During the past few years the Italian law has started regulating the SRI sector.
Law 243/2004, art.1 paragraph 2 - l
It states that all kinds of complementary retirement funds must state in their annual report and, synthetically, in written letters sent to each subscriber, whether and how ethical, social and environmental factors are taken into account in both the management of the financial resources coming from the contributions of the fund subscribers, and the exercise of rights coming from the possession of equity held in portfolio.
Law 252/2005, Art. 6 paragraph 14
States that all kinds of complementary retirement plans must state in their annual report and, synthetically, in written letters sent to each subscriber, whether and how ethical, social and environmental factors are taken into account in both the management of the financial resources coming from the contributions of the fund subscribers, and the exercise of rights coming from the possession of equity held in portfolio.
The same law entitles COVIP as the entity responsible for ruling and controlling over the above requirement.
Law 262/2005
The Law modifies the text of Law 58/1998. In particular, it changes art. 117-ter (Dispositions concerning ethical finance).
Consob, after having heard all interested parties and the competent regulatory Authorities, determines the specific obligations relative to information and reporting which bind all entitled entities and all insurance companies which promote "ethical" or "socially responsible" products or services.
May 30, 2007, resolution 15961
Consob established that all entities promoting "ethical" or "socially responsible" products or services will have to provide further information to customers in their annual report or through their web site. The resolution thus implements art. 117 of Law 58/1998.
