CAPITAL MARKETS | CONSOB and Ivass strengthen cooperation with three Memorandums of Understanding

On 20 December 2024, Consob and Ivass signed three Memorandums of Understanding (MoUs) to strengthen cooperation and coordination in the supervisory activities on issuers supervised by Consob that fall within the scope of Ivass’s supervision of the distribution of insurance investment products (so-called Ibips, Investment Based Insurance Products) and in the field of Priips (Packaged Retail and Insurance-based Investment Products) limited to Ibips. The MoUs identify a set of information, data and documents that the two Authorities will exchange on a regular basis or upon the occurrence of certain events or upon request. In particular, the MoU on Issuers provides for the exchange of supervisory information on ownership structures, corporate governance, financial position, prudential compliance, sustainability reporting, and statutory audits. It also covers information-sharing in the context of Consob’s approval of prospectuses or exemption documents and public purchase or exchange offers involving entities supervised by Ivass. The MoU on the distribution of Ibips aims to ensure uniformity in the sale of such products, regardless of the distribution channel, through the exchange of relevant personal and operational data obtained during supervisory activities. The MoU on the Ibip Kid further establishes coordination mechanisms between Consob and Ivass in order to align supervisory initiatives under the Priips Regulation, considering the overlap of their actions on common supervised entities. More generally, the  exchange of information under these MoUs also serves to facilitate coordinated supervisory activities, thereby reducing the burden on supervised entities.

Newsletter n. 104 – February 2025