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MiFID II and MiFIR - Italian transposition

  • Italy
  • United Kingdom
  • Banking and finance - Articles
  • Financial services and markets regulation - MiFID
  • Financial institutions - Asset managers and funds


On 28 July 2017 the Legislative Decree transposing Directive 2014/65/EU on markets in financial instruments (MiFID II) and Regulation (EU) 600/2014 (MiFIR) in Italy (the “Decree”) has been finally approved.
The Decree amends and integrates the Italian Financial Act in order to comply with the MiFID II provisions.

With specific reference to the investor’s protection, the Decree transposes the provisions relating to product intervention and entrusts the Bank of Italy and CONSOB with new powers to prohibit or restrict marketing, distribution or sale of financial instruments or financial activities or certain structured deposits where there is a significant investor’s protection concern.  The Decree has also strengthened the provisions relating to conflict of interest, inducements and it has introduced specific provisions concerning the investment advice provided on an independent basis (e.g. investment firms must inform clients whether their advice is provided on an independent basis).  In addition, specific provisions dealing with the new product governance measures have been introduced.

The market regulation is now completely revised.  The Decree transposes MiFID II provisions relating to the organised trading facility (OTF), as well as the enhancement of pre/post-trading transparency obligations (extended to all trading venues). It also recognises the introduction of a specific discipline for algorithmic negotiation.

In relation to ‘third-country firms’, the Decree requires that a firms intending to provide investment services or perform investment activities (with or without any ancillary services) vis-à-vis retail clients or professional clients in Italy shall establish a branch. The branch shall be autorised by CONSOB in accordance with certain conditions.  As regards the freedom to provide services, the Decree makes express reference to MiFIR’s requirements.

Open consultation

CONSOB has launched the process of consultation and reform of the second level provisions.

The documents relating to the open consultation are available at the following link:

How we can help

Eversheds Sutherland can assist you on the MiFID II project implementation in relation to the (i) planning, managing and implementing the project at every stage; (ii) drafting the gap analysis and reviewing of all the relevant documentation and (iii) setting up and providing ongoing compliance of branches of foreign investments firms.

If you would like to find out more, please contact one of our contacts below.



For more information contact

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