ESMA has released a statement to highlight to retail investors the risks connected with trading decisions based exclusively on exchanges of views, informal recommendations and sharing of trading intentions through social networks and unregulated online platforms.

The statement highlights the following issues:

  • Investors need to use reliable information for investment decisions;
  • Increased risk of investor loss due to price volatility; and
  • Risk of committing market abuse.


ESMA submitted questions related to the accounting for the third series of the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO III) to the International Financial Reporting Standards Interpretations Committee (IFRS IC).

ESMA is inviting the IFRS IC to clarify the applicable requirements considering questions related to:

  • accounting for the transactions according to requirements of IFRS 9 or IAS 20;
  • use of discrete or “blended” effective interest rates to calculate the interest expense; and
  • accounting treatment of the changes in estimates of payments due to revised assessment of meeting the eligibility criteria upon application of IFRS 9.


EBA published today final guidelines specifying the conditions for the application of the alternative treatment of institutions’ exposures related to ‘tri-party repurchase agreements’ for large exposure purposes.

Under the alternative treatment, institutions are allowed to replace the total amount of their exposures to a collateral issuer due to tri-party repurchase agreements facilitated by a tri-party agent, with the full amount of the limits that the institution has instructed the tri-party agent to apply to those exposures.

If institutions perform such a replacement, the Capital Requirements Regulation (CRR) requires them to comply with three conditions, which are further specified in the final guidelines, namely:

  • the institution must verify that the tri-party agent has in place appropriate safeguards to prevent breaches of the limits instructed by the institution;
  • the competent authority has not expressed to the institution any material concerns;
  • the sum of the limit instructed by the institution to the tri-party agent, and any other exposures of the institution to the collateral issuer does not exceed the limit set out in Article 395(1) of the CRR.

In addition, the final guidelines set the requirements on the conditions and frequency for determining, monitoring and revising the limits specified by the institution.


The ESRB Working Group publishes a Report that analises implications of support and fiscal  measures to protect the real economy from the COVID-19 pandemic on financial stability.

The pandemic has intensified risks and vulnerabilities in the real economy, but the prompt action by governments has provided crucial relief to households and non- financial corporations (NFCs).  ESRB  summarises key findings and  future policy priorities for national competent authorities.


Consob published a  Warning notice related to measures to support the economy and on the information to be provided:

  • by the supervised issuers of the supervisory bodies and the independent auditors in relation to the 2020 financial statements prepared in accordance with the international accounting principles;
  • by the companies publishing the 2020 non-financial statements;
  • by issuers with listed shares and by supervisory bodies at meetings for resolutions on capital;
  • by those responsible for drafting the offer documents and prospectuses;
  • by the issuers subject to the rules of the MAR.


Consob published a  Warning notice related to the persistence of the impacts of the Coronavirus emergency and the compliance of the online portals managers.


Bank of Italy makes further progress towards the sustainability of its investments after the integration, in 2020, of the ESG (Environmental, Social and Governance) investment criteria into the internally managed equity portfolios for the Italian and euro-area markets and for equity investments in the United States and Japan.


Bank of Italy published a special edition of the International Technical Cooperation Newsletter dedicated to the conclusion of the EU funded Twinning Project “Enhancing Bank of Albania’s alignment with EU Acquis”.


(only in Italian)

L’UIF ha pubblicato la versione aggiornata del manuale utente per l’invio delle segnalazioni di operazioni sospette (SOS) ai fini antiriciclaggio.

Tra le principali novità si segnala la pubblicazione dell’elenco dei controlli sulle SOS (errori bloccanti e rilievi non bloccanti; cfr. Appendice 1) e l’inserimento di nuovi esempi di errori più comuni in fase di salvataggio, verifica e invio della SOS.


(only in Italian)

Pubblicato in Gazzetta Ufficiale n. 38 del 15.2.2021 il DM 28 dicembre 2020 recante le Modalità di attuazione degli incentivi fiscali in regime de minimis all’investimento in start-up innovative e in PMI innovative.

L’incentivo fiscale si applica ai conferimenti in denaro iscritti alla voce del capitale sociale e della riserva da sovrapprezzo delle azioni o quote delle start-up e delle Pmi innovative, nonché agli investimenti in quote degli Oicr, inclusa anche la compensazione dei crediti in sede di sottoscrizione di aumenti del capitale.

L’agevolazione consiste nella detrazione del 50% dall’Irpef delle somme investite, successivamente al 1° gennaio 2020 e a partire dal periodo d’imposta successivo a quello in corso al 31 dicembre 2019, nel capitale sociale di Pmi o start-up innovative. L’investimento può essere effettuato direttamente o tramite quote degli Organismi di investimento collettivo di risparmio (Oicr) che investono prevalentemente in Pmi e start-up innovative e va mantenuto per almeno tre anni.