10 08, 2020

PRIIPs: Consob consultation on new data exchange requirements for KIDs

By | August 10th, 2020|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 71]

Following the abrogation of Article 4-decies of Legislative Decree no. 58/1998 (Consolidated Finance Act, TUF) and the consequent repeal of the obligation of prior notification to Consob of PRIIPs KID (see our Newsflash no. 39), on 30 July 2020 Consob launched a public Consultation concerning certain amendments to Artcile 34-bis of Consob […]

18 03, 2020

CONSOB: 3 months ban to short selling on the entire stock exchange list and enhanced transparency

By | March 18th, 2020|Capital Markets, Finance, Newsflash, Payment Services|

[Newsflash n. 70]

Due to the strong market turbulences triggered in the last days by the Covid-19 pandemic, Consob has introduced a prohibition of net short positions (short selling and other bearish operations) for three months (Resolution n. 21303 of March 17, 2020), following the positive opinion of ESMA.

For the first […]

13 03, 2020

SHORT SELLING: Temporary ban on several stocks

By | March 13th, 2020|Capital Markets, Finance, Financial Regulation, Insurance, Newsflash, Payment Services, Uncategorized|

[Newsflash n. 69]

The effect of the coronavirus on the economy is badly affecting also the stock markets and action has been taken by the EU competent authorities to mitigate the amplifying impact of short-selling, to reduce volatility and avoid inappropriate behavior of speculative investors. In particular:

ITALY

Borsa Italiana is recovering after the shock of yesterday like […]

12 03, 2020

FinTech: consultation on Italian FinTech Sandbox

By | March 12th, 2020|Capital Markets, Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 68]

Following to the introduction in Italy of the notion of regulatory sandbox by the Law Decree n. 34/2019 (“Growth Decree”, as modified by the Law n. 58 of 2019), the Italian Ministry of Finance (“MEF”) submitted to public consultation a Draft Regulation to establish the criteria to use sandboxes and to regulate the […]

16 01, 2020

MiFID II: new provisions to supplement the Italian implementing legislation

By | January 16th, 2020|Capital Markets, Finance, Financial Regulation, FinTech, Insurance, Newsflash|

[Newsflash n. 66]

During the period of application of the legislative decree n. 129 of 2017, implementing EU Directive 2014/65/EU (“MiFID II”) and EU Regulation 2014/600/EU (“MiFIR”) in the Italian legal system, national Supervisory Authorities spotted certain issues in the transposing legislation and reported them to the Ministry of Finance (“MEF”).

Following a

3 07, 2019

Prospectus Regulation: Consob launched a public consultation on amendments to the Issuers’ Regulation

By | July 3rd, 2019|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 64]

On 20 June 2019 Consob submitted to public consultation  certain  amendments to the relevant secondary Consob Regulation n. 11971/1999 (also “Issuers’ Regulation”) as required to implement the Prospectus Regulation (Regulation (EU) 2017/1129).

Prospectus Regulation (“PR”)

As of 21 July 2019, the Prospectus Regulation (repealing the Prospectus Directive 2003/71/EC) will become applicable in its entirety.
As at today, the following […]

16 05, 2019

Crypto-assets: CONSOB orders termination of non-authorized investment activities in Italy

By | May 16th, 2019|Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 63]

Consob, following its previous resolutions (see our Newsflashes n. 54 and n. 58), continues its strict monitoring on activities concerning crypto-assets addressed to Italian investors.

During the first week of May, Consob published the following Resolutions, where it has reiterated its firm view regarding the dealing in cryptocurrencies, […]

29 03, 2019

Brexit: Transitional measures for UK entities to operate in Italy

By | March 29th, 2019|Capital Markets, Finance, Financial Regulation, Insurance, Newsflash, Payment Services|

[Newsflash n. 62]

As anticipated in January 2019 by the Ministry of Economy and Finance (see our Newsflash n. 59), on 26 March 2019, the Law Decree No. 22/2019 (“Stability Decree”) came into force introducing a temporary permission regime setting out the procedure that will allow […]

7 03, 2019

MiIFID II: Consob warns intermediaries on full costs disclosure

By | March 7th, 2019|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 61]

On 28 February 2019, Consob has published a Warning for the intermediaries to be compliant with MiFID II rules on transparency of costs.

Compared to MiFID I, MiFID II transparency and disclosure regime requires a more significant and intensive pre- and post-trading activity to intermediaries to ensure that clients are continuously aware […]

20 02, 2019

Brexit: Bank of Italy calls on UK financial institutions operating in Italy 

By | February 20th, 2019|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 60]

On 19 February 2019 the Bank of Italy published a Call on British financial institutions (banks, payment institutions and e-money institutions) that currently provide services in Italy via branches, under the freedom to provide services, or through distributors to send to their Italian clients a detailed, personalized and […]

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