Consob Notice of 7 July 2021 - CONSOB AND ITS ACTIVITIES
Consob Notice of 7 July 2021
Notice regarding the transposition of the Guidelines issued by ESMA on some aspects of MiFID II requirements relating to the function of compliance control with the rules.
On 6 April 2021, ESMA published on its website, in the official translation into Italian, the "Guidelines on certain aspects of the MiFID II compliance function requirements" (hereinafter, also, "the Guidelines", adopted by the European Authority, pursuant to article 16 of Regulation no. 1095/2010 / EU [1] (so-called "ESMA Regulation"), on 5 June 2020.
The Guidelines are also available on the Consob institutional website in the Italian version, together with the full text of the "Final report" in English (containing the summary of the responses to the consultation and the consequent observations of ESMA), useful for allowing a correct application of the same Guidelines.
They provide operational guidelines regarding the role and the reserved attributions, within the internal control system, to the compliance control function.
In compliance with paragraph 3 of the aforementioned article 16 of the ESMA Regulation, it was communicated to the European Authority that Consob, with reference to its competences on the matter pursuant to art. 6, paragraph 2, letter b-bis), number 3), of the Consolidated Law of Finance, complies with the guidelines in question, integrating them into its supervisory practices.
The intermediaries subject to Consob supervision[2] are required to comply with the interpretative Guidelines of ESMA that are the subject of this notice, applicable - according to the terms established by paragraphs 3 and 4 of the Guidelines - starting from the date of 7 June 2021, to replace the previous ones, issued in the regulatory framework of MiFID I.
* * *
On this occasion, it should be noted that the disclosure obligations provided for by Consob Resolution no. 17297/2010 with reference to the "Report of the compliance control function" are fulfilled by sending the reports referred to in article 22, par. 2, letter c) of Regulation (EU) 2017/565, drawn up according to the indications of guideline 3 of the ESMA Guidelines in question, applicable starting from the date of 7 June 2021. The sending deadlines and the obligation to accompany the document with the observations and decisions of the corporate bodies in relation to any shortcomings identified by the function.
THE CHAIRMAN
Paolo Savona
[1] As last amended by Regulation (EU) no. 2019/2175.
[2] In particular, reference is made to "intermediaries" as defined by article 87 of the Intermediaries Regulation no. 20307/2018 issued by Consob on 15 February 2018, as well as to asset management companies, in the provision of both investment services and activities and the collective asset management service, to SICAVs and SICAFs.