EBA published a discussion paper on the feasibility study of an integrated reporting system to collect feedback for the preparation of its final Report in this area.
The discussion paper outlines possible options around the main building blocks of a possible integrated system including a single data dictionary and single reporting system across supervisory, resolution and central bank statistical data. The consultation runs until 11 June 2021.
The proposed revision will extend the scope of the DGS stress testing, by requiring more tests that will cover additional aspects of DGS interventions. The proposed framework will also achieve greater harmonisation and comparability, to enable the EBA to carry out a robust peer review of national DGS stress tests in 2024/25. The proposed revisions are based on the findings of the first EBA peer review of the DGS stress tests and resilience of national DGSs, published in June 2020. The deadline for the submission of comments is 11 June 2021
On the basis of the new regulatory framework, the evaluation of the training and professional updating methods of the subjects engaged in financial advice is entrusted to the intermediaries themselves and no longer to a prescriptive detailed discipline. By this way, Consob intends to allow greater flexibility of the organizational safeguards of each intermediary on the basis of the principle of proportionality.
The rules on the procedures for professional updating of independent financial advisors have also been further specified. Finally, some prescriptions for advice on insurance investment products are maintained.
The regulatory changes were adopted as a result of a public consultation which ended on 21 September 2020, after taking into account the prior opinion of the Committee of Market Operators (Comi), the advisory body set up by Consob to represent the national financial community. The amendments were submitted to the Bank of Italy and to IVASS, which gave their assent.
(only in Italian)
Banca d’Italia ha pubblicato il testo del Regolamento sulla gestione collettiva del risparmio nella versione integrale che recepisce le modifiche del 2° aggiornamento attuato con il Provvedimento del 16 febbraio 2021. Quest’ultimo aggiornamento va ad uniformare la normativa di Banca d’Italia in materia di gestione collettiva del risparmio agli Orientamenti dell’ESMA sulle prove di stress di liquidità negli OICVM e nei FIA del 16 luglio 2020.