(Only in Italian)
Consob ha pubblicato un Richiamo di attenzione agli emittenti vigilati sull’informativa finanziaria e sugli adempimenti connessi al rispetto delle misure restrittive adottate dall’unione europea nei confronti della russia, nonché sugli adempimenti dei gestori di portali on-line.
Il 18 marzo 2022 la Consob ha richiamato l’attenzione degli emittenti vigilati sull’impatto della guerra in Ucraina in ordine alle informazioni privilegiate e alle rendicontazioni finanziarie.
Il 13 maggio 2022 l’Esma, Autorità di vigilanza sui mercati finanziari, ha pubblicato il Public Statement “Implications of Russia’s invasion of Ukraine on half-yearly financial reports” afferente agli effetti dell’invasione dell’Ucraina da parte della Russia sulle rendicontazioni finanziarie semestrali 2022 redatte secondo lo IAS 34 “Bilanci intermedi”. Al riguardo, la Commissione richiama l’attenzione ( Richiamo di attenzione n. 3/22 del 19 maggio 2022) degli organi di amministrazione, degli organi di controllo, anche nella loro qualità di audit committee, e delle società di revisione, coinvolti nel processo di produzione dell’informativa finanziaria pubblicata dai soggetti vigilati ossia gli emittenti quotati aventi l’Italia come Stato membro d’origine ai sensi dell’articolo 1.w-quater del d.lgs. n. 58/98 (“Tuf”), gli emittenti strumenti finanziari diffusi tra il pubblico in misura rilevante ai sensi dell’articolo 116 del Tuf, gli emittenti strumenti finanziari negoziati su sistemi multilaterali di negoziazione (“MTF”) e su sistemi organizzati di negoziazione (“OTF”) soggetti al Regolamento Ue n. 596/2014 (“MAR”), sulle raccomandazioni fornite dall’Esma nel suddetto Public Statement, che si intende integralmente richiamato dalla Commissione. I contenuti del Public Statement dell’Esma si intendono richiamati, ove compatibili, anche per le società che utilizzano i principi contabili nazionali.
Per quanto concerne i prospetti di offerta pubblica/ammissione alle negoziazioni di strumenti finanziari nonché i relativi supplementi e i documenti di offerta pubblica di acquisto e dei comunicati dell’emittente si richiama l’attenzione circa la necessità di riportare le informazioni quali-quantitative in merito agli impatti del conflitto. Gli amministratori dovranno rivalutare le informazioni riguardanti i piani aziendali e le previsioni o stime dei risultati precedentemente diffusi al mercato.
La Consob, inoltre, visto il prolungarsi del conflitto in Ucraina, ha, altresì, richiamato l’attenzione ( Richiamo di attenzione n. 2/22 del 19 maggio 2022) dei gestori di portali on-line iscritti nel registro previsto dall’articolo 50- quinquies, comma 2, del Tuf, sulla necessità di rappresentare in maniera dettagliata e compiuta i possibili effetti del conflitto in parola nel contesto della raccolta on-line di capitali per le piccole e medie imprese.
It remains the responsibility of the fund manager to carry out a thorough analysis to ascertain which measures and tools can be activated at national level and under what conditions, carefully weighing both the advantages and disadvantages for investors wishing to subscribe, redeem or continue investing in the fund.
Consob and the Bank of Italy will continue to monitor the impacts of the conflict and provide information on issues arising from the war in Ukraine.
It is recalled that with the Press Release dated last 7 th March, CONSOB, the Bank of Italy, IVASS and UIF have pointed out to the supervised entities the need of a full compliance with the restrictive measures decided by the European Union in response to the situation in Ukraine.
The number of websites blacked out since July 2019 has thus risen to 703.
ESMA has published its final report on the relevance of extending the transitional period set out in Article 48 of the Crowdfunding Regulation (CR).
Crowdfunding service providers (CSPs) that provide their services only on a national basis currently benefit from a transitional period that is set to expire on 10 November 2022. In its final report, ESMA discusses the application of the CR to these CSPs as well as the relevance of extending the transitional period set out in Article 48.
In this context, ESMA expresses concerns with the potentially detrimental consequence an absence of extension of the transitional period could have on some national crowdfunding markets. At the same time, ESMA would like to mention investor protection and convergence concerns that may arise from the extension of the transitional period.
Therefore, in order to avoid that any extension unnecessarily delays the transition to the crowdfunding regulation, ESMA suggest to the European Commission to explore the possibility of applying this extension to crowdfunding service providers currently operating only on a national basis which have duly applied for authorisation prior to 1 October 2022.
The Report concludes that further work is to be done regarding the extension of the list of eligible financial instruments to certain public entities and potentially to covered bonds pending further research. ESMA will also pursue further work within the CCP Supervisory Committee to ensure a common supervisory approach regarding CCP investment practices.
ESMA was mandated to assess whether the scope of highly liquid financial instruments with minimal market and credit risk for CCP cash reinvestments should be extended and if such a list should include some or all Money Market Funds (MMF) authorised under the MMFR.
The report concludes that it would be premature to allow CCP investments in MMFs, as no category of MMFs currently meets all the conditions that define highly liquid financial instruments. The forthcoming review of the MMF Regulation is expected to assess possible changes to the regulatory framework that might make EU MMF adequate for CCP investments.
ESMA has published four Consultation Papers on its proposed Guidelines for the EU central counterparty (CCP) resolution regime.
The four Consultation Papers (CP) cover two mandated proposals for Guidelines on the assessment of resolvability by resolution authorities and on the type and content of the provisions included in the cooperation arrangements between Member States and third-country authorities. The CPs also include two non-mandated proposals for Guidelines on the summary of the resolution plan to be shared with CCPs, as well as on a template for the standard written arrangement referred to in the Regulatory Technical Standards for resolution colleges.
The aim of these consultations is to further advance on the recovery and resolution regime for CCPs where the proposed Guidelines complement the new Recovery and Resolution Regulation and will provide further guidance on cooperation as well as provide EU regulators with the necessary tools to ensure supervisory convergence across the EU.
The consultation will end on 1 August 2022.
