On 29 December, Consob adopted regulated markets provisions for MIFID.

  • Consob has adopted the new market regulation that incorporate Mifid directive.
  • New market regulation of Consob, will also repeal and replace the existing one.
  • Follows responses to Consob consultation, held between July 31-September 30, 2017.

Key Changes

  • Redefined organizational and operational requirements related to trading venues.
  • For regulated markets, multilateral trading systems (MTF), and new type of OTF.
  • Revised transparency requirements and reporting of financial instruments trades.
  • New limit on positions in commodity derivatives and data communication service.

Effectiveness

  • Will enter in force the day following its date of publication in the official gazette.
  • From its application, firms are required to comply with communication obligation.
  • Special transitional regime has been for timely adjustment to the new disclosure.
  • To persons who, as of 3 January 2018, are already authorized, and fully operational.