As of 03.10 intermediaries subject to Consob's supervision are required to comply with guidelines (“Guidelines”) issued by European Securities and Markets Authority (“ESMA”) on product governance requirements under MiFID II published on 03.08 and replacing the previous ones issued in June 2017.

The Guidelines are of particular relevance because:

1. have been adopted pursuant to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 ("ESMA Regulation");
2. provide operators with updated guidance in light of regulatory developments, especially with regard to the integration of sustainability profiles in product governance processes, as well as on the basis of the experience acquired in the application of the requirements introduced under MiFID II;
3. include a list of good practices that have emerged from supervisory activity, which, while not an integral part of the Guidelines, is intended to promote harmonization of operating practices at the EU level;
4. Consob has notified the ESMA that it is complying with the Guidelines and incorporating them into its supervisory practices.

Scope and purpose

The Guidelines apply to firms and competent authorities and their objectives are to establish consistent, e...