With Notice No. 24573 of 19 July 2021, Borsa Italiana published amendments to the Regulations of MTFs (Multilateral Trading Facilities).

The amendments concern:

  • the AIM Italia Regulations
  • the ATFUND Regulations;
  • the BIT EQUITY MTF Regulations;
  • the EXTRAMOT Regulations;
  • the SEDEX Regulations;
  • the EuroTLX Regulations.

The amendments will come into force on 3 August 2021.

EBA has published a Discussion Paper aiming at gathering some preliminary input on how to standardise the proportionality assessment methodology for credit institutions and investment firms.

The proportionality assessment methodology entails two separate steps:

  • the definition of four different classifications and
  • the definition of the metrics applicable to the different categorisations in view of assessing whether there is need for proportional treatment of the different categories of institutions.

The first step proposes three different categorisations for credit institutions and one categorisation for investment firms. The classifications include a different combination of criteria based on size and risk profile.

The consultation will close on 22 October.

ESMA has updated its Q&A on the implementation of the Regulation (EU) No 600/2014 (MiFIR) regime with regard to the topic of data reporting.

The update concerns in particular:

  • the actions to be taken by the operator of the trading venue or by the systematic internalisation in cases where the issuer’s LEI code cannot be obtained;
  • the identification of the LEI code to be reported in the case of a financial instrument issued by an AIF or a UCITS.

ESMA has published a new update to its Q&A on the application of Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (UCITS).

The update covers:

  • the way performance fees are paid to delegated portfolio managers;
  • the frequency of crystallisation of performance fees for a UCITS.