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 […]

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 […]

30 01, 2019

No-deal Brexit: Italy is getting ready

By | January 30th, 2019|Capital Markets, Finance, Financial Regulation, Newsflash|

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 […]

28 01, 2019

ICO: Consob issues definitive ban of TGA token offering

By | January 28th, 2019|Finance, Financial Regulation, FinTech, Newsflash, Payment Services, Technology, Communications and Payments|

[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 […]

14 01, 2019

Regulation UE 2018\1807 about framework applicable to the free movement of non-personal data in the European Union

By | January 14th, 2019|Data Protection, Newsflash|

[Newsflash n. 57]

The New Regulation 2018/1807 on the free movement of non personal data in the European Union, promoted by the European Commission and approved by the European Council and European Parliament entered into force on 14th November 2018.

Such regulation saw the light at the end of a long development phase started in January […]

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