On 26 January 2017, Covip (the Italian Pension Funds Authority) published its response to the question (posed by Assofondipensioni, an Italian non-profit industry association) on the impact of the bail-in rules to the assets in which supplementary pension funds invests their funds.
Covip concludes that:
On 2 February 2017 European Insurance and Occupational Pensions Authority (EIOPA) published a Consultation Paper on Guidelines on complex Insurance-Based Investment Products (IBIPs) that incorporate a structure which makes it difficult for the customer to understand the risks involved. The Guidelines cover the assessment of all types of IBIPs. They include criteria to identify product […]
On 12 January 2017, the European Securities and Markets Authority (ESMA) issued an Opinion calling for consistent application of the product intervention powers under the Markets in Financial Instruments Regulation (MiFIR).
From 3 January 2018, ESMA and NCAs will have the power to temporarily prohibit or restrict investment firm’s marketing, distribution or sale of:
IVASS launches consultation on a “letter to the market” regarding the implementation of the EIOPA “Preparatory Guidelines on product oversight and governance (POG) arrangements by insurance undertakings and insurance distributors” .
On 13 April 2016 EIOPA published such guidelines with the aim of preparing the European insurance market to the implementation of the Insurance Distribution Directive 2016/97, which is […]
[Newsletter n. 6]
IT-related and web-based automation is transforming the provision of financial services and FinTech is rapidly and intensely developing worldwide.
In particular, a growing number of financial institutions, often referred to as “robo-advisors”, now provide advice or recommendations to consumers through automated tools, “which can potentially change the way consumers and financial institutions interact when buying or selling financial products”. Therefore, automation, specifically in the provision of […]
On 30 December 2016, IVASS issued a Clarification on the provisions of Regulation No. 27 of 15 October 2008, as amended by Regulation No. 24 of 6 June 2016 (see our Newsflash n. 8), on the assessement of technical reserves for some specific contracts (“Clarification”).
In particular:
On 20 December 2016, the Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on prospectuses for the issuing and offering of securities.
“This regulation will help companies gain access to European capital markets by reducing some of the administrative formalities”, said Peter Kažimír, Slovak minister for finance and president of […]
Rome, 20 December 2016
CERTFin, the new organization highly specialized in cybersecurity for the banking and financial sectors, has been established to prevent and combat cyber threats linked to the development of new technologies and to the digital economy.
The Bank of Italy, together with […]
On 20 December 2016, Covip (the Italian Pension Funds Authority) published a survey on the investment policies adopted by self-employment pension funds (Casse Professionali) during year 2015 (“Document”).
The Document firstly assesses the allocation of financial resources between the different asset classes and, in particular:
On 19 December 2016, the Joint Committee of the European Supervisory Authorities (ESAs) launched a public consultation about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory actions may be needed.
Big Data is a phenomenon linked to the ever increasing availability of data and advances in […]