ISDA publishes a white paper on Smart Contracts and DLT
Smart contracts and distributed ledger technology (DLT) are increasingly being seen as a way for the derivatives industry to realise operational efficiencies and cut costs. With these new technologies potentially transforming how derivatives are executed and managed through the entire lifecycle, it seems the derivatives market is on the cusp of significant modernisation.
SeDeX: closure of the regulated market and launch of a new MTF
[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 […]
ESMA proposes simplifications on prospectuses
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.
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 […]
ESMA sets Principles for supervisory approach to relocations from the UK
[Newsflash n. 33]
Today, 31 May 2017, ESMA has published an opinion (ESMA 42-110-433) setting out general principles aimed at supporting supervisory convergence in response to the increased requests from UK financial market participants seeking to relocate to the 27 Member States that will remain in the EU (EU27), in order to continue to benefit from access to […]
Law proposal for Milan as the new financial centre in Europe
[Newsflash n. 32]
From day one after Brexit, rumours have been spreading throughout Europe about which city, if any, will become the new financial centre after London. In this race, Italy has been consistently left aside during mainly on the grounds of unfavourable taxation and employment system. For this reason, a timely reaction was strongly desired […]
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 […]