ESMA sets out its approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit
The European Securities and Markets Authority (ESMA) has today published a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the United Kingdom (UK) leave the European Union (EU) under a no-deal Brexit.
ESMA’s statement aims to inform stakeholders on the approach it will take […]
EIOPA calls upon national supervisory authorities to minimise the detriment to insurance policyholders and benificiaries in case of a no withdrawal agreement between the United Kingdom and the European Union
Frankfurt, 19 February 2019 – Today, the European Insurance and Occupational Pensions Authority (EIOPA) issued Recommendations for the insurance sector in light of the United Kingdom (UK) withdrawing from the European Union without a withdrawal agreement. The Recommendations addressed to National Competent Authorities (NCAs) provide guidance on the treatment of UK insurance undertakings and distributors with […]
ESMA to recognise three UK CCPs in the event of a no-deal Brexit
The European Securities and Markets Authority (ESMA) has today announced that in the event of a no-deal Brexit, three central counterparties (CCPs) established in the United Kingdom (UK) – LCH Limited, ICE Clear Europe Limited and LME Clear Limited – will be recognised to provide their services in the European Union (EU). ESMA has […]
EIOPA welcomes agreement on a Pan-European Personal Pension Product
The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the agreement reached by the European Parliament and the Members States on the proposal for a Pan-European Personal Pension Product, the PEPP.
Gabriel Bernardino, Chairman of EIOPA, said: “Today’s agreement is a key milestone in providing sustainable pensions and addressing the ever growing pensions gap in Europe. […]
ESMA: renewal prohibition of binary option
On 24 August 2018, the European Securities and Markets Authority (ESMA) has agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, from 2 October 2018 for a further three-month period (see our Newsflash n.45).
ESMA has also agreed to exclude a limited number of binary […]
EIOPA: first Q&A on application of IDD
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) […]
IDD implementation: CONSOB consultation on amendments to Issuers’ Regulation
[Newsflash n. 50]
Further to the implementation in Italy of the Insurance Distribution Directive (2016/97/EU) (“IDD”) by legislative decree of 21 May 2018 published in the Italian Official Journal on 16 June 2018, which amended the Italian Financial Act (TUF) and the Code of Private Insurance Companies (CAP), CONSOB has launched a public Consultation to amend […]
ESMA: Product intervention on CFDs and binary options
The European Securities and Markets Authority (ESMA) has formally adopted final product intervention measures on the provision of contracts for differences (CFDs) and binary options to retail investors (see our Newsflash n. 45). The measures have been published in the Official Journal of the European Union (OJ) on 1 June 2018. They will start […]
MIFID II: new Guidelines on suitability requirements
[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 […]
MAR in Italy: towards full implementation
[Newsflash n. 47]
Il giorno 16 maggio 2018, il Consiglio dei Ministri ha approvato in via preliminare lo schema di decreto legislativo per l’adeguamento della normativa nazionale alle disposizioni MAR (Regolamento UE n. 596/2014). Le disposizioni MAR sono direttamente applicabili in Italia, salvo alcune previsioni, prevalentemente di carattere sanzionatorio, in relazione alle quali il Regolamento stabilisce […]