[Newsflash n. 37]
On 3 November 2017, Borsa Italiana published certain amendments to the Rules of AIM Italia market that will enter into force on 3 January 2018, in order to improve the efficiency of a market that is fast growing according to recent number of IPOs.
The amendments aim at increasing the overall level of […]
[Newsflash n. 36]
On 4 September 2017, IVASS – the Italian Insurance Authority – published a letter to the market (“Letter”) addressing the implementation in Italy of Directive 2016/97/EU on insurance distribution (“IDD”) and EIOPA preparatory guidelines on product oversight and governance (“POG”) arrangements for insurers and distributors (“EIOPA Guidelines”).
The main focus of […]
[Newsflash n. 35]
On 14 July 2017 Borsa Italiana published a draft set of amendments to its Market Rules and relevant Instructions to take into account the application of certain MiFID II provisions, including in particular the replacement of the SeDeX regulated market with a corresponding MTF.
In Borsa Italiana’s view, the broad definition of “derivative […]
[Newsflash n. 34]
With publication on the Official Gazette of May 31th 2017, the Italian Government approved the new National Plan for Cyber Protection and Digital Security that defines new operational guidelines and objectives for the implementation of the National Strategic Framework for Cyber Security (NSF). The new plan has been developed in line with […]
[Newsflash n. 33]
Today, 31 May 2017, ESMA has published an opinion (ESMA 42-110-433) setting out general principles aimed at supporting supervisory convergence in response to the increased requests from UK financial market participants seeking to relocate to the 27 Member States that will remain in the EU (EU27), in order to continue to benefit from access to […]
[Newsflash n. 31]
On 18 May 2017, the European Banking Authority (“EBA”) launched a public consultation on its recommendations on the use of cloud services by financial institutions.
While a set of CEBS guidelines on outsourcing (“CEBS Guidelines”) have been introduced in 2006 for general outsourcing to a third party of activities that would normally be […]
[Newsflash n. 30]
After the implementation at primary legislation level through the amendment of the Italian Financial Act by Legislative Decree no. 71/2016, on 27 April 2017 CONSOB approved the amendments to “CONSOB Regulation on issuers” (11971/1999) and to the “Joint CONSOB-Bank of Italy Regulation dated 29 October 2007” on the organisation and procedures of intermediaries […]
[Newsflash n. 29]
On 13 April 2017, CONSOB published some clarifications, in the form of Q&As, to the Recommendation n. 0092492 of 18 October 2016 (“Recommendation”) on the distribution of financial instruments through a multilateral trading venue (see our Newsflash n. 15).
The Q&As are divided into three main sections and aim at better specifying:
[Newsflash n. 28]
On 11 April 2017, Bank of Italy published a new communication to the market (dated 28 March 2017) regarding unilateral amendment of terms in banking and financial contracts with continuous or periodic performance (contratto di durata) (“Communication”).
According to art. 118 of the Italian Financial Act (TUB) and the legislation on Italian banking transparency, […]
[Newsflash n. 27]
On 5 April 2017 the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – “ESAs”) launched a public consultation on the Draft Joint Guidelines (“Draft Guidelines”) under Article 25 of Regulation (EU) 2015/847 (”Regulation”) on the measures payment service providers should take to detect missing or incomplete information […]