According to the MiFID directive, intermediaries are required to identify conflicts of interest themselves and adopt organizational arrangements capable of preventing them; the regulatory authorities are controlling the effectiveness of the measures adopted and establishing appropriate transparency obligations. The Minister for the Economy and Finance has recently consulted the Bank of Italy on draft criteria for the mandate to transpose the MiFID directive.
The document envisages solutions consistent with the orientation of the Community. In line with the purpose-based allocation of functions, secondary legislation and controls concerning conflicts of interest would be entrusted to Consob. This will require close coordination with the Bank of Italy, which would remain responsible for all the prudential aspects concerning intermediaries’ organization and internal controls. 5.