The Italian Securities Commission (Consob) issued an attention call on the inclusion of environmental, social and governance (ESG) factors in the decision-making of collective investment undertakings (OICR) and on product-level disclosure transparency by managers. The aim is to support correct application of existing sustainable finance requirements and promote supervisory convergence in line with initiatives launched by the European Securities and Markets Authority (ESMA). Based on its supervisory experience, Consob identified core elements of the relevant framework and highlighted good and poor practices relating to pre-contractual and periodic product disclosures and the integration of ESG factors into the investment decision process. The document is complementary to Consob’s previous attention call of 25 July 2024 on funds’ alignment with sustainable finance obligations in the provision of investment services. Consob indicated that the attention call does not exhaust all areas of potential concern and that further issues may emerge as supervisory activity continues, reflecting the complexity and evolving nature of sustainable finance.
Italian Securities Commission (Consob) 2025-02-11
Italian Securities Commission issues attention call on ESG integration and product-level transparency for investment funds
The Italian Securities Commission (Consob) emphasized integrating ESG factors in collective investments and transparency in product disclosures. This aims to ensure compliance with sustainable finance requirements and align with the European Securities and Markets Authority. Consob identified good and poor ESG practices and noted potential issues as supervisory activities progress.