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. 46]
On 18 April 2018, IVASS published a Letter to the market extending to EU insurance undertakings conducting business in Italy the application of the Guidelines for the simplification of insurance contracts.
Based on the findings that the majority of customers’ claims were due to the dissatisfaction from ambiguity and lack of clearness of contractual […]
[Newsflash n. 45]
On 27 March 2018, ESMA announced its resolution to impose temporary measures to restrict contracts for differences and prohibit binary options.
After the entry into force of MiFID II on 3 January 2018, this is the first product intervention activity undertaken by ESMA pursuant to its power of intervention set out by Article […]
[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 […]
[Newsflash n. 42]
ACEPI (the Italian association of Certificates and Investment Products) published a set of guidelines to facilitate the identification of the potential Target Market for certificates and investment products (the “Guide”) in accordance with the European MiFID Template (as described below).
The Target Market assessment is one of the pillar of the product governance […]
20 February 2018 – The new CONSOB Regulation on Intermediaries (n. 20307 of 15 February 2018) comes into force today, following its publication in the Italian Official Gazette (Gazzetta Ufficiale). The Regulation concludes the implementation of MiFID II and MiFIR in Italy and is the result of a series of public consultations held by […]
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 […]