Consob supports the recommendations on how to report the information needed to assess the risks and opportunities related to climate change, published in July 2017 by the Task Force on Climate-related Financial Disclosures (Tcfd), set up under the Financial Stability Board. The initiative is part of Consob’s strategy to promote the achievement of the EU objectives of increasing investments in investments characterised by environmental and social sustainability. Consob encourages operators to voluntarily adopt the Tcfd recommendations and to draw up the Non-Financial Declaration to increase transparency in financial markets on climate-related risks and opportunities. Support for the Tcfd recommendations is one of the initiatives taken by Consob to raise awareness among listed companies of the need for reliable and comparable sustainability information. “Anna Genovese, Consob Commissioner, commented: “The good quality of the information on climate change contained in companies’ sustainability reports is an indispensable condition for directing savings towards the real economy and for protecting investors in the context of transparency regulation on sustainable finance.

The EBA has published the final draft implementing technical standards (ITS) required by Regulation (EU) 2019/2033 (IFR) in relation to supervisory reporting and the disclosures to be made by investment firms. Specifically, the draft ITS covers:

  • the templates and disclosures to be provided by investment firms on own funds, as mandated by Article 49(2) of the IFR;
  • the reporting requirements for investment firms as mandated by Article 54 of the IFR, with particular reference to formats and dates for reporting, definitions and instructions on how to use these formats.

ITS follow criteria of proportionality with respect to the nature, scope and complexity of the activities of investment firms, taking into account differences in the level of detail of information presented by an investment firm that meets the conditions to qualify as a small non-interconnected investment firm.