DECRETO LEGISLATIVO 10 marzo 2023, n. 31 : Attuazione della direttiva (UE) 2021/338 del Parlamento europeo e del Consiglio, del 16 febbraio 2021, che modifica la direttiva 2014/65/UE per quanto riguarda gli obblighi di informazione, la governance del prodotto e i limiti di posizione, e le direttive 2013/36/UE e (UE) 2019/878 per quanto riguarda la loro applicazione alle imprese di investimento, per sostenere la ripresa dalla crisi COVID-19. (23G00039)

The Legislative Decree No. 31 on 10 March 2023 implementing MiFID II Amending Directive – Directive (EU) 2021/338 regarding disclosure requirements, product governance and position limits, was published in the Official Journal, Gazzetta ufficiale. This Directive is part of the EU’s „Capital Markets Recovery Package“, which aims to support the recapitalisation of EU businesses on the financial markets due to the crisis caused by the COVID-19 pandemic.
The main objective of the decree is to simplify non-essential bureaucratic burdens by providing a series of measures aimed at mitigating the economic difficulties of intermediaries.
These changes will have a significant impact on both investors and the attenuation of non-essential obligations in favor of professional clients and qualified counterparties provided for by MiFID II.
Among the main changes introduced by the decree are the exemption from product governance requirements, the simplification of disclosure requirements and the possibility for investment firms to be exempt from information obligations, suitability assessment and best execution obligations, as well as order management obligations for qualified counterparties.
In addition, the decree provides for the temporary suspension of regular public disclosure requirements on best execution provided by European trading venues and other execution venues, as well as the introduction of support measures for commodity derivatives.
The measure enters into force on 8 April 2023**.