On 23 February 2017, the Securities and Exchange Commission (S.E.C.) published information and guidance for investors and the financial services industry on the fast-growing use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online with often limited human interaction.
Because of the unique issues raised by […]
On 21 February 2017, IAIS (International Association on Insurance Supervisors) issued a report on “FinTech Developments in the Insurance Industry”, which contains a description of the emerging technologies and innovative business models that have the potential to transform the insurance business, also defined as “InsurTech”.
In addition to depicting the relevant innovations, the report considers […]
On 10 February 2017, the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) launched a public consultation on draft regulatory technical standards (RTS) to help Member States determine when payment service providers and electronic money issuers should appoint a Central Contact Point (CCP) to support the fight against […]
On 10 February 2017, the European Supervisory Authorities (ESAs) launched a consultation on a proposal to set minimum requirements, which manufacturers of packaged retail and insurance-based investment products with environmental or social objectives (EOS PRIIPs) should comply with to ensure that credible products are offered to retail investors. This consultation is in response to […]
On 8 February 2017, IOSCO published a report on the evolution of financial technologies and its intersection with securities markets regulation.
Many definitions of FinTech have been provided in the last year or so. IOSCO distinguishes two areas within the FinTech phenomenon:
On 7 February, IVASS published two regulations, as delegated by the Private Insurance Code:
[Newsflash n. 24]
With recent Communication of 7 February 2017, Consob has issued a warning to the market concerning the marketing of contract for difference (CFD), rolling spot forex and binary options.
In light of the increasing dissemination of such speculative forms of investment, the authority has raised the level of awareness of these products alerting […]
On 26 January 2017, Covip (the Italian Pension Funds Authority) published its response to the question (posed by Assofondipensioni, an Italian non-profit industry association) on the impact of the bail-in rules to the assets in which supplementary pension funds invests their funds.
Covip concludes that:
On 2 February 2017 European Insurance and Occupational Pensions Authority (EIOPA) published a Consultation Paper on Guidelines on complex Insurance-Based Investment Products (IBIPs) that incorporate a structure which makes it difficult for the customer to understand the risks involved. The Guidelines cover the assessment of all types of IBIPs. They include criteria to identify product […]
On 12 January 2017, the European Securities and Markets Authority (ESMA) issued an Opinion calling for consistent application of the product intervention powers under the Markets in Financial Instruments Regulation (MiFIR).
From 3 January 2018, ESMA and NCAs will have the power to temporarily prohibit or restrict investment firm’s marketing, distribution or sale of: