Bank of Italy and Consob, as the competent supervisory authorities for Italian central counterparties (CCPs), comply with the “Guidelines on common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR” issued by ESMA by incorporating them into their supervisory practices.
The Guidelines, published on ESMA’s website in all the official European Union languages on 10 March, aim to establish supervisory practices designed to foster the common, uniform and consistent application of Article 21 of EMIR (Regulation (EU) No 648/2012).
The Bank of Italy and Consob have notified their compliance with the Guidelines to ESMA.
(Only in Italian)
(Only in Italian)
Il regolamento disciplina i requisiti e criteri di idoneità allo svolgimento dell’incarico degli esponenti aziendali e di coloro che svolgono funzioni di amministrazione, di direzione e di controllo e coloro che svolgono funzioni fondamentali presso imprese di assicurazione e di riassicurazione.
Il decreto individua:
- i requisiti e i criteri di idoneità degli esponenti
- i limiti al cumulo di incarichi
- le cause di sospensione temporanea dall’incarico e la sua durata
- i casi di applicazione dei requisiti e criteri di idoneità a coloro che svolgono funzioni fondamentali
- la valutazione dell’idoneità e l’eventuale pronuncia di decadenza da parte degli organi aziendali o dell’IVASS.
In particolare i requisiti riguardano:
- i requisiti di onorabilità e criteri di correttezza
- i requisiti di professionalità e criteri di competenza
- i requisiti di indipendenza
- la disponibilità di tempo e limiti al cumulo degli incarichi
Il decreto entra in vigore a partire dal 1 novembre 2022 e si applica alle nomine ed ai rinnovi successive alla data della sua entrata in vigore. Nel caso di titolari di funzioni fondamentali in carica all’entrata in vigore del decreto, le valutazioni vengono effettuate entro sei mesi una volta decorso il termine di due anni da quella data.
ESMA has launched a consultation exploring the extension of the scope of both the Clearing Obligation (CO) and the Derivatives Trading Obligation (DTO).
The proposals contained in the consultation, based on the progress made with the benchmark transition in the interest rate derivative market, introduce additional classes to the scope of the CO and of the DTO. These changes complement the first set of changes developed also in the context of the benchmark transition.
ESMA’s proposal includes for:
- for the CO:
- the introduction of the overnight indexed swap (OIS) class referencing TONA (JPY);
- the expansion of the maturities in scope of the CO for the OIS class referencing SOFR (USD); and
- for the DTO – the introduction of certain classes of OIS referencing €STR (EUR), which have shown a substantial increase in liquidity over the last months.
The consultation will end on 30 September 2022.
ESMA has launched a consultation on a possible amendment to the Central Securities Depositories Regulation (CSDR) cash penalty process for cleared transactions.
The consultation paper seeks stakeholder views on simplifying the process of collection and distribution of cash penalties for settlement fails relating to cleared transactions.
ESMA’s proposals would change the existing practice by allowing the central securities depositories (CSD) to collect and distribute all types of penalties, including those for settlement fails relating to cleared transactions.
The consultation will end on 9 September 2022.
EIOPA has launched a public consultation relating to a draft supervisory statement on differential pricing practices.
For the purpose of the statement, EIOPA understands differential pricing practices as those pricing techniques in which consumers with similar risk and cost of service characteristics are charged different premiums for the same insurance products.
The statement reflects upon “price walking” in particular, which refers to the practice of increasing premiums at the renewal stage based on the analysis of characteristics specific to a particular consumer to predict behaviours not related to risk or cost of services, such as how much of a premium increase an individual consumer will tolerate before shopping for coverage with other product manufacturers.
EIOPA’s objective with the statement is to strengthen consumer protection by preventing the unfair treatment of consumers and to promote greater convergence in the supervision of differential pricing practices, to ensure that detriments to consumers are prevented via adequate product oversight and governance (POG) processes.
The consultation will end on 7 October 2022.
