[Newsflash n. 66]
During the period of application of the legislative decree n. 129 of 2017, implementing EU Directive 2014/65/EU (“MiFID II”) and EU Regulation 2014/600/EU (“MiFIR”) in the Italian legal system, national Supervisory Authorities spotted certain issues in the transposing legislation and reported them to the Ministry of Finance (“MEF”).
[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 EBA calls on the European Commission to take action to facilitate the scaling up of cross-border activity
The European Banking Authority (EBA) published today a report identifying potential impediments to the cross-border provision of banking and payment services in the EU. Developed under the EBA’s FinTech Roadmap, this Report calls on the European Commission to facilitate cross-border access, including the update of interpretative communications on the cross-border provision […]
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 […]
Warning Notice no. 4/2019 of September 18, 2019
Subject: ESMA guidelines on risk factors pursuant to the new Prospectus Regulation and revocation of CONSOB Recommendations n. 7105108 (29.11.2007) and n. 0096857 (28.10.2016) concerning, respectively, the risk factors and the “Warnings for the investor “of the prospectuses.
Prospectus Regulation (Reg. […]
The European Securities and Markets Authority (ESMA) has added twenty-five new Q&A on Regulation (EU) 2017/1129 (the ‘Prospectus Regulation’).
In view of the imminent application of the Prospectus Regulation from 21 July 2019, it is worth mentioning the Q&A 1.6, which provides clarification on “Continuing an offer which has initially been made using […]
[Newsflash n. 65]
Further to the set-up of the Fund to indemnify investors who have suffered unfair damage from Italian banks subject to compulsory winding-up between 16 November 2015 and 1 January 2018 (Fondo Indennizzo Risparmiatori, “FIR”) by 2019 Italian Budget Law (see our Newsletter n. 15), the Italian Minister of Finance has appointed […]
Prospectus Regulation: Consob launched a public consultation on amendments to the Issuers’ Regulation
[Newsflash n. 64]
On 20 June 2019 Consob submitted to public consultation certain amendments to the relevant secondary Consob Regulation n. 11971/1999 (also “Issuers’ Regulation”) as required to implement the Prospectus Regulation (Regulation (EU) 2017/1129).
Prospectus Regulation (“PR”)
As of 21 July 2019, the Prospectus Regulation (repealing the Prospectus Directive 2003/71/EC) will become applicable in its entirety.
As at today, the following […]
Consob introduced in Italy on a permanent basis – pursuant to Article 42 of the EU Regulation on financial instruments markets (MiFIR) and of art. 7-bis of the Consolidated Law on Finance – intervention measures to protect retail investors similar to those already adopted by the ESMA, the European Authority for Financial Instruments and Markets, […]