerns, in particular, the methods, timing and contents of the interactions aimed at issuing to Consob the opinion of the Bank of Italy on the risk that the disclosure of privileged information may entail for the stability of the issuer and the financial system, as well as on the existence of the public interest in the delay.

    The document can be consulted on the websites of both Authorities at www.consob.it. and www.bancaditalia.it.

     Press release PDF version


    Memorandum of Understanding (MoU) between Consob and Bank of Italy
    on financial benchmarks

    The National Commission for Companies and the Stock Exchange (Consob) and the Bank of Italy have signed a Memorandum of Understanding (MoU) to define the framework of collaboration and information exchange between the two Authorities with relation to their participation to the European supervisory reference bodies on financial indices (benchmarks), which are considered as critical pursuant to Regulation (EU) 2016/1011 (so-called Benchmark Regulation).

    The protocol also defines the ways in which Consob and the Bank of Italy will collaborate with the competent EU Authorities regarding critical benchmarks administrators.

    The document is available on the websites of Consob and the Bank of Italy, at www.consob.it and www.bancaditalia.it, respectively.

    Pursuant to the Benchmark Regulation, the relevant indices for financial stability as well as for the integrity of the markets are critical reference indices, with possible negative effects on the real economy, households and businesses.

    The Article no. 4-septies.1 of the Consolidated Law on Finance (TUF) indicates Consob as the competent Authority over benchmark administrators and indicates Consob and the Bank of Italy as the competent Authorities on data contributors who are subject to their respective supervision for the purpose of participating in the bodies on the critical benchmarks, as provided for by the Benchmark Regulation.​

     Press release PDF version

  • The 2022 Consob Report on trends and risks of the Italian financial system in a comparative perspective has been published (22 Juy 2022)

    Published: 22/07/2022

    The Report examines the financial markets dynamics in the first Semester of 2022 with consideration to the main developments in the reference context.

    The document is divided into five sections. Section 1 considers the macroeconomic context, with the emphasis on the aftermath of the outbreak of the conflict in Ukraine and the developments in European policies aimed at supporting growth and accelerating the green/digital transition. Sections 2 and 3 examine, respectively, the performance of the stock and bond markets. Then, the Sections 4 and 5 analyze the economic and financial performance of non-financial companies and banks.

    In the first half of 2022, the global economic outlook has been revised downwards in the wake of multiple factors: Russia's invasion of Ukraine; the resurgence of the COVID-19 pandemic; and rising inflation. In the Eurozone, the gradual normalisation of monetary policy, already under way in other advanced economies, is ongoing as a result of the significant rise in inflation, which was fuelled by the rise in energy prices and by some supply rigidities in the latter part of 2021, and finally amplified by the war in Ukraine in 2022.

    Interest rates, kept at extremely low levels in recent years, are therefore expected to rise rapidly. In order to support growth and accelerate the green and digital transition, the implementation of programmes launched by the European Commission with the NGEU continues. These measures are coupled with initiatives aimed at mitigating the recessionary scenarios that are foreseen especially for countries characterised by high dependence on fossil energy sources and pre-existing vulnerabilities, e.g. related to high levels of public and private debt.

    The financial markets of the economies most exposed to the deterioration of the macroeconomic scenario have experienced significant turbulences. Since the beginning of the year, the S&P500 and EuroStoxx50 stock indices have both lost around 20%, while showing a significant increase in volatility. As regards the Italian market, in the first half of 2022, the Ftse Mib fell by 22%, more than the drop observed in the other major Eurozone economies; the fall in stock prices was uneven across sectors, being more marked in the technology (-30%), banking (-21%).

    Secondary markets for government bonds in the euro area also experienced growing tensions, with yields rising by more than 2% in Italy compared to the beginning of the year, and with a sharp increase in volatility, which at the end of June 2022 reached its highest level since 2014. A similar trend can be observed in the secondary market for corporate debt instruments, where yields on bonds issued by both banks and non-financial companies have experienced steady growth since the beginning of the year.

    The expected worsening of the global economic outlook will be uneven across regions and sectors, also depending on the impact of high inflation and rising interest rates. Non-financial corporations and banks, which in 2021 markedly improved their profitability and capital adequacy, could experience increased vulnerabilities in the medium term, in the wake of the negative impact of this new economic environment on the cost of debt and credit quality. With specific reference to Italy, further issues could emerge in relation to banks' exposures to countries involved in the Russian-Ukrainian conflict, the drop in foreign trade, and the difficulty of reducing energy dependence on Russia in the short term. A further worsening in the expectations about economic growth and the uncertainty surrounding geopolitical developments may trigger further tensions in equity and bond markets in the coming months of the year.

  • Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 21 July 2022)

    Published: 21/07/2022

    Consob has ordered the blackout of 5 new websites that abusively offer financial services/financial products: 4 abusive financial intermediation sites and 1 site through which financial products are offered without a prospectus.

    The Authority availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies regarding the blackout of the sites of abusive financial intermediaries, as well as the power introduced by Law no. 8 of 28 February 2020 (article 4, paragraph 3-bis), regarding the blackout of the site through which the abusive offer is made.

    Below are the sites Consob has ordered to be blacked out:

    - "Alphapro FX" (website https://alphaprofx.co.uk and related page  https://client.alphaprofx.co.uk);

    - Eurofxsecurities Limited (website https://eurofxsecurities.com and related page http://client.eurofxsecurities.com);

    - The Active Traders Ltd (website https://theactivetraders.com and related page https://client.theactivetraders.com);

    - Promarketing Ltd (website https://green-capitalz.com and related page https://platform.greencapitalz-trade.com);

    - Enercom AG (website  www.enercom.ag and related page https://kyc.enercom.ag e https://sales.enercomg.ag)

    The number of sites blacked out since July 2019 , when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 741.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws the attention of savers to the importance of using the utmost diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard one's savings: these include, for websites that offer financial services, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    -   Press release PDF version

  • The Italian Stock Exchanges behind the pandemic effect market - Indicators in strong recovery in 2021 - The latest Consob Statistical Bulletin published (18 July 2022)

    Published: 18/07/2022

    The ratio between stock market capitalisation and GDP is growing, returning to the pre-pandemic level. Equity investments are increasing, while the volume of investments in government bonds and other bonds is decreasing. The number of listed companies is rising; the profitability of Italian listed companies is improving markedly.

    These are some of the elements that characterize the picture of the Italian Stock Exchange, as shown in the latest 2021 Consob Statistics Bulletin.

    From the data of the Bulletin, published on Consob's website, the picture of a strongly recovering securities market emerges, which cancels the recessionary effect of the Covid pandemic recorded in 2020, recovering and exceeding the values of 2019.

    Almost all indicators show a positive trend. Thanks to the strong increase in share prices, as at 31 December the overall capitalisation of Italian companies listed on the Stock Exchange has jumped forward by 20.3% on an annual basis. In relation to the Gross Domestic Product, the capitalisation of the Stock Exchange therefore rises to 33.2% from 29.3% at the end of December 2020.

    The number of listed companies has grown (from 382 to 407), driven by the new admissions to listing on the AIM, the trading platform dedicated to small- and medium-sized enterprises (now renamed Euronext Growth Milan).

    Investments in shares exceed the pre-pandemic level, preferably targeting foreign securities. At the same time, investments in government bonds and other bonds have fallen below the level of 2019. The profits of industrial companies listed on the main market (MTA) and on the AIM recorded a strong annual increase as at 31 December of last year, rising respectively to 13.2 billion euros (from 9.9 billion) and 221 million (from 79.5 million). The profits of banks (9.2 billion euros from the previous 0.4 billion), insurance companies (5.7 billion from 4.2 billion) and other financial companies (1.8 billion from 1.1 billion) also improved markedly.

    On the other hand, the phenomenon of short sales has decreased (-13.8% on an annual basis of the net short positions as at 31 December 2021).

    The securities portfolio held with Italian intermediaries (+1.4%) and household and corporate bank deposits (+25.1%) has grown. Positive collection (+12.2% to 429.4 billion euro) was recorded by the financial instruments of Italian intermediaries, while the collection of insurance products with a predominantly financial content by Italian intermediaries (-26% to 31.9 billion euro) declined.

  • Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 14 July 2022)

    Published: 14/07/2022

    Consob has ordered the blackout of 5 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    • - Surreptitious Group LLC (website https://fincloud.world);
    • - "Smart Trade Cfd" (website https://smarttradecfd.com and related page https://platform.smarttradecfd.com);
    • - "Tradebaionics" (website www.tradebaionics.net);
    • - "UeTrades" (website https://uetrades.com and related page  https://secure.uetrades.com);
    • - Trustgarden Ltd (website www.trustgarden.net and related page https://webtrader.trustgarden.net).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 736 .

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    -   Press release PDF version

  • Consob / Bank of Italy Call for attention of 14 July 2022 - Esma common supervisory action 2021 on costs borne by UCITs: results emerged in the national area

    Published: 14/07/2022

    [Available only in Italian]

    Richiamo di attenzione congiunto Consob-Banca d'Italia del 14 luglio 2022

    Esma common supervisory action 2021 sui costi a carico degli UCITs: esiti emersi in ambito nazionale

    1. Premessa

    I costi a carico dei fondi, insieme alla qualità del servizio gestorio, rappresentano una componente cruciale per la valutazione della conformità dei gestori ai principi di correttezza e diligenza comportamentale sanciti dall'articolo 35-decies del D. Lgs. 58/1998 ("TUF)". La politica commissionale, inoltre, rileva ai fini del perseguimento degli obiettivi della sana e prudente gestione e rappresenta una delle principali leve decisionali su cui gli organi con funzioni di governo e controllo sono chiamati a fare le proprie valutazioni.

    I costi incidono sulla capacità dei fondi gestiti di realizzare i propri obiettivi di investimento. Al riguardo, rileva che l'annual statistical report dell'ESMA (European Securities and Markets Authority) sui costi e le performance dei prodotti commercializzati agli investitori retail e, in particolare, dei fondi UCITS (pubblicato da ultimo, in data 5 aprile 2022 - ESMA 50-165-1677) ha posto in evidenza che i costi degli OICR assorbono una parte importante del rendimento di tali prodotti.

    Il tema dei costi e della performance dei prodotti di investimento al dettaglio rappresenta una delle priorità strategiche di vigilanza dell'Unione. In tale prospettiva, l'Autorità europea ha pubblicato:

    • in data 3 aprile 2020, gli Orientamenti in materia di commissioni di performance degli UCITS e di alcuni tipi di FIA (ESMA 34-39-992 IT);
    • in data 4 giugno 2020, il Supervisory Briefing per lo sviluppo di un approccio comune di vigilanza sui costi dei fondi (ESMA 34-39-1042).

    Successivamente, nel corso del 2021, l'ESMA ha coordinato lo svolgimento da parte delle Autorità nazionali di una "azione di vigilanza comune" volta a verificare il rispetto del principio generale secondo cui agli OICVM e ai relativi investitori non devono essere addebitati costi ingiustificati (art. 22(4) della Direttiva 2010/43/UE di implementazione della Direttiva UCITS). Gli esiti di tale esercizio sono stati pubblicati dall'ESMA nel final report[1] del 31 maggio 2022 (ESMA 34-45- 1673).

    I risultati dell'analisi condotta in ambito nazionale su un campione di SGR rappresentativo del comparto nazionale del risparmio gestito risultano in linea con quelli pubblicati dall'ESMA nel citato final report.

    In particolare, sono emersi profili di attenzione e best practices, sulla base dei quali è risultato possibile identificare alcuni principi generali concernenti le fasi di 1) definizione; 2) governo e controllo; 3) gestione dei conflitti di interesse in relazione ai costi a carico degli OICVM; 4) tecniche di gestione efficiente del portafoglio che dovrebbero orientare la concreta declinazione dei processi di pricing da parte dei gestori e che, di seguito, si procede a rappresentare.

    2. Processo di pricing dei fondi: principi generali e best practices

    2.1 La fase di definizione e quantificazione dei costi

    In relazione alla fase di definizione e quantificazione dei costi, i principi generali che dovrebbero essere tenuti in considerazione dai gestori sono:

    • la coerenza rispetto alla specificità dei prodotti offerti in termini di tipologia (ad es. fondi a benchmark o total return o absolute return) ovvero di profilo di rischio, di asset class o strategie d'investimento dell'OICR;
    • l'identificazione completa dei criteri che possono influenzare l'onerosità del fondo, avendo a riferimento criteri di natura sia quantitativa (ad esempio, profilo di rischio, asset class oggetto di investimento) che qualitativa (ad esempio, tipologia di cliente, propensione al rischio del cliente, taglio minimo di sottoscrizione, stile di gestione, etc..), nonché l'esame complessivo dei costi di produzione sostenuti dalla società per la gestione del fondo (come spese amministrative e altre spese);
    • la definizione puntuale di come ciascuno dei suddetti criteri contribuisce all'effettiva onerosità del fondo, nonché l'individuazione di una soglia massima di onerosità complessiva da sottoporsi a verifica per il tramite dello svolgimento di un'analisi di sostenibilità corretta e robusta;
    • la formalizzazione esaustiva dei criteri di definizione del pricing dei fondi nel contesto delle procedure della società.

    Con particolare riferimento all'analisi di sostenibilità dei costi rispetto al rendimento per il sottoscrittore, rappresentano best practices volte ad assicurarne la correttezza e la robustezza:

    • la considerazione di rendimenti attesi definiti in riferimento a scenari di mercato differenti al variare dei fattori di rischio rilevanti in base alle caratteristiche del prodotto;
    • la valutazione puntuale di tutte le tipologie di costo a carico del fondo e dell'investitore concernenti l'istituzione, la gestione e la distribuzione del prodotto e la connessa definizione di soglie di costo massimo, tali da assicurare una performance netta positiva all'investitore;
    • l'individuazione ex-ante di una chiara relazione tra output dell'analisi di sostenibilità (soprattutto nel caso in cui l'analisi in parola restituisca un esito negativo) e definizione dei costi;
    • lo svolgimento dell'analisi di sostenibilità non solo in fase di lancio del prodotto, ma anche quando lo stesso è già operativo, al fine di verificare il permanere delle condizioni di sostenibilità dei costi alla luce dei rendimenti effettivi conseguiti dal prodotto.

    2.2 La fase di governo e controllo dei costi

    La fase di governo dei costi dovrebbe essere ispirata ai seguenti principi generali:

    • il ruolo dell'alta dirigenza e dei relativi comitati dovrebbe essere attivo e prevedere momenti di confronto tra le diverse funzioni, in modo tale da favorire la dialettica interna e l'individuazione di livelli commissionali che tengano correttamente conto degli interessi degli investitori;
    • le responsabilità attribuite alle funzioni coinvolte nel processo di pricing dovrebbero essere sufficientemente dettagliate. Tra le altre cose, i meccanismi procedurali ed organizzativi da attivare quando le analisi di sostenibilità restituiscono esito negativo andrebbero formalizzati;
    • la valutazione dei livelli di costo dei fondi gestiti dovrebbe essere condotta su base almeno annuale, oltre che "ad evento", e riguardare sia i singoli fondi, sia l'intera gamma di prodotti al fine di valutare la coerenza complessiva delle politiche commissionali; decisioni sulla revisione dei costi dovrebbero pertanto essere effettuate almeno con la stessa frequenza, al fine di ridurre al minimo il rischio che vengano addebitati costi non appropriati;
    • l'esistenza di aree di manualità nelle procedure di calcolo dei costi andrebbe ridotta e, in ogni caso, adeguatamente presidiata.

    La fase di controllo dei costi a carico dei fondi dovrebbe essere modulata in funzione dei seguenti principi generali:

    • le funzioni di controllo dovrebbero essere chiamate a svolgere con regolarità verifiche sui processi e sull'adeguatezza delle commissioni applicate;
    • la fase di controllo non dovrebbe essere limitata alla formale adesione all'elenco delle spese contenuto nel Regolamento sulla gestione collettiva del risparmio della Banca d'Italia (Titolo V – Capitolo I - Sezione II), senza un riscontro puntuale circa la natura delle singole spese riconducibili al suddetto elenco;
    • l'integrità delle politiche contabili rispetto alle politiche commissionali predefinite andrebbe assicurata in modo tale che ai fondi vengano addebitati correttamente gli importi contabilizzati, ciò in particolare in caso di rimborsi di costi o di ripartizione tra più fondi di costi condivisi;
    • la fase di controllo dovrebbe basarsi sull'utilizzo di criteri oggettivi per identificare le voci di costo rilevanti per il computo dell'indicatore di ongoing charges da riportare nel KIID sulla base dei dati storici, nonché per l'elaborazione della stima di tale indicatore in conformità a quanto previsto dall'art. 13 del Regolamento (UE) N° 583/2010[2].

    In tale ambito, rappresentano best practices:

    • lo svolgimento di controlli automatizzati volti a verificare il contenimento di costi eccessivi e il rispetto del livello massimo di spese a carico del fondo riportato nella documentazione di offerta, anche attraverso l'utilizzo di database indipendenti dai sistemi contabili degli outsourcer;
    • l'adozione di apposite procedure autorizzative e di controllo sulla contabilizzazione di poste anomale;
    • ai fini del computo delle ongoing charges da indicare nel KIID[3], lo svolgimento, sulla base di criteri definiti ex-ante, di verifiche di attinenza delle spese con l'operatività del fondo e di verifiche di completezza e congruità (mediante ad es. riconciliazioni contabili);
    • lo svolgimento di controlli di secondo livello sulle attività affidate agli outsourcer per il calcolo delle spese da comunicare agli investitori.

    2.3 Conflitti di interesse nei costi pagati a terze parti

    Con riguardo al tema dei conflitti di interesse, anche in ragione del più granulare quadro normativo di riferimento, si evidenziano i seguenti elementi necessari per una corretta definizione dei costi dei fondi:

    • una mappatura delle ipotesi di conflitto di interesse da cui possono derivare costi non dovuti (cd. undue costs) che non risulti limitata all'attività distributiva o alla selezione di OICR collegati;
    • una definizione puntuale dei criteri di verifica dell'allineamento alle condizioni di mercato dei costi pagati a controparti in conflitto;
    • un assessment periodico dei costi pagati a controparti in conflitto, non limitato al momento della stipula degli accordi;
    • con riguardo all'attività distributiva, l'identificazione di criteri volti a valutare l'effettivo incremento della qualità del servizio anche laddove vi sia equivalenza tra le remunerazioni corrisposte a distributori di gruppo e quelle corrisposte a distributori terzi, nonché, in caso di eventuali differenze negli incentivi corrisposti ai distributori di gruppo rispetto a quelli non di gruppo, una chiara individuazione delle ragioni che giustificano tali differenze.

    2.4 Tecniche di gestione efficiente del portafoglio

    I gestori che ricorrono all'uso di tecniche di gestione efficiente del portafoglio sono tenuti a osservare i seguenti principi generali:

    • in linea con gli Orientamenti ESMA su questioni relative agli ETF e ad altri OICVM (2014/937/IT), tutti gli introiti derivanti dalle tecniche di gestione efficiente del portafoglio, al netto dei costi operativi diretti e indiretti, devono essere riconosciuti all'OICVM. Il fondo deve indicare nel prospetto, tra l'altro, la politica in materia di costi/spese operativi diretti e indiretti derivanti dalle tecniche di gestione efficiente del portafoglio, che possono essere detratti dal rendimento trasferito all'OICVM;
    • le procedure interne dovrebbero coprire in misura sufficientemente dettagliata il contenuto di tale operatività, comprendendo anche i criteri di definizione dei mercati e di selezione delle controparti; inoltre, l'intenzione di utilizzare tecniche di gestione efficiente del portafoglio da parte dei gestori dovrebbe essere chiaramente rappresentata e non dovrebbe limitarsi a mere indicazioni di carattere generale;
    • le attività di verifica e controllo, incluso il re-performing per quanto concerne la ripartizione (c.d. "fixed fee splits") tra terze parti e singoli fondi dei proventi lordi, dovrebbero essere estese anche a tale operatività.

    3. Conclusioni

    I suddetti profili, insieme alle indicazioni già formulate dall'Autorità europea nel Supervisory Briefing per lo sviluppo di un approccio comune di vigilanza sui costi (ESMA 34-39-1042) e a quelle, da ultimo, riportate nel final report del 31 maggio 2022 (ESMA 34-45-1673), rappresenteranno criteri alla base dello svolgimento da parte delle Autorità nazionali dell'attività di supervisione sul tema dei costi.

    Alla luce della fondamentale importanza del tema dei costi a carico dei fondi nell'ottica di assicurare il fair treatment degli investitori, nonché la sana e prudente gestione degli intermediari, si richiama quindi l'attenzione dei gestori collettivi sulla necessità di valutare il concreto allineamento dei processi interni alle aspettative di vigilanza qui rappresentate e, laddove necessario, intraprendere adeguate azioni correttive. In tale ambito, i gestori sono altresì chiamati a contenere i costi dei fondi in modo da assicurare un equo bilanciamento tra economicità della gestione degli stessi intermediari e qualità dei prodotti offerti.

    14 luglio 2022

     Richiamo di attenzioni in formato PDF


    [1] Disponibile al seguente link: https://www.esma.europa.eu/sites/default/files/library/esma34-45-1673_final_report_on_the_2021_csa_on_costs_and_fees.pdf

    [2] Considerato che a partire dal 1° gennaio 2023, per gli OICVM al dettaglio dovrà essere prodotto il KID PRIIP, in conformità all'art. 32 del Regolamento (UE) N. 1286/2014 come modificato dal Regolamento (UE) 2021/2259, il riferimento ai suddetti criteri oggettivi avrà rilievo ai fini del computo delle voci di costo da includere nel citato Key Information Document.

    [3] Cfr. precedente nota n. 2.

  • Selection of two effective members and four alternate members of the Arbitration panel for financial disputes (Notice of 13 July 2022, only Italian version)

    Published: 13/07/2022

    Con delibera n. 19602 del 4 maggio 2016, la Commissione ha istituito presso la Consob l'Arbitro per le Controversie Finanziarie (ACF) e ha adottato il regolamento di attuazione dell'art. 2, commi 5-bis e 5-ter, del decreto legislativo 8 ottobre 2007, n. 179 (regolamento ACF). Tale regolamento è stato successivamente modificato dalla delibera n. 21867 del 21 maggio 2021: le modifiche sono entrate in vigore il 1° ottobre 2021.

    Ai sensi dell'art. 5, commi 1 e 4, del suddetto regolamento, il collegio dell'ACF è composto da un Presidente e da quattro membri, dei quali tre - tra cui il Presidente - sono scelti dalla Consob e due designati, rispettivamente, dal CNCU e, congiuntamente, dalle associazioni di categoria degli intermediari maggiormente rappresentative a livello nazionale. Con le medesime modalità sono nominati uno o più membri supplenti per ogni membro effettivo. A tale riguardo la Commissione ha stabilito la nomina di due membri supplenti per ciascun membro effettivo.

    Il prossimo 11 dicembre 2022 giungerà a scadenza il mandato di sei membri (due membri effettivi e quattro membri supplenti) del collegio dell'ACF nominati dalla Consob su propria designazione. Conseguentemente con il presente avviso la Consob avvia la procedura per la nomina dei predetti sei membri in scadenza.

    Possono esprimere la manifestazione di interesse coloro che sono in possesso dei requisiti di professionalità e onorabilità di cui agli articoli 5, commi 2 e 2-bis, e 6 del regolamento ACF.

    In particolare, il comma 1 del predetto articolo 6 prevede che i componenti del collegio siano individuati tra:

    1. avvocati iscritti agli albi ordinari e speciali abilitati al patrocinio avanti alle magistrature superiori; dottori commercialisti iscritti nella Sezione A) dell'albo dei dottori commercialisti e degli esperti contabili da almeno dodici anni;
    2. notai con almeno sei anni di anzianità di servizio; magistrati ordinari, in servizio da almeno dodici anni o in quiescenza; magistrati amministrativi e contabili con almeno sei anni di anzianità di servizio o in quiescenza;
    3. professori universitari di ruolo in materie giuridiche o economiche in servizio o in quiescenza; dirigenti dello Stato o di Autorità indipendenti con almeno venti anni di anzianità di servizio laureati in discipline giuridiche o economiche, in servizio o in quiescenza.

    È richiesta una significativa e comprovata competenza in materia finanziaria, di disciplina degli intermediari e di tutela dei consumatori.

    Nella selezione dei nuovi membri sarà valorizzata la circostanza che il candidato sia stato membro supplente del collegio ACF, stante la previsione del citato articolo 5, comma 3, del regolamento ACF ai sensi del quale "Al termine del secondo mandato, i membri supplenti… possono essere nominati nel ruolo… di membro effettivo...".

    Le candidature dei dipendenti in servizio della Consob saranno prese in considerazione solo decorsi due anni dalla cessazione delle eventuali funzioni di vigilanza ovvero sanzionatorie precedentemente svolte nelle materie di competenza dell'Arbitro.

    Nell'individuazione dei membri sarà assicurata la presenza delle diverse professionalità (competenze giuridiche ed economiche) e sarà posta attenzione alla diversificazione per genere.

    La durata dell'incarico è di tre anni; il mandato è rinnovabile una sola volta. Ai sensi del soprarichiamato articolo 5, comma 3, del regolamento ACF, al termine del secondo mandato, i membri supplenti possono essere nominati nel ruolo di membro effettivo per un solo ulteriore mandato.

    Per quanto riguarda i compensi, si rimanda alla delibera n. 19622 dell'8 giugno 2016.

    L'incarico richiede un impegno attivo e costante, in ragione dei profili di complessità ed elevato tecnicismo dell'attività che l'Arbitro è chiamato a svolgere. Il collegio si riunisce, di norma, almeno una volta a settimana e, pertanto, si richiama l'attenzione dei soggetti interessati alla tipologia dell'incarico e all'impegno richiesto, affinché ne valutino appieno e consapevolmente la sostenibilità in relazione ad altri incarichi ed impegni professionali ricoperti. Rispetto a questi ultimi, si richiede anche che i soggetti interessati conducano una valutazione circa la sussistenza di situazioni di incompatibilità.

    Le manifestazioni di interesse andranno presentate, unitamente a un curriculum vitae in formato europeo aggiornato e a una fotocopia di un documento di riconoscimento in corso di validità, entro le ore 18.00 del 31 agosto 2022 alla casella di posta elettronica acf@pec.consob.it.

    Si precisa che, in base alle previsioni regolamentari, la scelta dei candidati ai quali conferire l'incarico di membro del collegio dell'ACF è rimessa esclusivamente alla Consob nell'esercizio della propria discrezionalità. Il presente avviso non costituisce una procedura concorsuale ma un mezzo per acquisire manifestazioni di interesse.

    Il presente avviso, in quanto rivolto a una generalità di destinatari, è pubblicato sul sito dell'Arbitro per le Controversie Finanziarie e su quello della Consob.

  • Consob notice of 7 July 2022 regarding compliance with the Guidelines issued by ESMA relating to procedures and common methods for the regulatory CCP review and supervisory evaluation process of Article no. 21 of EMIR (11 July 2022)

    Published: 11/07/2022

    Consob notice of 7 July 2022

    Notice regarding compliance with the Guidelines issued by ESMA relating to procedures and common methods for the regulatory CCP review and supervisory evaluation process of Article no. 21 of EMIR

    Consob and the Bank of Italy, as competent authorities for the supervision of central Italian counterparties, comply with the "Guidelines relating to common procedures and methods for the process of review and prudential evaluation of CCPs pursuant to Article 21 of the EMIR" issued by the European Authority for Financial Instruments and Markets (ESMA), integrating them into their respective supervisory practices.

    The Guidelines, published on ESMA's website in all the official languages of the Union on 10 March of last year, have the objective of establishing supervisory practices aimed at promoting common, uniform and consistent application with Article no. 21 of EMIR (Regulation (EU) no. 648/2012).

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

    THE CHAIRMAN
    Paolo Savona

     Consob notice of 7 July 2022 PDF version

  • Consob Report 2021 on non-financial reporting of Italian listed companies has been published (8 July 2022)

    Published: 09/07/2022

    The 2021 Report on non-financial reporting of Italian listed companies examines, for the fourth consecutive year, the effects of the entry into force of Directive 2014/95/EU, implemented in Italy with Legislative Decree 254/2016, with the aim of capturing any signs of the consideration of ESG (environmental, social and governance) factors in the definition of business models, in the decision-making process, in corporate governance strategies and models.

    The first section contains information on Non-Financial Statements (DNF), published in 2021 by 151 listed companies and on the selection process of materiality analysis. Compared to the latter, there is a greater diffusion of certain behaviours related to the involvement of internal structures or bodies (116 cases; there were 114 in 2020) in the process of identifying the relevant issues and the Board of Directors (51 cases, in continuous increase compared to 39 in 2020 and 21 in 2019) in the finalisation of the same, while the number of issuers involving external stakeholders has slightly decreased compared to last year (81 in 2021, 83 in 2020).

    In addition, in order to identify the signs of a possible integration of ESG factors in the corporate vision, the same section examines the abstracts of the Strategic Plans published by 63 companies on their websites, which show that 30 companies integrate long-term considerations on sustainability, 16 connect the strategy to the Sustainable Development Goals of the United Nations and 8 (companies active in the Energy/Oil and Gas sector) integrate in the communication of the thematic strategy that generate value in the short and long term, describing the connections between financial and non-financial issues.

    The second section of the Report gathers indicators of the integration of ESG factors into the board's decision-making process. During 2021, among the companies that drafted the DNF, 49 renewed the board; of them, 34 published guidelines for the appointment of the new board of directors, mentioning non-financial issues in 25 cases (51% of the total companies that renewed the board compared to 38% in 2020).

    In the Council's self-assessment, ESG factors are mentioned in 45 cases (37 in 2020), while 53 issuers have included them in the induction programmes provided to board members (32 in 2020).

    The third section analyses, on the basis of the Remuneration Policy Reports published in 2021, the integration of ESG factors into CEO remuneration policies. Issuers that integrate non-financial factors into the remuneration of CEOs are 106, up sharply compared to 2020, when the figure stood at 63. In particular, the reference to these parameters concerns short-term remuneration in 97 cases (53 in 2020) and the long-term component in 56 cases (29 in 2020).

    The last section includes an addendum with the results of an analysis, carried out by the researchers Matteo La Torre and Paola Tamburro of the University of Chieti-Pescara through a Natural Language Processing platform, aimed at verifying the evolution of environmental information made in DNF in the period 2018-2021, which shows that the reporting of environmental information has matured over time a growing degree of articulation and detail and that information on the performance and environmental impacts of companies have become increasingly relevant.

  • The Financial Education Month returns in next October (Comunication by the Edufin Committee, 30 June 2022)

    Published: 30/06/2022

    "Build today what matters for your future": applications are open on the Edufin Committee website to organize events and initiatives throughout Italy. There is time until September 27th.

    October is Financial Education Month and, for the fifth edition of the event, the Committee for the planning and coordination of financial education activities will be present throughout Italy with a series of initiatives aimed at promoting the development of financial and insurance culture. and social security. From today to September 27 on the portal of the Committee www.quellocheconta.gov.it you will find all the information you need.

    - Comunication by the Edufin Committee  (in italian version) in pdf

    - Guidelines of the Financial Education Month 2022 (in italian version) in pdf

  • Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites (Press Release of 28 June 2022)

    Published: 28/06/2022

    Consob has ordered the blackout of 6 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - Lilac Group LLC (sito https://coinevo.io);

    - "MB Invest" (sito www.investmb.eu);

    - "BTCoin Group" (sito https://btcoingroup.com);

    - "Levelprofit" (siti https://levelprofit.com, https://levelprofit.vip e relativa pagina account.tradingplatform26.com);

    - "Alphafxprime" (sito www.alphafxprime.com)

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 731.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    -   Press release PDF version

  • Published the first Report about emerging trends in sustainable investing and cryptoasset markets (27 June 2022)

    Published: 27/06/2022

    Published the first Report about  emerging trends in sustainable investing and cryptoasset markets (27 June 2022).
    The Report analyses the emerging trends in sustainable investing and in the markets for cryptoassets, also with regard to the developments that can affect the achievement of CONSOB remit.