The Bank of Italy and Consob, as competent supervisory authorities for Italian central counterparties (CCPs), comply with the 'Guidelines on CCP conflict of interest management' issued by the European Securities and Markets Authority (ESMA) by incorporating them into their supervisory practices.
The Guidelines, published on the ESMA website on April 5th, clarify the concept of conflict of interests and detail the rules and procedures that CCPs should adopt in relation to the identification, prevention and management of conflicts of interests. This is aimed at promoting a common, uniform and consistent application of the Union law (Article 33 of Regulation (EU) No 648/2012 and Articles 3, 5, 6 and 7 of Commission Delegated Regulation (EU) No 153/2013).
The Bank of Italy and Consob have notified their compliance with the Guidelines to ESMA, pursuant to Regulation (EU) No 1095/2010.
