23
03, 2017
8
03, 2017
PRIIPs KID: revised RTS
[Newsflash n. 25]
Following the rejection by the European Parliament (in September 2016) of the previous draft, on 8 March 2017 the European Commission published a revised version of its “level 2” Regulatory Technical Standards (“RTS”) under the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”).
In the revised RTS, the Commission has implemented most of […]
7
02, 2017
CONSOB: Alert on CFD and binary options
[Newsflash n. 24]
With recent Communication of 7 February 2017, Consob has issued a warning to the market concerning the marketing of contract for difference (CFD), rolling spot forex and binary options.
In light of the increasing dissemination of such speculative forms of investment, the authority has raised the level of awareness of these products alerting […]
16
12, 2016
EBA publishes the final draft of the Regulatory Technical Standards (RTS) on passporting pursuant to PSD2
[Newsflash n. 22]
Last 11th of December EBA launched a consultation on the draft Regulatory Technical Standards (RTS) on passporting pursuant to article 28(5) of the Payment Services Directive 2 (PSD2).
The PSD2 came into force on 12 January 2016 and is due to be implemented in all Member States on the 13th of January 2018.
The directive […]
14
12, 2016
MAR: Consob endorses ESMA Guidelines on market soundings and delay of disclosure of inside information
On 14 December 2016, Consob published two Communications about its determination to comply with the ESMA Guidelines on Market Abuse Regulation (“MAR”) dated 13 July 2016.
The first Communication (n. 0110351 of 14 December 2016) concerns ESMA Guidelines 2016/1477 on persons receiving market soundings (“Market Sounding Receivers” or “MSR”), which will […]
6
12, 2016
Social lending: Bank of Italy issues provisions on savings collection by non-banks
[Newsflash n. 21]
Social lending has now been recognized as official financing tool.
On 8 November 2016, Bank of Italy published the long-awaited Provisions concerning Savings Collection by Non-Banks (“Provisions”), which will enter into force as of 1 January 2017. The Provisions (which technically are an update of the Bank of […]
5
12, 2016
PRIIPs: recent developments in EU and Italy
[Newsflash n. 20]
EU Parliament approves 1-year delay
On 1st December 2016, the European Parliament voted to support a 1-year delay of the implementation of the Regulation (EU) No. 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (“PRIIPs Regulation” or “Regulation”).
The application of the long debated obligation of investment companies to to […]
28
11, 2016
Italian pension funds: clarification on limits of investment in AIF
[Newsflash n. 19]
In its response to a request for clarification on investment limits of pension funds in alternative investment funds (“AIF”) – in line with a 2014 position of the Council of State on the Ministry Decree 166/2014 concerning qualitative and quantitative investment limits for pension funds – COVIP clarified that investment in AIFs is […]
17
11, 2016
ECB launches a public consultation on a guide to the fit and proper assessments of bank board members
[Newsflash n. 18]
On 14 November 2016 the European Central Bank (“ECB”) launched a public consultation concerning the criteria and procedures for determining suitability of bank board members.
In the framework of the Single Supervisory Mechanism (“SSM”), the ECB Banking Supervision has submitted to public consultation a
7
11, 2016
CONSOB guidelines on the paragraph “Warning for the Investor” in Italian prospectuses
[Newsflash n. 17]
On 28 October 2016 CONSOB issued Recommendation n. 0096857 (the “Recommendation”) on the drafting and inclusion of a paragraph “Warning for the Investor” (the “Warning”) in Italian prospectuses for public offering and/or admission to trading of financial instruments.
This Recommendation replaces the relevant provisions contained in the existing CONSOB Communication n. 0010807 of […]