Avviso Consob del 27 settembre 2023 in merito all’aggiornamento degli Orientamenti emanati dall’ESMA sugli obblighi di governance dei prodotti ai sensi della MiFID II Data di pubblicazione: 28/09/2023 Data di adozione: 27/09/2023

The Italian financial regulatory authority, Consob, issued a notice on 27 September 2023, regarding an update of ESMA’s Guidance on product governance requirements under MiFID II.
ESMA had published the guidelines on 3 August 2023, on its official website and aim to ensure a consistent and harmonized application of product governance requirements, ultimately strengthening investor protection.
The guidelines build on previous ESMA guidance and offer updated directions to market participants, taking into account regulatory changes such as the European Capital Markets Recovery Package and the integration of sustainability aspects into product governance processes. Additionally, they draw from experience gained during the implementation of MiFID II requirements. The Final Report includes a list of „Good practices“ identified through supervisory activities, aimed at harmonizing operational practices at the union level.
The MiFID II product governance requirements are crucial elements of the investor protection framework, ensuring that financial products are manufactured and distributed in the best interests of clients. Firms involved in product manufacturing or distribution must establish and maintain adequate product governance arrangements, including identifying a target market of end clients for each product and ensuring a distribution strategy consistent with this market. These requirements aim to ensure firms act in their clients‘ best interests throughout the product’s lifecycle.
Consob, in compliance with Article 16 of the ESMA Regulation, has communicated its adherence to these guidelines to the European Authority and will integrate them into its supervisory practices.
As a result, financial intermediaries under Consob’s supervision must adhere to the application instructions provided by ESMA through these guidelines, starting from 3 October 2023, replacing the previous guidelines issued in June 2017.