Last week Consob, the Italian financial services regulator, took a further step in implementing MiFID II, by launching a public consultation in relation to the implementation of MiFID II regime for third-country firms.
This consultation focuses on proposed amendments to second-level regulatory measures, in particular in respect of requirements and procedures for access to the Italian markets.
In brief, third country firms shall be able to provide investment services on the Italian market under several regimes, as per the following scheme:
- vis-à-vis retail clients and opted-up professional clients: through the establishment of a branch in Italy, subject to authorization by Consob;
- vis-à-vis eligible counterparties and per se professional clients:
- through the establishment of a branch in Italy, subject to authorization by Consob, or
- on a cross-border basis, without the establishment of a branch in Italy, either
- if the home country of the firm has been declared equivalent at EU level:
- either by way of registration with ESMA, or
- from a branch established in another EEA jurisdiction, subject to passporting of such branch to Italy;
- or, in the absence or expiration of an equivalence resolution, subject to authorization by Consob.
- if the home country of the firm has been declared equivalent at EU level:
Interestingly, the draft published for consultation also contains some provisions expressly dedicated to reverse-solicitation by retail and opted-up professional clients.
Reverse-solicitation by eligible counterparties and per se professional clients will remain regulated by MiFIR, directly applicable in Italy.
The consultation document is available on Consob website.
