[Newsflash n. 40]


On 29 December 2017, Consob adopted the new Markets Regulation implementing the regulatory changes introduced by MiFID II and MiFIR.

The new Regulation replaces the current version and:

  • Repeals some pre-existing provisions on topics now covered by a broader and more detailed regulation at a national (in the Italian Consolidated Financial Act) or European level (in MiFIR and the related delegated acts, directly applicable in Italy);
  • Introduces new rules by accurately transposing the relevant European regulatory provisions.

The main changes include the definition of:

  1. Organisational and operational requirements for trading venues, i.e. regulated markets, multilateral trading facilities (MTF) and the newly introduced type of organised trading system (Organised Trading Facility, OTF);
  2. New rules applicable to data communication services providers;
  3. Position limits for commodity derivatives;
  4. Pre-trade and post-trade transparency requirements and reporting obligations.

Each one of the above-mentioned regulatory areas is transposed into a specific section of the new Regulation, each divided into two sub-sections:

  • “Discipline/Requirements”: including provisions aiming at (a) implementing the MiFID rules which have not been transposed into the Italian Consolidated Financial Act (“TUF”); (b) introducing the operational procedures for the fullfillment of the obligations set out by MiFID II, MiFIR and the relevant Regulatory Techincal Standards;
  • “Information and communication obligations”: defining the obligations vis-à-vis Consob for the exercise of its supervisory duties.

The new Markets Regulation will come into force on the day following its publication on the Italian Official Gazette.

A specific transitional regime has also been set out to enable the prompt adaptation to the new rules for such subjects that, as of 3 January 2018, are already authorised and operational.

Legália will monitor future developments and remains at your disposal should you need any clarification on these and other MiFID II and MiFIR related matters.



Vito Vittore

Elena Pagnoni
Of counsel

Luigi Bonifacio