ITALY: CONSOB Introduces Public Consultation on Amendments to the Intermediaries Regulation under MIFID II

Monday October 23 2017

The Italian Securities and Exchange Commission (CONSOB) has launched a public consultation on the proposed amendments to the Intermediaries’ Regulation in order to adapt it to the provisions of the second European directive concerning MIFID II and MIFIR which will become effective on 3^rd  January 2018.

The document under consultation contains the amendments to the Intermediaries’ Regulation (Book II, Parts I, II and IV) necessary to govern the authorisation procedure relative to companies, other than banks, from third countries, in compliance with the provisions of MiFID II  (articles 39 et seq.), of MiFIR (Title VIII) and the TUF (article 28).

The main changes will concern:

• The Regulation relating to the register of investment firms and companies, other than banks, from third countries.
• Article 17, which governs the procedure for issuing authorisation to provide investment services/activities both through branches and by means of free provision of services;
• The introduction of Articles 21 which, in accordance with the provisions of article 47, paragraph 3, of the MiFIR, provide for specific procedures for the case a) of a branch of a company from a third country authorised to operate in Italy, which intends to provide investment services/activities by means of free provision of services in another EU country and b) of a branch of a company from a third country authorised to operate in another EU country, which intends to provide investment services/activities by means of free provision of services in Italy.

The deadline for submissions to the consultation is the 8^th of  November

For additional information please click the link above.