Legal Framework


Resolution no. 22134

Amendments to resolution no. 21639 of 15 December 2020 and to resolution no. 21640 of 15 December 2020

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, in particular, to Article 4-sexies, paragraph 5, of the Consolidated Law on Finance, which delegated Consob to introduce with its own regulation, after consulting IVASS, "the implementing provisions of paragraph 2, also establishing, for supervisory purposes, the procedure for accessing documents containing key information before the PRIIPs (Packaged Retail and Insurance-based Investment Products) are marketed in Italy, taking into account the need to reduce the charges for the supervised entities, in accordance with the delegated acts and regulatory technical standards introduced by the European Commission pursuant to Regulation (EU) No. 1286/2014";

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");

HAVING REGARD to resolution no. 21639 of 15 December 2020, introducing the amendments to the Issuers' Regulation relating to the procedures for accessing documents containing key information (KID) for packaged retail and insurance-based investment products (PRIIPs);

HAVING REGARD to resolution no. 21640 of 15 December 2020 introducing the provisions relating to the obligations pursuant to which the designers of the PRIIPs are required to make structured data and information relating to packaged retail and insurance-based investment products ("PRIIPs") accessible to Consob;

HAVING REGARD to the “Operating instructions on access to the PRIIPS KID and related information”, published on the Consob website;

HAVING CONSIDERED that it is appropriate to accept the requests to grant a further and limited transitional period, consistently with the provisions of Article 2, paragraph 2, of resolution no. 21639 of 15 December 2020, received from a number of associations that represent supervised entities and from a number of supervised entities, in order to complete the technical implementations necessary to comply with the new regime relating to the procedures for access by Consob to the KIDs of the PRIIPs;

HAVING CONSIDERED, moreover, that it is appropriate to recognise a further and limited transitional period, consistently with the provisions of article 3, paragraphs 1 and 2, of resolution no. 21640 of 15 December 2020, taking into account the connection of the obligations provided by said resolution no. 21640 with those provided by resolution no. 21639 of 15 December 2020;

HAVING CONSIDERED that it is appropriate to facilitate an orderly and uniform transition to the new regime by the industry as a whole;

HAVING CONSIDERED that in order to effectively carry out its supervisory duties as provided by Article 4-sexies of the Consolidated Law on Finance, CONSOB requires structured data relating to the PRIIPs marketed in Italy;

HAVING CONSULTED IVASS, pursuant to article 4-sexies, paragraph 5 of the Consolidated Law on Finance, in respect of the amendment to resolution no. 21639 of 15 December 2020;

RESOLVES:

Article 1
(Amendments to resolution no. 21639 of 15 December 2020, relating to the "Amendments to the regulation implementing legislative decree no. 58 of 24 February 1998, concerning the issuers’ regulation, regarding the procedures for accessing documents containing key information (KID) for packaged retail and insurance-based investment products (PRIIPs)")

1. In Article 2, paragraph 2, of resolution no. 21639 of 15 December 2020, the words “31 December 2021” have been replaced by the words “28 February 2022”.

Article 2
(Amendments to resolution no. 21640 of 15 December 2020, relating to the "Provisions concerning the obligations pursuant to which the designers of the PRIIPs are required to make structured data and information relating to packaged retail and insurance-based investment products ("PRIIPs") accessible to Consob")

1. In Article 3 of resolution no. 21640 of 15 December 2020, the following changes have been made:

a) in paragraph 1, the words “1 January 2022” have been replaced by the words “1 March 2022”;

b) in paragraph 2, the words “1 January 2022” have been replaced by the words “1 March 2022”.

Article 3
(Final provisions)

1. This resolution is published on the Consob website and in the Italian Official Gazette of the Italian Republic[1]. The resolution enters into force on 31 December 2021.

17 December 2021

THE CHAIRMAN
Paolo Savona


[1] Pending publication in Italian Official Gazette of the Italian Republic.