IT - New Italian MoU on Investments Services and Activities


On 5 November 2019, Consob and the Bank of Italy signed a new Memorandum of Understanding on investment services and activities and on collective investment management which will replace the previous Protocol of 31 October 2007.

In summary, the new Protocol:

  • redefines the scope of the collaboration between the Bank of Italy and Consob in light of the ECB's responsibilities in the context of the Single Supervisory Mechanism;

  • regulates the procedures for exercising the regulatory powers of the two authorities, in line with the changes to the regulatory framework introduced by Legislative Decree No. 129 of 2017, implementing the MiFID II Directive;

  • defines the exchange of information acquired in the course of the checks for which they are respectively responsible and the arrangements for cooperation on inspection issues;

  • contains provisions to ensure coordination in the event of the detection of irregularities and in the area of crisis management of authorised entities;

  • said provisions for the coordination of procedures for the issue of authorisation measures for which the Consolidated Law on Finance - TUF provides for the agreement or the issue of opinions between the two authorities.

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