[Newsletter n. 12]
On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) – the group of experts with the task to facilitate consultation between ESMA, its Board of Supervisors and stakeholders and to provide technical advice on policy development of ESMA – sent a Report on Initial Coin Offerings and Crypto-Assets to ESMA to suggest […]
[Newsletter n. 11]
On 22 June 2018 EBA launched a public consultation on its Guidelines on outsourcing that will repeal CEBS guidelines issued in 2006 (which only applied to credit institutions), in order to establish a more harmonized framework for the outsourcing arrangements of financial institutions. Indeed, requirements regarding outsourcing of banking activities by institution are not […]
[Newsletter n. 10]
On 27 October 2017, the European Commission issued a guidance in the form of Frequently Asked Questions (“FAQ”), aimed at clarifying certain concerns raised by the analyst research industry in connection with the “extraterritorial” application of MiFID II on third country broker-dealers’ provision of research and execution services to EU investment firms […]
[Newsletter n. 9]
MAR: pubblicate le Linee Guida CONSOB sulla gestione di informazioni privilegiate e sulle raccomandazioni di investimento
In data 13 ottobre 2017, all’esito della consultazione conclusa il 6 giugno 2017 (si veda Newsletter n.7), la CONSOB ha pubblicato le Linee Guida in materia di “
[Newsletter n. 8]
In view of its application as of 3rd of January 2018, Italy is moving forward in the implementation of MIFID II (Directive EU/2014/65) and delegated Directive at both primary and secondary level legislation.
PRIMARY LEGISLATION
With respect to the amendments of the Italian Financial Act (Legislative Decree 24 February 1998, n. 58, […]
[Newsletter n. 7]
On 6 April 2017 CONSOB published the required amendments to CONSOB Regulations on issuers (11971/1999), markets (16191/2007) and related party transactions (17221/2010) implementing the Market Abuse Regulation (EU Regulation No. 596/2014, “MAR”) and its related delegated acts.
The amendments have been issued following an intense work of the Regulator which elaborated the 21 […]
[Newsletter n. 6]
IT-related and web-based automation is transforming the provision of financial services and FinTech is rapidly and intensely developing worldwide.
In particular, a growing number of financial institutions, often referred to as “robo-advisors”, now provide advice or recommendations to consumers through automated tools, “which can potentially change the way consumers and financial institutions interact when buying or selling financial products”. Therefore, automation, specifically in the provision of […]
[Newsletter n. 5]
Very little has changed since we all learned of the outcome of the UK referendum on Brexit in June.
The UK Government is still investigating and discussing internal constitutional principles and requirements to trigger article 50 of the Lisbon Convention. Specifically, the question is whether the notification of withdrawal from the EU is within […]
[Newsletter n. 4]
As a result of a survey on the internal control procedures on the distribution network of financial intermediaries, on 15 February 2016 Consob published Communication n.0012130 dated 11 February 2016, which sets out certain best practices that financial intermediaries should take into account in connection with their internal control procedures on door-to-door offering […]
[Newsletter n. 3]
On 19 November 2015, the Bank of Italy launched a public consultation on the draft amendments to the Bank of Italy Supervisory Rules (Title IX, Chapter 2) (“Rules”) concerning the regime of collection of savings by non-banks.
The main purpose of such amendments is to enhance the level of savers’ protection set out by […]