ESMA publishes final report on product governance guidelines to safeguard investors
On 2 June 2017, the European Securities and Markets Authority (ESMA) published its Final Report on product governance guidelines under the Markets in Financial Instruments Directive II (MiFID II) regarding the target market assessment by manufacturers and distributors of financial products.
The requirements on product governance were introduced under MiFID II to enhance […]
Bank of Italy and CONSOB launch consultation on reporting obligations for CIUs and AMCs
On 1 June 2017, Bank of Italy published a consultation document on certain amendments to the reporting rules of Bank of Italy and CONSOB for asset management companies (“AMCs”) and collective investment undertakings (“CIUs”).
Such changes aim at (a) streamlining the flow of information to the authorities, while reducing duties for firms; and (b) adapting […]
FinTech Credit: Market Structure, Business Models and Financial Stability Implications
On 22 May 2017, the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) published a report analysing opportunities and risks linked to increasing share of credit provision through FinTech platforms.
Although FinTech credit markets are currently small in size relative to traditional credit markets, they are […]
ESMA clarifies “traded on a trading venue” under MIFID II
On 22 May 2017 the European Securities and Markets Authority (ESMA) has issued today an opinion regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The opinion clarifies the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under MIFID […]
EBA consults on the use of the Cloud by financial institutions
[Newsflash n. 31]
On 18 May 2017, the European Banking Authority (“EBA”) launched a public consultation on its recommendations on the use of cloud services by financial institutions.
While a set of CEBS guidelines on outsourcing (“CEBS Guidelines”) have been introduced in 2006 for general outsourcing to a third party of activities that would normally be […]
Joint public statement FSMA-ESMA regarding Euribor
On 4 May 2017 the European Securities and Markets Authority (ESMA) and the Financial Services and Markets Authority (FSMA) of Belgium have issued a joint statement regarding the Euribor benchmark.
The key element of text is:
In 2015, EMMI (European Money Markets Institute) developed a methodology that would ground the Euribor entirely on transactions (“Euribor+”) and has subsequently […]
Commission proposes simpler and more efficient derivatives rules
The European Commission is today (4 May 2017) proposing some targeted reforms to improve the functioning of the derivatives market in the EU. The reforms provide simpler and more proportionate rules for over-the-counter derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability. A good example of better regulation in practice, […]
UCITS V: implementation in Italy
[Newsflash n. 30]
After the implementation at primary legislation level through the amendment of the Italian Financial Act by Legislative Decree no. 71/2016, on 27 April 2017 CONSOB approved the amendments to “CONSOB Regulation on issuers” (11971/1999) and to the “Joint CONSOB-Bank of Italy Regulation dated 29 October 2007” on the organisation and procedures of intermediaries […]
MAR: implementation in Italy and consultation on CONSOB Handbooks
[Newsletter n. 7]
On 6 April 2017 CONSOB published the required amendments to CONSOB Regulations on issuers (11971/1999), markets (16191/2007) and related party transactions (17221/2010) implementing the Market Abuse Regulation (EU Regulation No. 596/2014, “MAR”) and its related delegated acts.
The amendments have been issued following an intense work of the Regulator which elaborated the 21 […]
CONSOB: Q&As on public distribution on multilateral trading venues
[Newsflash n. 29]
On 13 April 2017, CONSOB published some clarifications, in the form of Q&As, to the Recommendation n. 0092492 of 18 October 2016 (“Recommendation”) on the distribution of financial instruments through a multilateral trading venue (see our Newsflash n. 15).
The Q&As are divided into three main sections and aim at better specifying:
- Scope […]