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So far Legália has created 208 blog entries.
5 06, 2017

Bank of Italy and CONSOB launch consultation on reporting obligations for CIUs and AMCs

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

On 1 June 2017, Bank of Italy published a consultation document on certain amendments to the reporting rules of Bank of Italy and CONSOB for asset management companies (“AMCs”) and collective investment undertakings (“CIUs”).

Such changes aim at (a) streamlining the flow of information to the authorities, while reducing duties for firms; and (b) adapting […]

31 05, 2017

ESMA sets Principles for supervisory approach to relocations from the UK

By | May 31st, 2017|Commercial, Corporate, Finance, Newsflash|

[Newsflash n. 33]


Today, 31 May 2017, ESMA has published an opinion (ESMA 42-110-433) setting out general principles aimed at supporting supervisory convergence in response to the increased requests from UK financial market participants seeking to relocate to the 27 Member States that will remain in the EU (EU27), in order to continue to benefit from access to […]

26 05, 2017

Law proposal for Milan as the new financial centre in Europe

By | May 26th, 2017|Commercial, Corporate, Finance|

[Newsflash n. 32]


From day one after Brexit, rumours have been spreading throughout Europe about which city, if any, will become the new financial centre after London. In this race, Italy has been consistently left aside during mainly on the grounds of unfavourable taxation and employment system. For this reason, a timely reaction was strongly desired […]

25 05, 2017

FinTech Credit: Market Structure, Business Models and Financial Stability Implications

By | May 25th, 2017|Capital Markets, Finance, Financial Regulation, FinTech|

On 22 May 2017, the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) published a report analysing opportunities and risks linked to increasing share of credit provision through FinTech platforms.

Although FinTech credit markets are currently small in size relative to traditional credit markets, they are […]

22 05, 2017

ESMA clarifies “traded on a trading venue” under MIFID II

By | May 22nd, 2017|Capital Markets, Finance, Financial Regulation|

On 22 May 2017 the European Securities and Markets Authority (ESMA) has issued today an opinion regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The opinion clarifies the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under MIFID […]

19 05, 2017

EBA consults on the use of the Cloud by financial institutions

By | May 19th, 2017|Commercial, Data Protection, Finance, Financial Regulation, FinTech, Newsflash, Technology, Communications and Payments|

[Newsflash n. 31]


On 18 May 2017, the European Banking Authority (“EBA”) launched a public consultation on its recommendations on the use of cloud services by financial institutions.

While a set of CEBS guidelines on outsourcing (“CEBS Guidelines”) have been introduced in 2006 for general outsourcing to a third party of activities that would normally be […]

4 05, 2017

Joint public statement FSMA-ESMA regarding Euribor

By | May 4th, 2017|Capital Markets, Finance, Financial Regulation|

On 4 May 2017 the European Securities and Markets Authority (ESMA) and the Financial Services and Markets Authority (FSMA) of Belgium have issued a joint statement regarding the Euribor benchmark.

The key element of text is:

In 2015, EMMI (European Money Markets Institute) developed a methodology that would ground the Euribor entirely on transactions (“Euribor+”) and has subsequently […]

4 05, 2017

Commission proposes simpler and more efficient derivatives rules

By | May 4th, 2017|Capital Markets, Finance, Financial Regulation|

The European Commission is today (4 May 2017) proposing some targeted reforms to improve the functioning of the derivatives market in the EU. The reforms provide simpler and more proportionate rules for over-the-counter derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability. A good example of better regulation in practice, […]

28 04, 2017

UCITS V: implementation in Italy

By | April 28th, 2017|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 30]


After the implementation at primary legislation level through the amendment of the Italian Financial Act by Legislative Decree no. 71/2016, on 27 April 2017 CONSOB approved the amendments to “CONSOB Regulation on issuers” (11971/1999) and to the “Joint CONSOB-Bank of Italy Regulation dated 29 October 2007” on the organisation and procedures of intermediaries […]

21 04, 2017

MAR: implementation in Italy and consultation on CONSOB Handbooks

By | April 21st, 2017|Capital Markets, Corporate, Finance, Financial Regulation, Newsletter|

[Newsletter n. 7]


On 6 April 2017 CONSOB published the required amendments to CONSOB Regulations on issuers (11971/1999), markets (16191/2007) and related party transactions (17221/2010) implementing the Market Abuse Regulation (EU Regulation No. 596/2014, “MAR”) and its related delegated acts.

The amendments have been issued following an intense work of the Regulator which elaborated the 21 […]

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