[Newsflash n. 7]
On 9 May 2016, CONSOB launched three public consultations concerning the retail distribution of financial products under different perspectives: (a) conduct of business under MiFID, (b) mitigation of liquidity risk, (c) disclosure under PD. These initiatives have been highlighted also by CONSOB chairman as a further attempt to strengthen investors protection, also in light of […]
Finanziamento con patto marciano
Il Decreto ha stabilito la facoltà di ricorrere al cosiddetto “patto marciano” all’interno dei contratti di finanziamento sottoscritti tra istituti finanziari ed imprese.
Grazie a tale possibilità, nel caso di una concessione di finanziamento tramite garanzia su bene immobile dell’imprenditore (ad esclusione della sua residenza e di quella di un suo congiunto) le […]
[Newsflash n. 6]
The European Securities and Markets Authority (ESMA) has updated its Q&A on prospectus related issues.
The updates concern: (i) the possibility for a base prospectus (BP) to include an additional column to reflect recent or future material changes to the capitalisation and indebtedness statements, (ii) the possibility to continue a public offering beyond the […]
[Newsletter n. 4]
As a result of a survey on the internal control procedures on the distribution network of financial intermediaries, on 15 February 2016 Consob published Communication n.0012130 dated 11 February 2016, which sets out certain best practices that financial intermediaries should take into account in connection with their internal control procedures on door-to-door offering […]
[Newsflash n. 5]
Taking on board the warning from ESMA about the exceptional technical implementation challenges faced by regulators and market participants, the European Commission issued a proposal for a directive to grant national competent authorities and market participants one additional year to comply with the rules set out in MiFID II.
The proposed new deadline is […]
[Newsflash n. 5]
Borsa Italiana amended the Instructions accompanying the Rules of the Market regarding the modality of the delisting of warrants.
In order to ensure the possibility to exercise financial instruments deriving from the settlement of instruments traded on the last trading day, it is foreseen that warrants shall be delisted on the second open TARGET […]
[Newsflash n. 4]
In view of a more efficient investor protection, on 8 January 2016, CONSOB launched the public consultation concerning the “Regulation on the alternative dispute resolution mechanism for financial disputes” (“ADR Regulation”).
The new mechanism envisages the creation of an entity (hereinafter “ADR Body”) along the line of the system already tested by Bank of […]
[Newsletter n. 3]
On 19 November 2015, the Bank of Italy launched a public consultation on the draft amendments to the Bank of Italy Supervisory Rules (Title IX, Chapter 2) (“Rules”) concerning the regime of collection of savings by non-banks.
The main purpose of such amendments is to enhance the level of savers’ protection set out by […]
[Newsflash n. 3]
Better products, more choice, and greater opportunities for consumers and businesses
On 10 December, the European Commission published a Green Paper* on retail financial services.
The paper analyses the current state of the retail financial services markets, highlighting the current market fragmentation and insufficient competition, as well as the increased impact of digital technology on […]
[Newsletter n. 2]
On 9 December 2015, ESAs (EBA, EIOPA and ESMA) held a public hearing in Frankfurt to discuss the joint consultation launched on 11 November 2015 to gather stakeholders’ views on the draft Regulatory Technical Standards (“RTS”) on the content and presentation of the Key Information Documents (“KID“) for packaged retail and insurance-based investment products .
ESAs […]