On 13 November, Consob proposed rules on whistleblowing protections.
- MiFID II requires firms to adopt procedures to enable staff report rule violations.
- Rules cover financial consulting firms, market operators and communication firms.
- Provisions have been extended to the operators of equity crowdfunding platforms.
- Firms are required to approval internal reporting systems by administrative board.
- Communication channels are to be secure, specific and independent from others.
- A systems manager should be appointed to ensure correct and timely reporting.
- Comments are due by 24 November 2017.