On 15 February 2018, the National Commission for Companies and the Stock Exchange (“CONSOB”) approved the new intermediaries regulation (the “Intermediaries Regulation”) which came into force on 20 February 2018 in the Official Gazette (“Gazzetta Ufficiale”). This is the last step in the recognition within the Italian legal framework of Directive (EU) No. 2014/65 of 15 May 2014 (on Markets in Financial Instruments Directive – MiFID) and Regulation (EU) No. 600/2014 of 15 May 2014 (on Markets in Financial Instruments – MiFIR), which aim to strengthen investor protection while operating with financial instruments distributed by intermediaries and/or traded on trading floors in the European Union. The new Intermediaries Regulation was drafted in accordance with the results of the market consultation carried out during the second half of 2017 and contains, inter alia, (a) provisions concerning investor protection, including knowledge and competence requirements for the personnel of intermediaries that support clients and provide them with information; (b) new rules concerning the activities of financial advisers, the new supervisory and sanctioning powers granted to the Supervisory Authority and management of the register of financial advisers; and (c) SIM authorisation procedures and access of EU and non-EU investment companies to the Italian market.