Press Release of 29 July 2024 - CONSOB AND ITS ACTIVITIES
Consob intervenes with a Call for Attention to Intermediaries, which must ensure increasingly clear, concise, and understandable information, even for less sophisticated clients, on sustainable finance issues related to Esg (Enviromental, Social, Governance). Clients' preferences and needs on these issues must, in addition, be effectively considered in investment suitability assessment and product governance.
In particular, Consob, in light of the monitoring activities conducted on the subject and the operational approaches reported, highlights some key elements worthy of careful consideration in the current stage of implementation of the regulatory framework of reference. The Call for Attention is accompanied by a list of first positive and negative operational practices that have effectively emerged, which may be useful to support intermediaries in adopting more consistent and evolved application methods, with a view to better compliance with the discipline.
The Call for Attention - which does not establish new rules but emphasizes prescriptions that are already in force - was appropriate due to the huge production of EU-based regulations, which has rapidly stratified over the past few years.
Similarly, in light of the recall, Consob will continue to exercise careful supervision of intermediaries to verify full compliance with the complex regulatory framework governing the subject of sustainable finance.
