meta_id 3280321

On June 26, 2026, the Italian parliament introduced draft Legislative Decree amending the Consolidated Law on Finance (TUF) to bring it into line with Regulation (EU) 2024/3005 on Environmental, Social and Governance (ESG) ratings and introducing amendments to Legislative Decree 47/2026 on capital markets reform. The draft legislative decree introduces the following amendments: The ESG rating is a summary indicator that measures the level of sustainability and ethical responsibility of a company or a financial fund. ESG ratings provide an assessment of the sustainability profile of a company or a financial instrument, evaluating its impact on society and the environment and its exposure to risks associated with sustainability issues. Regulation (EU) No 2024/3005 aims to strengthen the reliability and comparability of ESG ratings by improving the transparency and integrity of the activities carried out by ESG rating providers and by preventing potential conflicts of interest. In particular, the amendments create the following obligations: ESG rating providers established in the Union will be required to be authorised by the European Securities and Markets Authority (ESMA), be subject to its supervision and comply with transparency obligations, particularly regarding the methodology used and the sources of information. ESG rating providers established outside the Union who wish to operate within the Union will have to have their ESG ratings endorsed by an authorised ESG rating provider in the EU, obtain recognition based on a quantitative criterion, or be included in the EU register of ESG rating providers on the basis of an equivalence decision. The amendments designate Consob as the competent authority to exercise the functions and powers provided for in Regulation (EU) No 2024/3005, concerning the transparency and integrity of ESG rating activities). ESG rating providers established in the Union will be required to be authorised by the European Securities and Markets Authority (ESMA), be subject to its supervision and comply with transparency obligations, particularly regarding the methodology used and the sources of information. ESG rating providers established outside the Union who wish to operate within the Union will have to have their ESG ratings endorsed by an authorised ESG rating provider in the EU, obtain recognition based on a quantitative criterion, or be included in the EU register of ESG rating providers on the basis of an equivalence decision. The amendments designate Consob as the competent authority to exercise the functions and powers provided for in Regulation (EU) No 2024/3005, concerning the transparency and integrity of ESG rating activities). The other amendments to the TUF provided for in Article 1 of the draft consist of corrections to internal cross references and coordination amendments made necessary by the changes introduced by Legislative Decree No. 47 of 2026, implementing the delegated powers for the comprehensive reform of the provisions governing capital markets. Article 2 amends Legislative Decree No 47 of 2026 in order to correct mere typographical errors and references to legislation. Article 3 corrects certain typographical errors contained in the provisions of the Civil Code, as amended by Legislative Decree No. 47 of 2026. Article 4 contains the financial invariance clause, stipulating that the administrations concerned shall implement this decree using the human, operational and financial resources available under current legislation and, in any event, without imposing any new or additional burdens on the public finances. Article 5 governs the entry into force of the Legislative Decree, on the day following its publication in the Official Gazette.