ESG / CAPITAL MARKETS | CONSOB launches public consultation on amendments to the Issuers’ Regulation on corporate sustainability reporting

On 13 December 2024, Consob submitted to the market a number of proposed amendments to the Issuers’ Regulation (Regolamento Emittenti), in implementation of the regulatory delegation provided by Legislative Decree No. 125 of 6 September 2024 (the Decree), by which the Italian government transposed Directive (EU) 2022/2464 on corporate sustainability reporting (CSRD) into national law.

The consultation document describes Consob’s proposed amendments to the Issuers’ Regulation subject to consultation, which can briefly be represented as follows: (a) introduction of a new Article 89-quinquies to the Issuers’ Regulation, in order to introduce the new discipline on the terms and procedures of Consob’s control on sustainability reports included in its supervisory scope, as they are published by listed issuers having Italy as their home member state; and (b) supplementation of Article 81-ter(1) of the Issuers’ Regulation in order to clarify that the statement of sustainability reporting must be provided by the manager in charge according to the specific schedule no. 3, which will be added to Annex 3C-ter to the Issuers’ Regulation. It should be noted that, with the present intervention, Consob has not deemed it appropriate to execute the regulatory delegation provided for in Article 18(9) of the Decree, according to which Consob should have identified the temporary principles to be followed by the appointed sustainability auditor when certifying the compliance of sustainability reporting, as well as the formulation of the conclusions of the report referred to in Article 14-bis of Legislative Decree No. 39/2010. The consultation ended on 13 January 2025.

Newsletter n. 103 – January 2025