ESMA has published the interim simple, transparent and standardised (STS) notification templates for synthetic securitisations following amendments to the Securitisation Regulation (SECR).

The interim templates allow originators to notify ESMA of synthetic securitisations that meet the STS criteria.

EIOPA has published the results from its yearly study on the modelling of market and credit risk (MCRCS).

This study is based on simplified asset-liability-portfolios and also focusses on the analysis of interest rate ‘down’ movements, comparison of model results to historical market experience, and preliminary analyses on dependency structures. As in past studies, the overall results continue to show significant variations in asset model outputs, which are partly attributable to model and business specificities already known by the relevant national competent authorities, but also indicate a need for further supervisory scrutiny. The results, tools and experience feed into the Supervisory Review Process on internal models, and are also used to assess model changes or models in pre-applications.

(only in Italian)

Banca d’Italia ha pubblicato la propria Memoria per le Commissioni del Senato riunite 5a (Programmazione economica e Bilancio) e 6a (Finanze e tesoro) sulla conversione del decreto-legge 22 marzo 2021, n. 41 (c.d. decreto sostegni), recante misure urgenti in materia di sostegno alle imprese agli operatori economici, di lavoro, salute e servizi territoriali, connesse all’emergenza da COVID-19.

(only in Italian)

La Consob ha aggiornato l’elenco dei revisori e delle imprese di revisione legale per la revisione da Eip (Enti di interesse pubblico) distinguendo tra quelli che hanno registrato un fatturato superiore alla soglia del 15% Eip nazionale, e quelli con un fatturato inferiore a tale soglia.

Tale previsione è stata introdotta per evitare l’esclusione dei soggetti con un fatturato Eip meno rilevante, dalle procedure di selezione per il conferimento di incarichi di revisione su Eip.

Consob has ordered the blackout of 5 new websites that abusively offer financial services:

– Trade Com Limited (website and related page;

– Konstos Markets LTD (website;

– Vita Impex Ltd (websites and;

– “Up Invest Finance” (website

The number of websites blacked out since July 2019 has thus risen to 421.

Consob updated the Q&A of 5 October 2018 regarding the knowledge and competence requirements of the staff of intermediaries, in order to make them compliant with the new Article no. 78 of the Intermediaries Regulation.

Consob decided not to further extend the temporary regime of enhanced transparency introduced on 9 April 2020 with reference to some Italian companies listed on the Stock Exchange, identified according to the criterion of widespread shareholding (i.e. not controlled by law), and then renewed every three months until the next deadline of 13 April.

Starting from Wednesday next week, investors must be compliant with the provisions of the ordinary transparency discipline, according to which the obligation to communicate changes in the significant shareholdings held in the aforementioned Italian companies listed on the Stock Exchange is triggered when the 3% threshold is exceeded for medium-high capitalization companies, qualified as “non-SMEs”, and when the 5% threshold is exceeded for small capitalization companies, qualified as “SMEs”. The obligations relating to the exceeding of subsequent thresholds remain unchanged. The temporary regime of enhanced transparency had, on the other hand, lowered the minimum communication thresholds to 1% for non-SMEs and 3% for SMEs, respectively.

As for the transparency on the declarations of investment objectives, from next Wednesday the obligation to notify will trigger when the 10% threshold, and no more the 5% threshold, temporarily introduced by the enhanced transparency regime, is exceeded. 

Borsa Italiana with Notice n. 11481 of 9 April 2021 has published the amendments to the EuroTLX market Rules. The amendments are being made with regard to the handling of errors provisions to align them with all Borsa Italiana market rules. The amendments shall enter into force on the 26 April 2021.