On 11 May 2022, the European Commission has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services.
Following the significant evolution of the sector over the last 20 years, the distance marketing of financial services to the public has seen many of the circumstances regulated by Directive 2002/65/EC on […]
[Newsflash n. 75]
AFM (the Dutch financial authority) has taken product intervention measures in accordance with Article 42 of MIFIR (Regulation (EU) No 600/2014) and notified all other NCAs and ESMA of the details of its proposed measure. On 7 June 2021 ESMA issued its Opinion ESMA35-43-2524, concluding that the proposed measures are justified and […]
[Newsletter n. 19]
On May 26, 2021, the Shareholders’ Meeting of Cassa Depositi e Prestiti (CDP) approved the Patrimonio Rilancio (also known as “Patrimonio Destinato”) set out by Law Decree no. 34 of 2020.
Patrimonio Rilancio is an extraordinary and temporary measure (with a deadline of twelve years, that may be […]
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statement to remind firms of the MiFID II requirements on the provision of investments services to retail or professional clients by firms not established or situated in the European Union (EU).
With the end of the UK […]
[Newsflash n. 74]
On 31 December 2020 the Italian Government has issued Law Decree No. 183 (c.d. “Milleproroghe Decree”), which (under Section 22) sets out provisions governing the operation of British financial intermediaries and insurance companies after the expire of the transitional period on 31 December 2020 (“Transitional Period”) envisaged by […]
On 15 December, a new procedure for accessing documents containing key information, the so-called KID of the PRIIPs – pre-assembled retail and insurance investment products – was defined with the obligation to make the PRIIPs-related information and structured data marketed in Italy accessible to Consob (Resolutions no. 21639 and n. 21640 of 15 December 2020 – Only Italian […]
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has renewed its decision to temporarily require the holders of net short positions in shares traded on a European Union (EU) regulated market, to notify the relevant national competent authority (NCA) if the position reaches, exceeds or falls below 0.1% of the issued […]
[Newsflash n. 72]
CDP Venture Capital SGR has set up a new “Fondo Rilancio”, which will invest the 200 M€ allocated by the Decreto Rilancio in Startups and Innovative SMEs.
CDP Venture Capital SGR set up a fund (the “Fondo Rilancio” – “Fund”), in charge of allocating 200 million euros, allotted by the Ministry of Economic […]
[Newsletter n. 18]
The EU Commission adopts a new set of measures to foster FinTech
On 24 September 2020, the European Commission has adopted a new Digital Finance Package that encompasses a broader strategy for digital finance and legislative proposals on crypto-assets and digital resilience. The goal is to make the EU financial sector more competitive so […]
[Newsflash n. 71]
Following the abrogation of Article 4-decies of Legislative Decree no. 58/1998 (Consolidated Finance Act, TUF) and the consequent repeal of the obligation of prior notification to Consob of PRIIPs KID (see our Newsflash no. 39), on 30 July 2020 Consob launched a public Consultation concerning certain amendments to Artcile 34-bis of Consob […]