[Newsflash n. 73]
Following the consultation launched on June 3 2020, on 18 December 2020 ESMA published the final report on its guidelines on outsourcing to cloud service providers (CSPs). The guidelines are intended to help companies identify, address, and monitor risks arising from cloud outsourcing arrangements and provide guidance to companies on a number […]
[Newsletter n. 17]
Italy has been the first EU Member State to equipe itself with a regulation for equity crowdfunding in 2013 (Consob Regulation no. 18592 of 26 June 2013) (“Crowdfunding Regulation”) and now a further step to foster this successful financing tool has been added to the existing infrastructure.
On 25 October 2019, the Crowdfunding […]
The European Banking Authority (EBA) published today an Opinion addressed to the EU Commission with recommendations to ensure that disclosure requirements in EU law take account of the increasing use of digital marketing channels for financial services and the resultant issues potentially affecting consumers. The recommendations relate primarily to the scope and consistency of disclosure […]
[Newsflash n. 58]
Following the suspension of Initial Coin Offerings (“ICO”) of crypto assets (token TGA) promoted by an English company “Togacoin LTD” adopted by Consob on 31 October 2018 (see our Newsflash n.54), the Regulator resolved for the definitive ban of the Togacoin ICO, pursuant to Article 99 paragraph 1(d) of Italian Financial […]
[Newsletter n. 13]
On the 10th January 2017 the European Commission presented a proposal of regulation in relation to the processing of personal data and the protection of privacy in electronic communications, intended to supersede directive 2002/58/EC. This proposal of regulation aims at updating the current legislation to contribute to the development of the digital […]
[Newsflash n. 54]
In the last two weeks Consob suspended two Initial Coin Offerings (“ICOs”) promoted by non-Italian companies addressed to Italian investors: (i) the offer of token TGA by an English company “Togacoin LTD” (Resolution n. 20660 of 31 October 2018) and (ii) the offer of digital currency Crypton promoted […]
[Newsletter n. 12]
On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) – the group of experts with the task to facilitate consultation between ESMA, its Board of Supervisors and stakeholders and to provide technical advice on policy development of ESMA – sent a Report on Initial Coin Offerings and Crypto-Assets to ESMA to suggest […]
[Newsflash n. 52]
The 5th AML Directive (“5AMLD” partially amending Directive (EU) 2015/849) has now been agreed and adopted by European Parliament as of 19 April 2018. The date of entry into force is set to be imminent (between Juy and September 2018) but has not yet been released. The purpose of this amend being to […]
[Newsflash n. 44]
On 8 March 2018, the EU Commission published a Communication on FinTech setting out 23 steps for a more competitive and innovative European financial sector (“FinTech Action Plan”).
In light of the rapid growth of FinTech and its crucial position at the crossroads of the financial services and the Digital Single Market, the […]
[Newsflash n. 43]
There are currently more than 1100 crypto currencies trading in the financial market. Many governments feel crypto currency use would result in the loss of economic power and shift towards decentralisation of economies globally. As a result, particularly the US and the EU are beginning to debate and implement regulation […]