Consob has published the Activity Plan for the adoption of the general regulatory acts and for the periodic review of the regulations and other general documents, relating to the year 2020 (or “2020 Plan”).
Article 2 of the Consob “Regulation concerning the procedures for the adoption of general regulatory acts” (resolution no. 19654 of 5 July 2016) provides that the Institute, for the purposes of the effective and efficient pursuit of its purposes , annually defines a “non-binding planning document, containing the plan of activities it intends to carry out for the adoption of the general regulatory acts and for the periodic review envisaged by article 8”. In particular, for the purposes of the programming in question, Consob takes into account:
– of the higher-level regulatory sources, including those of the European Union, to be implemented or implemented with their own general regulatory acts;
– the commitments made in the national and international cooperation venues between the financial market supervisory authorities;
– the results of the periodic review activity previously carried out pursuant to the aforementioned article 8;
– the need to periodically review the legislation provided for in the aforementioned article 8;
– any indications and proposals received from supervised entities, investors, savers and representative associations of such entities.
The Regulation Plan has the function of informing the public on the main issues that – in the course of 2020 – will be the subject of Consob regulatory activity, to make consultation processes with the market more effective. It focuses on the regulatory activity of Consob and on the regulatory impact assessment activities (VIR) and also contains a brief introduction on the evolution of the European and national regulatory framework for the current year and the program of interventions. planned regulations.
Among the latter, we note in particular:
– the regulatory changes aimed at concluding the transposition process of the Directive (EU) 2017/828 (Shareholders’ Rights Directive, SHRD 2) already started with the publication of the consultation document of 31 October 2019;
– the amendments to the Intermediaries Regulation (Consob resolution n.20307 of 15 February 2018) for the adaptation to Directive 2016/97 (IDD), in coordination with IVASS, already started with the publication of the consultation document of 23 September 2019 ;
– the amendments to the Issuers Regulation (resolution no.11971 of 14 May 1999) as a result of the application of the provisions of the Delegated Regulation (EU) 2018/815 which integrate Directive 2004/109 / EC (Transparency Directive) as regards the rules regulatory techniques relating to the specification of the single electronic financial reporting format (ESEF);
– the adaptation of the provisions contained in the Issuers Regulation relating to the balance between genders in the composition of the administrative and control bodies in the light of the new regulatory framework introduced by Law 27 December 2019, n. 160 (Budget law 2020) on gender quotas in relation to which the consultation was started on January 30th;
– amendments to the Consob regulation containing provisions for implementing legislative decree 21 November 2007, no. 231, adopted with resolution no. 20570 of 4 September 2018 following the process of adapting the primary national legislation to Directive (EU) 2018/843 (V anti-money laundering directive), which entered into force on 9 July 2018.
After the adoption by the Ministry of Economy and Finance of its own Decrees implementing the Audit Directive, Consob will review the regulatory provisions on the supervision of auditors, the independence of auditors of public interest entities (EIP) and quality controls on EIP auditors.
With regard to VIR activities, the Plan for 2020 takes into consideration the disciplinary sectors that have not been subject to changes in the last three years or for which, in the current year, adjustments to the higher-ranking discipline are not due. In particular, the VIR activities included in the Plan provide for the completion of the review processes planned and started during 2019 relating to: (i) Regulation on the functioning of the Arbitrator for Financial Controversies (ACF) adopted with resolution no. 19602 of May 4, 2016; (ii) Issuer Regulations, relating to the provisions on the takeover bids; (iii) Regulation no. 19654 of 5 July 2016 concerning the procedures for the adoption of general regulatory acts; (iv) Regulation no. 18750 of 19 December 2016 on the Consob sanctioning procedure. To these must be added the revision of the provisions contained in the Intermediate Regulations
