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So far Legália has created 208 blog entries.
25 09, 2017

IVASS on IDD and product oversight and governance

By | September 25th, 2017|Finance, Financial Regulation, Insurance, Newsflash|

[Newsflash n. 36]

On 4 September 2017, IVASS – the Italian Insurance Authority – published a letter to the market (“Letter”) addressing the implementation in Italy of Directive 2016/97/EU on insurance distribution (“IDD”) and EIOPA preparatory guidelines on product oversight and governance (“POG”) arrangements for insurers and distributors (“EIOPA Guidelines”).

The main focus of […]

22 09, 2017

ECB: guide to assessments of FinTech Credit Institution License application

By | September 22nd, 2017|Capital Markets, Finance, Financial Regulation, FinTech|

On 21 September 2017, ECB published a consultation for draft guides to bank licensing and fintech bank licensing.

The main aim of the bank licensing guide is to provide useful guidelines and standards covering license application in general; to provide an overview of application process, enhance the transparency of the assessment process and increase the […]

11 09, 2017

Basel Committee launches public consultation on FinTech

By | September 11th, 2017|Capital Markets, Finance, Financial Regulation, FinTech, Payment Services|

The Basel Committee on Banking Supervision released on 31 August 2017 a consultative document on the implications of fintech for the financial sector. Sound practices: Implications of fintech developments for banks and bank supervisors assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors […]

9 08, 2017

MiFID II in Italy: implementation in progress

By | August 9th, 2017|Capital Markets, Finance, Financial Regulation, Newsletter|

[Newsletter n. 8]


In view of its application as of 3rd of January 2018, Italy is moving forward in the implementation of MIFID II (Directive EU/2014/65) and delegated Directive at both primary and secondary level legislation.




With respect to the amendments of the Italian Financial Act (Legislative Decree 24 February 1998, n. 58, […]

9 08, 2017

ISDA publishes a white paper on Smart Contracts and DLT

By | August 9th, 2017|Capital Markets, Finance, FinTech|

Smart contracts and distributed ledger technology (DLT) are increasingly being seen as a way for the derivatives industry to realise operational efficiencies and cut costs. With these new technologies potentially transforming how derivatives are executed and managed through the entire lifecycle, it seems the derivatives market is on the cusp of significant modernisation.

20 07, 2017

SeDeX: closure of the regulated market and launch of a new MTF

By | July 20th, 2017|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 35]


On 14 July 2017 Borsa Italiana published a draft set of amendments to its Market Rules and relevant Instructions to take into account the application of certain MiFID II provisions, including in particular the replacement of the SeDeX regulated market with a corresponding MTF.

In Borsa Italiana’s view, the broad definition of “derivative […]

6 07, 2017

ESMA proposes simplifications on prospectuses

By | July 6th, 2017|Capital Markets, Finance, Financial Regulation|

On 6 July 2017, the European Securities and Markets Authority (ESMA) published three Consultation Papers (CP) on the Prospectus Regulation. The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors.

15 06, 2017

The Italian Government publishes its new National Plan for Cyber Protection and Digital Security

By | June 15th, 2017|Commercial, Data Protection, Newsflash|

[Newsflash n. 34]


With publication on the Official Gazette of May 31th 2017, the Italian Government approved the new National Plan for Cyber Protection and Digital Security that defines new operational guidelines and objectives for the implementation of the National Strategic Framework for Cyber Security (NSF). The new plan has been developed in line with […]

5 06, 2017

ESMA publishes final report on product governance guidelines to safeguard investors

By | June 5th, 2017|Capital Markets, Finance, Financial Regulation|

On 2 June 2017, the European Securities and Markets Authority (ESMA) published its Final Report on product governance guidelines under the Markets in Financial Instruments Directive II (MiFID II) regarding the target market assessment by manufacturers and distributors of financial products.

The requirements on product governance were introduced under MiFID II to enhance […]

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