ESMA has updated the Opinion “Collection of information for the effective monitoring of systemic risk under Article 24(5), first paragraph, of AIFMD”, in the context of AIFMD reporting. 

The ESMA Opinion provides details on a set of additional information that, in ESMA view, NCAs could require AIFMs to report on a periodic basis pursuant to Article 24(5), first sub-paragraph of the AIFMD. In particular, the updates aim at providing clarifications to three risk measures (Value-at-Risk, Net FX delta and Net commodity delta) already included in the Opinion in the section “Information on risk measures”. This section has been amended to provide guidance to AIFMs, with definitions of the abovementioned risk measures and practical examples for the reporting. The content of the Opinion that does not refer to these measures is maintained as published in 2013.

ESMA has complemented the Opinion with three new Q&As, also published today.  The new Q&As provide clarification on the reporting of three risk measures included in the AIFMD: Net DV01, NET CS01, Net Equity Delta.

ESMA has updated its Questions and Answers on the following topics:

ESMA launched a consultation on amendments to its Guidelines on data transfer between Trade Repositories (TRs) under EMIR, as well as on Guidelines regarding data transfer between TRs under SFTR.

The new set of Guidelines establishes the framework for data transfer of Securities Financing Transactions (SFTs) between TRs under SFTR.

The consultation paper also proposes changes to the current Guidelines on data transfer between TRs under EMIR, with a view to maintaining access to historical data for regulatory authorities and ensuring a high degree of data quality as well as a competitive TR environment.

Both the new Data Transfer Guidelines under SFTR and the proposed changes to those under EMIR aim to:

  • enhance the quality of data available to authorities, including the aggregations carried out by TRs, even when the TR participant changes the TR to which it reports and irrespective of the reason for such a change.
  • ensure that the competitive multiple-TR environment is guaranteed, and that TR participants can benefit from competing offers; and
  • safeguard a consistent and harmonised way to transfer records from one TR to another supporting the continuity of reporting and reconciliation in all cases including the withdrawal of a TR registration.

The consultation will end on 27 August 2021.

EBA, jointly with the European Securities and Markets Authority (ESMA), published today a provisional list of additional instruments and funds that competent authorities may allow to use as own funds for some of the smallest investment firms. The latter include only non-legal persons or joint‐stock companies, or those which meet the conditions for qualifying as small and non‐interconnected investment firms as defined in the Investment Firm Regulation (IFR). The list is provisional and intended to provide guidance to investment firms and competent authorities ahead of the application of the IFR requirements, as of 26 June 2021.

EBA launched a public consultation on draft implementing technical standards (ITS) on Pillar 3 disclosures regarding exposures to interest rate risk on positions not held in the trading book (IRRBB). The draft ITS put forward comparable disclosures that would allow stakeholders to assess institutions’ IRRBB risk management framework as well as the sensitivity of institutions’ economic value of equity and net interest income to changes in interest rates. The proposed standards will amend the comprehensive ITS on institutions’ public disclosures, in line with the strategic objective of developing a single and comprehensive Pillar 3 package that should facilitate implementation by institutions and further promote market discipline.

The consultation will end on 30 August 2021.

(only in Italian)

Consob, con avviso del 27 maggio 2021, ha comunicato la propria volontà di conformarsi Orientamenti emanati dall’ESMA in materia di segnalazioni delle operazioni di finanziamento tramite titoli (SFT), ai sensi del Regolamento (Ue) 2015/2365 SFTR sulla trasparenza delle operazioni di finanziamento tramite titoli e del riutilizzo.

Gli Orientamenti in questione forniscono indicazioni in merito all’attuazione delle disposizioni di segnalazione e sulla trasparenza, raccolta e conservazione dei dati di cui agli articoli 4 e 12 dell’SFTR e relative disposizioni attuative di cui ai Regolamenti Delegati Ue n. 356/2019, n. 357/2019, n. 358/2019 e Regolamento di Esecuzione Ue n. 363/2019.

(only in Italian)

Banca d’Italia ha pubblicato la rilevazione sui prodotti derivati over-the-counter a dicembre 2020

L’indagine, realizzata su un campione composto dai maggiori gruppi bancari italiani, è effettuata per iniziativa del Committee on the Global Financial System (CGFS) e prevede, a livello globale, la rilevazione semestrale da parte della Banca dei regolamenti internazionali di statistiche sui derivati OTC presso un campione di banche e intermediari finanziari maggiormente operativi nel comparto. Oggetto della rilevazione sono il valore nozionale e il valore lordo di mercato dei derivati OTC. Per ciascuna tipologia di derivati è inoltre richiesta la suddivisione per classi di vita residua, controparte e valuta.

(only in Italian)

L’IVASS ha pubblicato il Bollettino di vigilanza di aprile 2021

(only in Italian)

Pubblicato nella Gazzetta Ufficiale n. 126 del 28 maggio 2021, il decreto 5 marzo 2021 del MISE recante le modalità di utilizzo delle risorse assegnate ai contratti di sviluppo e l’applicazione allo strumento delle previsioni del “Temporary framework” per gli aiuti di Stato nell’attuale emergenza del Covid-19.

Il decreto ha previsto che le risorse relative alla concessione delle agevolazioni a valere sullo strumento dei Contratti di sviluppo di cui all’art. 60, comma 2, del decreto-legge 14 agosto 2020, n. 104, sono destinate:

  • per euro 150.000.000 alle istanze di contratto di sviluppo presentate all’Agenzia nazionale per l’attrazione degli investimenti e lo sviluppo d’impresa S.p.a. che non hanno trovato copertura a valere sulle risorse già assegnate allo strumento agevolativo;
  • per euro 250.000.000 alle istanze di Accordo di programma o di sviluppo presentate successivamente alla data di pubblicazione della direttiva del Ministro dello sviluppo economico 15 aprile 2020 concernenti programmi coerenti con le finalità individuate all’art. 1, comma 1, lettere b) e c) della predetta direttiva
  • per euro 100.000.000 alle istanze di Accordo di programma o di sviluppo presentate successivamente alla data di pubblicazione del presente decreto concernenti programmi di sviluppo coerenti con il percorso nazionale di decarbonizzazione del sistema energetico e industriale, anche attraverso lo sviluppo delle relative filiere in settori industriali e tecnologici, in particolare attraverso l’utilizzo di idrogeno generato da fonti rinnovabili.
  • le risorse di cui all’art. 1, comma 1, lettera a), della direttiva del Ministro dello sviluppo economico 15 aprile 2020 e non utilizzate per carenza di istanze finanziabili sono destinate al finanziamento delle istanze di Accordo di programma o di sviluppo presentate all’Agenzia precedentemente alla data del presente decreto.

European Parliament has published the resolution of 21 May 2021 on the adequate protection of personal data by the United Kingdom

The European Parliament in conclusion:

  • Calls on the Commission to assure EU businesses that the adequacy decision will provide a solid, sufficient and future-oriented legal basis for data transfers; underlines the importance of making sure that this adequacy decision will be deemed acceptable if reviewed by the CJEU and stresses that all recommendations made in the EDPB opinion should therefore be taken on board;
  • Welcomes the fact that the adequacy decisions will only apply for four years, as the UK might choose to amend the legislation subject to the Commission’s adequacy assessment now that it is no longer an EU Member State; calls on the Commission to keep monitoring the level of data protection in the UK in law and practice in the meantime and to conduct a thorough assessment before renewing the adequacy decision in 2025;
  • Objects to the two implementing acts on the basis that the draft implementing decisions are not consistent with EU law;
  • Calls on the Commission to amend the two draft implementing decisions with a view to making them fully consistent with EU law and case law;
  • Requests that national data protection authorities suspend the transfer of personal data, which might be subject to indiscriminate access by UK intelligence authorities if the Commission were to adopt its adequacy decisions in relation to the UK before the UK solves the issues mentioned above;
  • Calls on the Commission and the UK competent authorities to set up an action plan in order to address as soon as possible the deficiencies identified in the EDPB opinions and other outstanding issues in UK data protection, which must be a precondition for the final adequacy decision;
  • Calls on the Commission to keep closely monitoring the level of data protection as well as laws and practices on mass surveillance in the UK; points out that there are other legal possibilities for transfers of personal data to the UK in Chapter V of the GDPR; recalls that in line with EDPB guidelines, transfers relying on derogations for specific situations pursuant to Article 49 of the GDPR must be exceptional;
  • Regrets that the Commission has ignored Parliament’s calls to suspend the Privacy Shield until the US authorities comply with its terms, but has instead always preferred to ‘monitor the situation’ without any concrete result in terms of data protection for individuals and legal certainty for businesses; urges the Commission to learn from its past failures to heed calls from Parliament and experts with regard to the conclusion and monitoring of past adequacy decisions, and not to leave the proper enforcement of EU data protection law to the CJEU following complaints by individuals;
  • Calls on the Commission to closely monitor data protection law and practices in the UK, to immediately inform and consult Parliament on any future changes to the UK data protection regime, and to give Parliament a scrutiny role in the new institutional framework, including for relevant bodies such as the Specialised Committee on Law Enforcement and Judicial Cooperation;