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 […]

14 01, 2019

Binary options and contracts for differences: CONSOB launches consultation on permanent ban

By | January 14th, 2019|Business Transactions, Capital Markets, Finance, Financial Regulation, Newsflash|

[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 […]

5 12, 2018

Crowdfunding: CONSOB clarifications to ease access to capital market for SMEs

By | December 5th, 2018|Business Transactions, Capital Markets, Financial Regulation, FinTech, Newsflash|

[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 […]

19 11, 2018

ICO and crypto-assets: CONSOB suspends two Initial Coin Offerings in Italy

By | November 19th, 2018|Business Transactions, Capital Markets, Finance, Financial Regulation, FinTech, Newsflash, Payment Services, Technology, Communications and Payments|

[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 […]

22 10, 2018

CONSOB to help investors against unauthorized financial activities

By | October 22nd, 2018|Capital Markets, Finance, Financial Regulation, FinTech, Insurance, Newsflash|

[Newsflash n.53]

On 18 October 2018, Consob, the Italian financial authority, launched the tool “Occhio alle truffe!” (“Be aware of frauds”) that allows investors to check whether or not the financial offer that they are considering to accept is promoted by authorized entities.

This tool allows investors to quickly and easily access Consob databases in order […]

23 07, 2018

AML5

By | July 23rd, 2018|Capital Markets, Commercial, Corporate Governance, Newsflash, Technology, Communications and Payments|

[Newsflash n. 52]

The 5th AML Directive (“5AMLD” partially amending Directive (EU) 2015/849) has now been agreed and adopted by European Parliament as of 19 April 2018.  The date of entry into force is set to be imminent (between Juy and September 2018) but has not yet been released.  The purpose of this amend being to […]

17 07, 2018

MiFID II: ESMA Q&A update 12 July 2018

By | July 17th, 2018|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 51]

On 12 July 2018, ESMA updated its Question and Answers document on the implementation of investor protection topics under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  The purpose of this Q&A is to promote common supervisory approaches and practices in the application of MiFID II/MiFIR.

This update concerns the topics […]

17 07, 2018

EIOPA: first Q&A on application of IDD

By | July 17th, 2018|Capital Markets, Finance, Financial Regulation, Insurance, Newsflash, Uncategorized|

On 11 July 2018, the European Insurance and Occupational Pensions Authority (EIOPA) published the first set of Questions & Answers on the application of the Insurance Distribution Directive (IDD) and its implementing regulations.

These Q&As provide practical guidance on IDD in particular they address the requirements for the Product Oversight and Governance arrangements (see Delegated Regulation (EU) 2017/2358) […]

4 07, 2018

Italian Financial Advisors: a step forward to full operation of the OCF

By | July 4th, 2018|Capital Markets, Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 49]

On 28 June 2018 CONSOB and the financial advisors’ supervisor (“OCF”) signed a memorandum of understanding (“MOU”) in accordance to which certain functions have been transferred from the Italian Financial Authority (CONSOB) to the OCF.

Further to the approval of the OCF By-laws and Rules by the Minister of Finance on […]

1 06, 2018

MIFID II: new Guidelines on suitability requirements

By | June 1st, 2018|Capital Markets, Finance, Newsflash, Uncategorized|

[Newsflash n. 48]

On 28 May 2018 ESMA published the Final Report on the “Guidelines on certain aspects of the MiFID II suitability requirements”, which confirm, broaden and replace the existing MiFID I guidelines on suitability issued in 2012.

The Guidelines apply in relation to the provision of investment advice and portfolio management, whereby firms have […]

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