Yes, they introduced it in 2016 (announced in 2014 I believe) under the former president, but went largely under the radar because of the 4x4 and two none EU purchase rule. I think we have not talked much about it largely because our squad size generally been under 25 individuals for many years now, but I know it’s been a debate in the Milan community as they had 28 at some point. If you go through all 20 serie a teams you see none had more then 25 over 21 years at the beginning of the season, you can have as many under 22 as you like.
It was part of the home grown implementation and to force club to use more home grown players, it was the whole idea about the recent 15 players on bench implementation as well, to grant them more call ups.
From UEFa own site about CL liste
List A :
“No club can have more than 25 players on List A during the season, of whom at least two must be goalkeepers…
As a minimum, eight of those 25 places are reserved exclusively for 'locally trained players”
List B:
“A player may be registered on List B if he is born on, or after, 1 January 2002 and has been eligible to play for the club concerned for any uninterrupted period of two years since his 15th birthday by the time he is registered with UEFA”
So fundamentally FIGC implies the UEFA CL list rules, with the main difference being that the players must not have turned 22 at the beginning of the season.
It’s not really massive issue for us as we have 26 players of whom two are 21. We have 5 I believe over 21 with contract expiration next summer. So it’s an easy thing to avoid.