Delibera n. 22804, modifiche al regolamento recante norme di attuazione del decreto legislativo 24 febbraio 1998, n. 58, in materia di mercati, adottato con delibera del 28 dicembre 2017, n. 20249 Data di pubblicazione: 07/09/2023 Data di adozione: 06/09/2023

Following a consultation held between June and July 2023, please see EVENTID#21718, Consob published on 6 September 2023, Resolution No. 22804 concerning amendments to the Market Regulation concerning rules for data communication services and derivatives markets related to commodities.
The changes made to the Market Regulation aim to align the existing rules with European regulations, specifically with MiFIR in the area of data communication services and MiFID regarding position limits for agricultural commodity derivatives and critical or significant commodity derivatives.
The changes impact Consob’s supervisory jurisdiction and were necessary due to the centralization of supervision of data communication service providers under ESMA.
Concerning derivatives markets related to commodities, the rules on position limits and exemptions have been reformed as per Directive (EU) 2021/338, part of the Capital Markets Recovery Package, which amends the MiFID II regime. It aims to support the growth and liquidity of less developed commodity markets, particularly energy markets essential for economic recovery, and simultaneously simplifies the regime for agricultural commodity derivatives intended for human consumption.
Particularly, Consob made specific changes to Part III “Data Communication Services“ and Part V “Position Limits and Controls on the Management of Positions in Derivative Instruments on Commodities“.
Consob retains residual authority only over Approved Reporting Mechanisms (ARM) and Approved Publication Arrangements (APA) due to their limited relevance to the domestic market, benefiting from an exemption provided by the MiFIR Regulation.
The Resolution comes into effect on the day following its publication in the Official Gazette.