The Ministry of Economy and Finance announces transitional measures
[Newsflash n. 59]
On 24 January 2019, the Ministry of Economy and Finance published a press release stating that it has drafted – in close consultation with the regulatory authorities and after discussions with trade associations – necessary measures to ensure full continuity of regulated activities in […]
[Newsletter n. 15]
On the 1st of January 2019, the Budget Law for 2019 (Law No. 145/2018) came into force. This law contains, inter alia, certain provisions that have an impact on the domestic banking and financial regulatory framework. In particular, we have highlighted the following:
• [Venture Capital] the allocation of resources for […]
[Newsflash n. 58]
Following the suspension of Initial Coin Offerings (“ICO”) of crypto assets (token TGA) promoted by an English company “Togacoin LTD” adopted by Consob on 31 October 2018 (see our Newsflash n.54), the Regulator resolved for the definitive ban of the Togacoin ICO, pursuant to Article 99 paragraph 1(d) of Italian Financial […]
[Newsflash n. 56]
On 7 January 2019, Consob launched a public consultation to endorse and make permanent the ban on retail offers of binary options (“BO”) and contracts for difference (“CFDs”) to retail investors as adopted by ESMA pursuant to article 40 of MIFIR Regulation on 22 May 2018 and then extended […]
Per garantire il pieno allineamento della normativa sull’Arbitro Bancario Finanziario (ABF) alle previsioni della Direttiva 2013/11/UE (Direttiva “ADR”) la Banca d’Italia lo scorso 28 dicembre ha pubblicato in consultazione una proposta di modifica alla disciplina dell’Arbitro Bancario Finanziario (ABF), contenuta nelle Disposizioni della Banca d’Italia del 18 giugno 2009 (modificate, […]
[Newsletter n. 14]
CONSOB: Delibera n. 20710/2018
All’esito della consultazione pubblica (vedi Newsflash n.50), il 3 dicembre 2018 è stata pubblicata sulla Gazzetta Ufficiale la Delibera CONSOB n. 20710/2018 che entrerà in vigore il 1° gennaio 2019 unitamente al Regolamento IVASS n. 41/2018 al fine di consentire […]
[Newsflash n. 55]
On 29 November 2018, CONSOB published the Resolution n. 20686/2018 dated 9 November 2018 in the Italian Official Gazette, which amended Article 34-ter of CONSOB Issuers’ Regulation setting out the exemptions from the obligation to publish a prospectus, with particular regard to the threshold under which public offerings are exempted. In particular, CONSOB […]
[Newsletter n. 13]
On the 10th January 2017 the European Commission presented a proposal of regulation in relation to the processing of personal data and the protection of privacy in electronic communications, intended to supersede directive 2002/58/EC. This proposal of regulation aims at updating the current legislation to contribute to the development of the digital […]
[Newsflash n. 54]
In the last two weeks Consob suspended two Initial Coin Offerings (“ICOs”) promoted by non-Italian companies addressed to Italian investors: (i) the offer of token TGA by an English company “Togacoin LTD” (Resolution n. 20660 of 31 October 2018) and (ii) the offer of digital currency Crypton promoted […]
[Newsletter n. 12]
On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) – the group of experts with the task to facilitate consultation between ESMA, its Board of Supervisors and stakeholders and to provide technical advice on policy development of ESMA – sent a Report on Initial Coin Offerings and Crypto-Assets to ESMA to suggest […]