The SI test shall be performed by 15 May 2021. ESMA has published today, on a voluntary basis, the total number of trades and total volume over the period October 2020-March 2021 for the purpose of the systematic internaliser (SI) calculations under MiFID II for:
- 22,409 equity and equity-like instruments;
- 105,011 bonds; and
- 7,934 sub-classes of derivatives (including equity derivatives, interest rate derivatives, commodity derivatives, C10 derivatives, emission allowance and derivatives thereof and contracts for difference (CFDs)).
These calculations include the liquidity assessment and the determination of the pre- and post-trade size specific to the instruments and large in scale thresholds.
EIOPA has launched a consultation on Interbank Offered Rates (IBOR) transitions.
The consultation considers adjustments to EIOPA’s risk-free rate (RFR) methodology and production, in light of If the EU Benchmark Regulation which requires financial benchmarks to be transparent and to measure the underlying economic reality in a representative way. EIOPA seeks to adopt a common approach, for all currencies on the transition to the new rates in order to continue producing consistent RFR term structures.
The proposed approach takes into consideration recent market developments and responses received to the discussion paper published in January 2020.
Stakeholders are invited to provide EIOPA with their comments by 23 July 2021.
On 15 July 2020, ESMA published the final report on the feedback from the public consultation concerning its draft Guidelines on disclosure requirements pursuant to the Prospectus Regulation.
The Guidelines apply from 5 May 2021 and they are addressed to competent authorities under the Prospectus Regulation and to market participants, including persons responsible for a prospectus.
The Guidelines update the previous CESR Recommendations (ESMA/2013/319, in the revised version of 20 March 2013) with the exception of those concerning specialist issuers referred to in Annex No 29 of the Delegated Regulation (EU) 2019/980, which have not been converted into Guidelines and still remain applicable.
Therefore, starting from 5 May 2021, the references made by previous CONSOB communications to the aforementioned CESR Recommendations on the prospectus are consequently replaced with the aforementioned ESMA Guidelines, including the references in Communication No DEM/6064293 dated 28 July 2006 concerning the net financial position.
Bank of Italy has published the Financial Stability Report No. 1 of 2021
The global macroeconomic situation improved in the early months of the year, especially in the advanced economies. Nevertheless, the risks to financial stability remain high, owing to the still uncertain course of the pandemic and its economic consequences.
In Italy, as in the other EU countries, financial market conditions remain relaxed, in part thanks to the intervention of the ECB Governing Council, which since March has increased asset purchases under the pandemic emergency purchase programme (PEPP).
The impact of the pandemic on the economic situation of households has been highly diversified and has led to a significant increase in income inequality. Overall, however, loan repayment capacity has remained good because of the low interest rates, the debt moratoriums and the other support measures.
The repercussions of the pandemic crisis on the profitability and indebtedness of firms are extensive and very heterogeneous across economic sectors. The risks stemming from an increase in firms’ vulnerability, especially in the sectors hit hardest by the pandemic, remain high, but they can be mitigated by the economic recovery and by monetary and fiscal policies.
The deterioration in credit quality continues to be the main risk to which banks are exposed. The new non-performing loan rate has risen in recent months and the loan loss provisions for performing loans have continued to increase, contributing to the sharp drop in profitability in 2020. The uncertain situation calls for considerable prudence and the stepping up of decisions on provisioning, especially on the part of the less significant banks. Capital adequacy improved further in the second half of 2020; the gap between the average capital ratio of Italian significant banks and the capital adequacy of the significant banks of the countries participating in the SSM was practically nil.
In the second half of last year, the average solvency ratio of insurance companies rose, reaching a higher level than that at end-2019. The share of open-end investment funds that are vulnerable to high demand for redemptions has increased, but is still low.
(only in Italian)
Si considera la validità dell’attestato di rischio dopo la scadenza del contratto, in caso di stipula di più polizze in corso di contratto o di polizza annuale con pagamento del premio frazionato.
(only in Italian)
Il Decreto dispone la proroga e la definizione dei termini di prossima scadenza, al fine di garantire la continuità dell’azione amministrativa, nonché’ la vigenza di alcune misure correlate con lo stato di emergenza epidemiologica da COVID-19. In particolare, vengono stabilite:
- la Proroga in materia di esercizio di poteri speciali nei settori di rilevanza strategica;
- i termini concernenti rendiconti e bilanci degli enti locali, delle Regioni e delle Camere di commercio, e il riequilibrio finanziario degli enti locali;
- la Proroga della sospensione della revoca degli stanziamenti dei Fondi investimenti;
- gli Interventi finanziati dal Fondo per lo sviluppo e la coesione;
l’Accelerazione di interventi per far fronte all’emergenza sanitaria da COVID-19
