Legal Framework


Resolution no. 21640

Provisions concerning the obligations to make information and structured data regarding packaged retail and insurance-based investment products ("PRIIPs") accessible to Consob by PRIIPs manufacturers

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA
[THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD TO Law No 216 of 7 June 1974, as amended;

HAVING REGARD TO Legislative Decree no. 58 of 24 February 1998, as amended, which issued the Consolidated Law on Financial Intermediation, pursuant to Articles 8 and 21 of Law no. 52 of 6 February 1996 (hereinafter also referred to as the “Consolidated Law on Finance");

HAVING REGARD, in particular, to Article 4-sexies, section 1, of the Consolidated Law on Finance, pursuant to which “Consob and IVASS are the national competent authorities designated pursuant to Article 4, number 8), of Regulation (EU) no. 1286/2014 for the purposes of supervision over compliance with the obligations that the said Regulation (EU) no. 1286/2014 imposes on PRIIPs manufacturers and the persons who provide advice services on PRIIPs or sell PRIIPs, including through their respective supervisory, investigative and sanctioning powers, according to their respective powers and in accordance with the provisions of this article”;

HAVING REGARD, in particular, to Article 4-sexies, section 2-bis, of the Consolidated Law on Finance, pursuant to which Consob, in accordance with the powers identified in section 2 of the same article, exercises the supervisory and investigative powers referred to in Part II of the Consolidated Law on Finance;

HAVING REGARD, in particular, to Article 6-bis, section 4, letter a) of the Consolidated Law on Finance, contained in Part II, Title I, Chapter I, pursuant to which Consob may, as part of its powers, “ask anyone to communicate data and information and to transmit deeds and documents according to the methods and within the terms established by it, which may be relevant for the purposes of exercising its function of supervision”;

HAVING REGARD to Regulation (EU) no. 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products;

HAVING REGARD to Delegated Regulation (EU) 2017/653 of the Commission, of 8 March 2017, supplementing Regulation (EU) no. 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents;

HAVING REGARD TO resolution no. 11971 of May 14 1999, as amended, which adopted the regulations governing issuers in implementation of Legislative Decree no. 58 of February 24 1998 (hereinafter also referred to as the “Issuers' Regulation”);

CONSIDERING it necessary for Consob, in order to effectively perform the supervisory functions conferred on it by Article 4-sexies of the Consolidated Law on Finance, to have structured data relating to packaged retail and insurance-based investment products (hereinafter “PRIIPs”) marketed in Italy;

HAVING CONSIDERED the comments received on the provision of structured data to Consob, in response to the consultation on the proposed amendments to the Issuers' Regulation, launched on 30 July 2020, as represented in the explanatory report;

RESOLVES:

Article 1
(Definitions)

1. For the purposes of this Resolution, the following shall mean:

a) “Regulation (EU) no. 1286/2014”: Regulation (EU) no. 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products;

b) “Delegated Regulation (EU) 2017/653”: Commission Delegated Regulation of 8 March 2017 supplementing Regulation (EU) no. 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents;

c) “packaged retail and insurance-based investment product” or “PRIIP”: a product pursuant to Article 4, number 3) of Regulation (EU) no. 1286/2014;

d) “manufacturer of packaged retail and insurance-based investment products” or “PRIIPs manufacturer”: an entity referred to in Article 4, number 4) of Regulation (EU) 1286/2014;

e) “KID”: the key information document for packaged retail and insurance-based investment products required by Article 5 of Regulation (EU) no. 1286/2014;

f) “retail investor in PRIIPs”: a customer pursuant to Article 4, number 6) of Regulation (EU) no. 1286/2014;

g) “PRIIPs structured data”: information relating to the PRIIPs made available in machine readable format.

Article 2
(Obligations to make information and structured data accessible)

1. PRIIPs manufacturers make the following data and information, concerning the PRIIPs marketed in Italy to retail investors, available to Consob:

a) information about the PRIIP manufacturer, such as:

1) company name;

2) LEI (Legal Entity Identifier) code;

3) full address of the registered office;

b) indication of the organisational units responsible for manufacturing, validating and checking the KIDs and data, indicating the possible involvement of service providers in this process;

(c) information on making the KIDs and structured data available, such as:

1) indication of the name and surname of an administrative contact person as well as their email address and telephone number (so-called Administration Contact Person);

2) indication of the presence of any outsourcing agreements of the process related to making the KIDs and the structured data available to Consob, indicating:

- the company name of the service provider or delegated entity;

- the full address of the registered office of the service provider or delegated entity;

3) indication of the name and surname as well as the email address and telephone number of a contact person for any requests for information and explanations of a technical nature (so-called Technical Contact Person). In the event that agreements have been signed to outsource the process of making the KIDs and structured data available, this contact person must be relative to the service provider or delegated entity;

d) list of structured data identified by Consob with operating instructions.

2. The information and structured data relating to the PRIIPs referred to in paragraph 1 shall be made accessible electronically to Consob before the start of marketing, according to the methods specified by same with operating instructions.

3. Notwithstanding the provisions of paragraph 2, PRIIPs manufacturers shall make the following accessible to Consob, with the methods and timing specified by same with operating instructions:

a) an update of the information under paragraph 1, letters a), b) and c);

b) the structured data relating to the PRIIPs before publication on their website of the reviewed versions of the KIDs pursuant to Article 16 of Delegated Regulation (EU) 2017/653.

Article 3
(Transitional and final provisions)

1. This resolution is published on the Consob website and in the Italian Official Gazette and comes into force on 1 January 2021. It shall be applied from 1 January 2022[1].

2. The obligations referred to in Article 2 shall apply to PRIIPs manufacturers for the marketing in Italy of products launched from 1 January 2022 and to PRIIPs manufacturers who, from that same date, publish revised versions of the KIDs on their own website pursuant to Article 16 of Delegated Regulation (EU) 2017/653.

3. Notwithstanding the provisions of paragraphs 1 and 2, PRIIPs manufacturers that from 1 January 2021 fulfil the obligations laid down by Article 34-bis.2 of the Issuers' Regulation as amended by Resolution no. 21639 of 15 December 2020, as from 1 January 2021 shall apply Article 2, paragraphs 1, letters a) and c), 2 and 3, letter a) with reference to the information referred to in paragraph 1, letters a) and c) of this resolution.

15 December 2020

THE CHAIRMAN
Paolo Savona


[1] Currently being published in the Italian Official Gazette.