Bank of Italy and Consob  have signed a new memorandum of understanding on the exchange of information on banks that make public offers relating to debt securities (so-called “infobond”).

The new MoU replaces the one signed by the two Authorities in 2012.
The revision of the 2012 agreement was made necessary following the regulatory changes that have occurred in the meantime, including the implementation of the new European framework on prudential matters (CRD IV / CRR) as well as the new EU legislation on prospectuses (EU Regulation 2017/1129).
The agreement concerns the coordination between the Bank of Italy and Consob in the exercise of supervisory functions and the exchange of information in the context of the procedures concerning banks subject to the direct supervision of the Bank of Italy and concerning the prospectus to be publish for the offer or admission to trading of debt securities on a regulated market; strengthens cooperation between the two authorities by expanding the information shared.
(Only in Italian)

Pubblicato in Gazzetta Ufficiale n. 74 del 29 marzo 2022, il Decreto del Ministero dell’Economia e delle Finanze del 22 marzo 2022 recante l’emissione del decreto operatività Repo marzo 2022, contenente l’emissione dei buoni del Tesoro poliennali.

In particolare, il MEF ha disposto l’emissione delle seguenti tranche dei buoni del Tesoro poliennali, ciascuna delle quali, per un ammontare di 1.000 milioni di euro:
  • tredicesima tranche BTP 2,50%, avente godimento 1° settembre 2014 e scadenza 1° dicembre 2024;
  • ventiduesima tranche BTP 5,00%, avente godimento 1° marzo 2009 e scadenza 1° marzo 2025;
  • tredicesima tranche BTP 1,50%, avente con godimento 2 marzo 2015 e scadenza 1° giugno 2025;
  • tredicesima tranche BTP 2,50%, avente godimento 17 settembre 2018 e scadenza 15 novembre 2025;
  • ventesima tranche BTP 4,50%, avente godimento 1° settembre 2010 e scadenza 1° marzo 2026;
  • diciassettesima tranche BTP 1,60%, avente godimento 1° marzo 2016 e scadenza 1° giugno 2026;
  • venticinquesima tranche BTP 6,50%, avente godimento 1° novembre 1997 e scadenza 1° novembre 2027;
  • diciottesima tranche BTP 2,00% avente godimento 1° febbraio 2018 e scadenza 1° febbraio 2028;
  • diciassettesima tranche BTP 4,75% avente godimento 22 gennaio 2013 e scadenza 1° settembre 2028;
  • quattordicesima tranche BTP 0,90%, avente godimento 1° ottobre 2020 e scadenza 1° aprile 2031;
  • ottava tranche BTP 0,60%, avente godimento 1° febbraio 2021 e scadenza 1° agosto 2031;
  • ventitreesima tranche BTP 1,65%, avente godimento 1° marzo 2015 e scadenza 1° marzo 2032;
  • diciottesima tranche BTP 5,75%, avente godimento 1° febbraio 2002 e scadenza 1° febbraio 2033;
  • quattordicesima tranche BTP 2,25%, avente godimento 1° marzo 2016 e scadenza 1° settembre 2036;
  • quattordicesima tranche BTP 3,45%, avente godimento 1° marzo 2017 e scadenza 1° marzo 2048.
L’emissione delle predette tranche, per un importo pari a 15.000 milioni di euro, è destinata all’ampliamento del portafoglio attivo dello Stato che, pertanto, alla data del 28 marzo 2022 presenterà un importo complessivo pari a 30.000 milioni di euro, detenuto presso la Monte titoli S.p.a. (oggi Euronext securities Milan) in un apposito conto segregato.

Assonime has published its annual report on the corporate governance of companies listed on the MTA market.
The report covers the 219 Italian companies listed as at 31 December 2020 on the regulated market (MTA, now Euronext Milano) managed by Borsa Italiana, whose Reports were available by the end of July 2021.
The contribution offers a general analysis of the governance of listed companies and their adherence to the Corporate Governance Code, focusing on the key aspects for its adequate and effective application and on the quality of the explanations provided in case of non-compliance.
The Reports refer to the application of the recommendations of the 2018 edition of the Code. In this year of transition to the new Corporate Governance Code, the analysis already includes some of the most innovative elements of corporate governance and outlines its possible evolutions (e.g. on sustainability).
The analysis is also extended to the remuneration of directors and auditors, whose information is contained in the Remuneration Report. To this end, the Note and Studies provides an in-depth review of remuneration policies, paying particular attention to their compliance with the Corporate Governance Code, and examines the structure, averages and changes in the individual items of remuneration actually paid to individual directors and auditors.
The report is accompanied by two annexes, containing the methodology used to measure Corporate Governance Grade and the historical series of data used to prepare the report.

ESMA has published  Draft Regulatory Technical Standards (RTS) setting out criteria for the sound and prudent management of Data Reporting Services Providers (DRSPs) as well as for their operational effectiveness under MiFIR.

The draft RTS build on ESMA’s Guidelines for DRSPs and address the different roles and functions carried out by members of DRSP management bodies, with a view to preventing conflicts of interest between them and the users of DRSP services.
ESMA proposes to assess the suitability of the members of DRSP management bodies under the following criteria:
  • Good repute;
  • Honesty and integrity;
  • Sufficient time commitment;
  • Knowledge, skills and experience;
  • Independence;
  • Induction and training;
  • Diversity; and
  • Record-keeping.