11 11, 2019

The EBA calls on the European Commission to take action to facilitate the scaling up of cross-border activity

By | November 11th, 2019|Capital Markets, Finance, Financial Regulation, FinTech, Payment Services, Uncategorized|

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 […]

11 11, 2019

EBA publishes Opinion on disclosure to consumers buying financial services through digital channels

By | November 11th, 2019|Capital Markets, Finance, Financial Regulation, FinTech, Payment Services, Technology, Communications and Payments, Uncategorized|

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 […]

19 09, 2019

Prospectus Regulation: Consob adapts national regulation regarding Risk Factors

By | September 19th, 2019|Capital Markets, Finance, Financial Regulation|

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. […]

22 07, 2019

ESMA updates its Q&A on Prospectus Regulation

By | July 22nd, 2019|Capital Markets, Finance, Financial Regulation, Uncategorized|

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 […]

17 07, 2019

MEF: FIR (the fund to indemnify investors) becomes operational

By | July 17th, 2019|Capital Markets, Dispute Resolution, Finance, Financial Regulation|

[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 […]

3 07, 2019

Prospectus Regulation: Consob launched a public consultation on amendments to the Issuers’ Regulation

By | July 3rd, 2019|Capital Markets, Finance, Financial Regulation, Newsflash|

[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 […]

26 06, 2019

Binary options and CFD: CONSOB adopts prohibition and restriction measures

By | June 26th, 2019|Capital Markets, Finance, Financial Regulation, Uncategorized|

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, […]

2 05, 2019

Notice of ESMA’s Product Intervention Renewal Decision in relation to contracts for differences

By | May 2nd, 2019|Capital Markets, Financial Regulation, Payment Services, Uncategorized|

On 17 April 2019, the European Securities and Markets Authority (ESMA) adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. The Decision renews ESMA Decision (EU) 2018/796 on the same terms as the previous renewal decisions, […]

29 03, 2019

Brexit: Transitional measures for UK entities to operate in Italy

By | March 29th, 2019|Capital Markets, Finance, Financial Regulation, Insurance, Newsflash, Payment Services|

[Newsflash n. 62]

As anticipated in January 2019 by the Ministry of Economy and Finance (see our Newsflash n. 59), on 26 March 2019, the Law Decree No. 22/2019 (“Stability Decree”) came into force introducing a temporary permission regime setting out the procedure that will allow […]

26 03, 2019

ICO and Crypto-assets: Call for Evidence published by CONSOB

By | March 26th, 2019|Capital Markets, Finance, Financial Regulation, FinTech, Newsletter, Payment Services|

[Newsletter n. 16]

On 19 March 2019 Consob published a Call for Evidence on Initial Coin Offerings and Crypto-Assets Exchanges (click here for the Italian version or the English version) to elaborate a regulatory framework where the rapidly expanding phenomenon of initial coin offerings (ICOs) can grow without jeopardizing […]

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