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Interpretative Communication of the Consob Regulation /

We received some questions about the recent Interpretative Communication of the Rules of Consob.Ci seems interesting to note the problems relating to the" passage "from a SSO inherent in trading on unlisted shares on regulated markets (such as shares of a banking institution that is not listed on regulated markets) to a task "MiFID compliance.

Consob says: "........
In general, it is noted that the provisions of Consob Regulation 16191 on markets and in the text of the communication in question is what specifically required by MiFID and the EU Regulation 1287/2006. As noted, the definition of systematic internalisation does not contain references to the object (financial instrument) activities carried out by authorized person. Identifying elements of the activity of systematic internalisation therefore apply to both the world of actions and activities concerning securities other than shares .
That said, we recognize the operational difficulties - due to the broad scope of requirements - involved in assessing the request to qualified parties for the traceability of its activity to that of systematic internalisation. Notes, However, remember that the activity of systematic internalisation to be identified as such requires the simultaneous presence of conditions relating to: i) the commercial role; ii) the existence and operation on the basis of non-discretionary rules and procedures, iii) the course by staff or by automated technical system for this activity, regardless of whether the staff or the system are used exclusively for that purpose; iv) accessibility to clients on a regular and continuous ...... ..
..... Observation showed Assiom
ABI and the opportunity to limit the identification of the factor di internalizzazione sistematica legato al “ruolo commerciale rilevante”, anche in relazione all’operatività per conto proprio dell’intermediario condotta nei confronti della propria clientela su strumenti finanziari non azionari di propria emissione. A tale riguardo, viene evidenziato come l’attività di mercato secondario di riacquisto di emissioni obbligazionarie proprie non debba ricadere nelle attività aventi un ruolo commerciale rilevante per evitare che gli intermediari – nel timore di doversi dichiarare internalizzatore sistematico – abbandoni tale tipo di attività di servizio nei confronti della clientela che ha acquistato emissioni cosiddette
“branded”. Viene richiesto, therefore, to be maintained a system of post-trade transparency in line with that set out in CONSOB 14 035 of 17 April.

It seems clear that there is no distinction made between actions and not understanding that post-trade transparency is maintained in line with Consob n.14035 (SSO). In essence, after March 31 each SSO (which will cease to exist "as a definition of alternative trading system") shall have the right to continue its operations or in the guise of a systematic internaliser (with Consob communication no later than March 31) on their own or as normal (with transparency equal to repeat what happened before -but in this case MiFID also talks about the conflict of interest, for which there is an optimal choice NOT-) or as part of an MTF.