(Finance) – The CONSOB el’IVASS they have signed three Memoranda of Understanding For strengthen collaboration and coordination in supervisory activities on issuers supervised by CONSOB that fall within the supervisory perimeter of IVASS on the distribution of insurance investment products (the so-called Ibips, Investment Based Insurance Products) and on Priips (Packadged Retail and Insurance-based Investment Products) limited to Ibips.
The Protocols identify a set of information, data and documents that the two Authorities will exchange periodically or upon the occurrence of certain events or upon request.
In particular, the protocol regarding issuers establishes that the two Authorities exchange supervisory information on ownership and technical-organizational structures, corporate governance, economic-financial situation, verification of compliance with prudential rules, sustainability reporting as well as on matters that concern the subjects in charge of the legal audit of the accounts. The exchange of information is also envisaged on the occasion of the initiation by CONSOB of procedures for theapproval of prospectuses (or the documents for exemption from the obligation to publish the prospectus) and the documents relating to public purchase and/or exchange offers which concern the subjects supervised by IVASS.
Generally speaking, information exchanges are also functional for evaluating coordinated supervisory activities with a view to containing the burdens for supervised entities. Finally, all protocols establish methods for collaboration in the inspection and regulatory fields.