Consob has published the Report 2021 on non-financial reporting of italian listed companies.
The Report examines, for the fourth consecutive year, the effects of the entry into force of Directive 2014/95/EU, transposed in Italy with Legislative Decree 254/2016, with the aim of capturing any signs of the consideration of ESG factors in the definition of business models, decision-making, strategies and corporate governance models.
ESMA is consulting on reviewed guidelines on MiFID II product governance guidelines.
ESMA proposes updating the 2017 product governance guidelines following several recent regulatory and supervisory developments, including the outcome of the 2021 common supervisory action (CSA) on product governance.

The main proposals in the draft guidelines relate to:
  • the specification of any sustainability-related objectives a product is compatible with;
  • the practice of identifying a target market per cluster of products instead of per individual product (“clustering approach”);
  • the determination of a compatible distribution strategy where a distributor considers that a more complex product can be distributed under non-advised sales;
  • the periodic review of products, including the application of the proportionality principle.
The Consultation Paper also includes good practices identified in the 2021 CSA to complement the existing guidelines, as well as an additional case study. ESMA believes that these practical examples will help firms comply with the relevant product governance requirements.
The consultation will end on 7 October 2022.
ESMA has announced an update on the way forward for third-country CCPs (TC-CCPs) whose applications for recognition, under the European Market Infrastructure Regulation (EMIR), were suspended until 28 June 2022.

ESMA has launched a consultation on amendments to the Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR).
The proposed amendments cover the form and content of an application for recognition.
ESMA’s objective for this review is to align the information provided in a recognition application with the changes introduced to the BMR in the ESAs Review. It also aims at ensuring that the application includes all relevant information to enable ESMA to assess whether the applicant has established all the necessary arrangements to fulfil the Regulation’s requirements.
The consultation will end on 9 September 2022.