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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