[Newsflash n. 49]
On 28 June 2018 CONSOB and the financial advisors’ supervisor (“OCF”) signed a memorandum of understanding (“MOU”) in accordance to which certain functions have been transferred from the Italian Financial Authority (CONSOB) to the OCF.
Further to the approval of the OCF By-laws and Rules by the Minister of Finance on […]
On 2 May 2018 the European Central Bank (ECB) published the European framework for Threat Intelligence-based Ethical Red Teaming (“TIBER-EU Framework”), the first Europe-wide framework for controlled and bespoke tests to improve the resilience of financial entities against sophisticated cyber attacks. It facilitates a harmonised European approach towards intelligence-led tests which mimic the tactics, […]
[Newsflash n. 44]
On 8 March 2018, the EU Commission published a Communication on FinTech setting out 23 steps for a more competitive and innovative European financial sector (“FinTech Action Plan”).
In light of the rapid growth of FinTech and its crucial position at the crossroads of the financial services and the Digital Single Market, the […]
[Newsflash n. 43]
There are currently more than 1100 crypto currencies trading in the financial market. Many governments feel crypto currency use would result in the loss of economic power and shift towards decentralisation of economies globally. As a result, particularly the US and the EU are beginning to debate and implement regulation […]
The European Supervisory Authorities (ESAs) for securities (ESMA), banking (EBA), and insurance and pensions (EIOPA) have today issued a pan-EU warning to consumers regarding the risks of buying Virtual Currencies (VCs).
The ESAs are concerned that an increasing number of consumers are buying VCs unaware of the risks involved. VCs such as […]
[Newsflash n. 41]
On 31 January 2017, the Italian Ministry of Economy and Finance (“MEF”) launched a public consultation on a draft Ministerial Decree introducing notification requirements for providers of virtual currency-related services (“Decree”).
The Decree will be the first step towards the implementation of the EU Directive 2015/849 (on the prevention of the use of […]
On 1 February 2018 the European Commission launched today the EU Blockchain Observatory and Forum with the support of the European Parliament, represented by Jakob von Weizsäcker responsible for the recent report on virtual currencies.
The Blockchain Observatory and Forum will highlight key developments of the blockchain technology, promote European actors and reinforce European […]
The European Securities and Markets Authority (ESMA) has today issued two Statements on Initial Coin Offerings (ICOs), one on risks of ICOs for investors and one on the rules applicable to firms involved in ICOs.
ESMA has observed a rapid growth in ICOs globally and in Europe and is concerned that investors may be unaware of the high […]
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 […]