DECRETO LEGISLATIVO 7 dicembre 2023, n. 207 : Recepimento della raccomandazione CERS/2011/3 del Comitato europeo per il rischio sistemico, del 22 dicembre 2011, relativa al mandato macroprudenziale delle autorita‘ nazionali, e per l’attuazione degli articoli 23-ter, paragrafo 7, e 28, paragrafo 2, del regolamento (UE) 2016/1011, come modificato dal regolamento (UE) 2021/168. (23G00215)

The Legislative Decree of 7 December 2023, No. 207 has been published in the Official Gazette No. 300.
The Legislative Decree implements Recommendation ESRB/2011/3 of the European Systemic Risk Board of 22 December 2011 at national level by establishing a Macroprudential Policy Committee as an independent authority. In the recommendation, the ESRB advised member states to designate an authority entrusted with the implementation of macroprudential policy.
Aligned with the goal of macroprudential supervision, the Committee will work towards ensuring the stability of the overall financial system. This involves strengthening the financial system’s capacity to absorb the consequences of events that threaten its stability, as well as preventing and mitigating systemic risks. In doing so, the Committee aims to promote a sustainable contribution from the financial sector to economic growth.
The Committee’s responsibilities include identifying, analysing, monitoring, and evaluating risks to the financial system, sharing necessary data with authorities, defining indicators for systemic risk monitoring, and formulating strategies aligned with its objectives. Additionally, the Committee may make public or confidential reports on systemic risk, issue recommendations to supervisory authorities, and address the Parliament and Government on relevant matters. The Committee has the power to request information from public and private entities relevant to financial stability.
Decisions of the Committee require a majority vote and are generally made public unless deemed a risk to financial stability. It may collaborate with the European Systemic Risk Board, the European Central Bank, and macroprudential authorities of other EU member states.
The Committee includes the Governor of the Bank of Italy, who serves as its chair, the President of the National Commission for Companies and the Stock Exchange (Consob), the President of the Insurance Supervisory Authority (IVASS), and the President of the Pension Funds Supervisory Commission (COVIP), representing their respective authorities.
Furthermore, the decree introduces provisions on the variation and termination of reference indices applied to banking contracts, implementing Articles 23b(7) and 28(2) of Regulation (EU) No 2016/1011 (BMR). Specifically, Article 23b(7) provides that Member States shall designate a relevant authority to conduct, in accordance with Article 23b(5)(a), the assessment of the inadequacy of a contractually stipulated substitute reference index (fallback clause), on the occurrence of the cessation of a reference index or its inadequacy. Article 28(2) of the BMR states that supervised entities operating in the financial sector that use a reference index shall prepare and maintain robust written plans specifying the actions they intend to take in the event of material changes to a reference index or if the index ceases to be provided. The plans and any subsequent amendments shall be provided to the competent authority upon its request and without undue delay and shall reflect them in their contractual relationship with customers.