(Only in Italian)
Consob ha pubblicato in data 21 dicembre 2022 la Delibera 22551 che modifica il Regolamento Emittenti per l’adeguamento della disciplina sulle informazioni chiave per gli investitori di UCITs alla Direttiva (UE) 2021/2261.

Il Regolamento Emittenti va a recepire l’obbligo, previsto dal Regolamento PRIIPs, di produrre e consegnare il KID in caso di UCITs destinati a clienti al dettaglio.

Per gli UCITs destinati unicamente a investitori qualificati, gli ideatori potranno scegliere se continuare a produrre il KIID oppure il KID.

Inoltre, il 9 dicembre è stata pubblicato lo schema di D.Lgs. di modifica del TUF in attuazione della direttiva UCITs.

Le modifiche sono entrate in vigore dal 1 gennaio 2023.

Published in the Official Journal of the European Union of 16 December 2022 the Directive 2022/2464 on corporate sustainability reporting (CSRD).
The CSRD complements the Non-Financial Reporting Directive 2014/95 by expanding the information on ESG risks and factors to be reported, providing for uniform European disclosure standards and requiring the integration of this disclosure in the annual report.


Consob has published the 2022 Report on financial investments of italian households.
The Report presents evidence on financial knowledge, attitudes and financial choices of Italian investors, also to gain insights relevant to investor protection.

(Only in Italian)
L’IVASS ha pubblicato la Comunicazione statistica Anno II – n. 1 – gennaio 2023 relativa all’attività internazionale delle imprese assicurative italiane e raccolta in Italia delle imprese di proprietà estera.

(Only in Italian)
L’Unità di Informazione Finanziaria per l’Italia (UIF) ha pubblicato la Newsletter n. 1 – 2023- Le Segnalazioni di Operazioni Sospette – contenente una sintesi delle attività svolte nel secondo semestre 2022.


The three european supervisory authorities, eba esma and eiopa, today published their opinion on the draft european sustainability reporting standards developed by the european financial reporting advisory group.

ESMA’s opinion on EFRAG ESRS

ESMA finds that ESRS Set 1 broadly meets the objective of being conducive to investor protection and of not undermining financial stability.

To bring Set 1 from broadly capable to fully capable of meeting that objective, ESMA advises the European Commission to address selected technical issues set out in the opinion. Most notably, these issues relate to possible improvements of the level of consistency vis-à-vis the requirements of the Corporate Sustainability Reporting Directive and other pieces of EU legislation, important clarifications of definitions and terminology and further guidance on the materiality assessment process. The European Commission will consider ESMA’s technical input as it finalises ESRS Set 1 and adopts it into delegated acts.

EBA’s opinion on EFRAG ESRS

The European Banking Authority (EBA) published today an Opinion on the draft European Sustainability Reporting Standards (ESRS) developed by the European Financial Reporting Advisory Group (EFRAG). In this Opinion, addressed to the European Commission, the EBA acknowledges that, overall,  the draft ESRS are consistent with international standards and any other relevant EU Regulation. In addition, the EBA very much welcomes the level of alignment with the Pillar 3 disclosure requirements reached at this stage. The EBA also highlights a few aspects that should deserve further consideration by the European Commission.

In particular, the EBA acknowledges the significant improvement of the draft ESRS prepared by EFRAG compared to the versions put out for consultation. Overall, the EBA welcomes the consistency of ESRS with international standards and relevant EU Regulation, and a better alignment with the disclosure requirements under the EBA Pillar 3 framework. As regards proportionality, the EBA believes that the draft standards offer a well-balanced approach with the relevant phasing-in provisions in place. A few aspects should deserve further consideration by the European Commission, including the timetable for the development of the sector-specific standards for credit institutions.

In this first Opinion, EIOPA assesses whether the draft ESRS promote the disclosure of high-quality material sustainability information, whether the standards facilitate interoperability with other EU legislation and global standards, and, finally, whether they are conducive to consistent and proportionate application by undertakings.
Overall, EIOPA considers that the draft ESRS meet the above objectives even though some aspects can be enhanced upon.
In particular, EIOPA welcomes the general approach on the materiality assessment and the mandatory disclosure requirements that are crucial for financial market participants to calculate and report their principle adverse impact indicators under the Sustainable Finance Disclosure Regulation (SFDR). Nonetheless, EIOPA is of the opinion that more clarity is needed on the boundaries of the value chain for insurers and pension funds so that relevant material sustainability impacts may be reported in a proportionate and risk-based manner.

Regarding consistency with EU sectoral standards, EIOPA notes that further guidance may be necessary to foster comparability with certain SFDR-related indicators and that a continued dialogue among all relevant stakeholders would be beneficial to ensure consistent and coherent implementation. It is also crucial that any upcoming amendments to the SFDR Delegated Regulation be reflected in ESRS. Concerning international standards, EIOPA underlines the importance of avoiding the fragmentation of sustainability reporting requirements across jurisdictions. To this end, compatibility between ESRS standards and IFRS standards should be ensured so that European companies reporting according to ESRS are automatically considered to be compliant with the IFRS sustainability reporting framework.