TITLE: Italy's Financial Markets Authority Launches Consultation on Investment Services and Collective Asset Management Regulatory Amendments
BODY:
On July 17, 2026, the Commissione Nazionale per le Società e la Borsa (CONSOB) opened a consultation on a comprehensive package of amendments to its Markets, Intermediaries, and Issuers Regulations. The consultation aims to achieve two objectives: transposing European regulatory innovations from the Markets in Financial Instruments Directive (MiFID II), Alternative Investment Fund Managers Directive (AIFMD), Undertakings for Collective Investment in Transferable Securities Directive (UCITSD), and Markets in Financial Instruments Regulation (MiFIR); and reducing operational burdens on market participants while enhancing regulatory efficiency and alignment with market evolution.
The proposed amendments address market infrastructure, intermediary obligations, collective asset management, and financial research. On market infrastructure, CONSOB proposes updating rules for systematic internalizers—intermediaries executing client orders outside trading venues—by replacing quantitative thresholds with enhanced reporting requirements to CONSOB. The consultation also revises position limits, pre- and post-trade transparency rules, and market data provision requirements.
For intermediaries, a significant simplification involves eliminating the annual publication requirement for the five main execution venues and execution quality information. The amendments also modernise financial research regulation following the Listing Act framework, permitting separate remuneration for research services under revised conditions.
For collective asset management, the proposals expand permitted activities for Organismi di Investimento Collettivo in Valori Mobiliari (UCITS) and Fondi di Investimento Alternativi (AIFs) managers, harmonise liquidity management instruments, update AIFs lending rules, and address conflicts of interest. Additional provisions address retail marketing procedures for European AIFs and Insurance-Based Investment Products (IBIPs) distributed by CONSOB-regulated intermediaries.
The consultation period remains open for 60 days from publication. Responses must be submitted using the dedicated form available on CONSOB's website.