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 […]
EBA publishes Opinion on disclosure to consumers buying financial services through digital channels
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 […]
Brexit: Consob requirements for intermediaries in case of no-deal
Consob published Warning no. 5 of 17th October 2019 concerning the requirements that intermediaries providing investment services shall comply with in order to continue their regulated activity in Italy in case of no-deal Brexit.
Source: Consob
Prospectus Regulation: Consob adapts national regulation regarding Risk Factors
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. […]
ESMA updates its Q&A on Prospectus Regulation
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 […]
MEF: FIR (the fund to indemnify investors) becomes operational
[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 […]
Binary options and CFD: CONSOB adopts prohibition and restriction measures
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, […]
CONSOB: Amendments to Regulation n. 18592 of 26 June 2013 on the collection of risk capital through online portals
CONSOB launched a public consultation on amendments to the regulation relating to crowdfunding for the impementation of the 2019 Budget Law (Law No. 145 of 30 December 2018).
Please click here to review the Consultation Document (in Italian language only)
CONSOB: Modifiche al Regolamento n. 18592 del 26 giugno 2013 sulla raccolta di capitali di rischio […]
Crypto-assets: CONSOB orders termination of non-authorized investment activities in Italy
[Newsflash n. 63]
Consob, following its previous resolutions (see our Newsflashes n. 54 and n. 58), continues its strict monitoring on activities concerning crypto-assets addressed to Italian investors.
During the first week of May, Consob published the following Resolutions, where it has reiterated its firm view regarding the dealing in cryptocurrencies, […]