On 28 December 2017, CONSOB approved certain amendments to the Issuers’ Regulation (Regulation n. 11971 of May 14, 1999) aimed at implementing the (EU) Regulation n. 1286/2014, relating to documents containing key information for Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) – directly applicable in the Member States from January 1, 2018 – and the related implementing provisions contained in the Legislative Decree of February 24, 1998, n. 58 (Consolidated Financial Law – “TUF”).
The Key Information Document (or “KID”) is a mandatory document containing the key information that must be provided to retail investors purchasing Packaged Retail and Insurance-based Investment Products (PRIIPs), in order to facilitate understanding and comparability of investment products.
The new provisions of the Issuers’ Regulation establish mandatory filing with CONSOB of KIDs, in accordance with the provisions of article 4-sexies, paragraph 5 of the TUF.
The Authority introduced a new Chapter IV-bis in Part II, Title I of the Issuers’ Regulation. This Chapter contains two new articles:
- Article 34-bis.1, which provides definitions;
- Article 34-bis.2 containing the provisions on the mandatory notification of KIDs to CONSOB.
As regards, in particular, the notification of KIDs to CONSOB, it is envisaged that this shall occur by means of depositing the document to the Commission, according to the procedures specified by CONOSB in its implementation guidelines (published on CONSOB’s website on December 22, 2017 – See our Newsflash n. 39).
The resolution regarding the amendments to the regulation alongside the illustrative report on the amendments made to the regulation are available on the website www.consob.it.