On 3 October 2017, ESMA (European Securities and Markets Authority) published the latest update of its Question and Answers on MiFID II and MiFIR investor protection and intermediaries topics (No. ESMA 35-43-349).
The publication Questions and Answers, (hereinafter, “Q&A”) is intended to be continually edited and updated, as new questions are received.
This document deals with practical application of MiFID II […]
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published on 26th September 2017 their joint Guidelines to assess the suitability of members of management bodies and key function holders. These Guidelines aim to harmonise and improve suitability assessments within EU financial sectors, and to ensure sound governance arrangements in financial […]
The European Banking Authority (EBA) published on 26th September 2017 its revised Guidelines on Internal Governance. These Guidelines aim at further harmonising institutions’ internal governance arrangements, processes and mechanisms across the EU, in line with the new requirements in this area introduced in the Capital Requirements Directive (CRD IV) and also taking into account the […]
[Newsflash n. 36]
On 4 September 2017, IVASS – the Italian Insurance Authority – published a letter to the market (“Letter”) addressing the implementation in Italy of Directive 2016/97/EU on insurance distribution (“IDD”) and EIOPA preparatory guidelines on product oversight and governance (“POG”) arrangements for insurers and distributors (“EIOPA Guidelines”).
The main focus of […]
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) released on September 22th 2017 guidelines to prevent the abuse of funds transfers for terrorist financing and money laundering purposes. These guidelines are part of the ESAs’ wider work on fostering a consistent approach to Anti-Money Laundering and Countering the […]
On 21 September 2017, ECB published a consultation for draft guides to bank licensing and fintech bank licensing.
The main aim of the bank licensing guide is to provide useful guidelines and standards covering license application in general; to provide an overview of application process, enhance the transparency of the assessment process and increase the […]
The Basel Committee on Banking Supervision released on 31 August 2017 a consultative document on the implications of fintech for the financial sector. Sound practices: Implications of fintech developments for banks and bank supervisors assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors […]
[Newsletter n. 8]
In view of its application as of 3rd of January 2018, Italy is moving forward in the implementation of MIFID II (Directive EU/2014/65) and delegated Directive at both primary and secondary level legislation.
PRIMARY LEGISLATION
With respect to the amendments of the Italian Financial Act (Legislative Decree 24 February 1998, n. 58, […]
[Newsflash n. 35]
On 14 July 2017 Borsa Italiana published a draft set of amendments to its Market Rules and relevant Instructions to take into account the application of certain MiFID II provisions, including in particular the replacement of the SeDeX regulated market with a corresponding MTF.
In Borsa Italiana’s view, the broad definition of “derivative […]
On 6 July 2017, the European Securities and Markets Authority (ESMA) published three Consultation Papers (CP) on the Prospectus Regulation. The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors.