The Authority underlines that the pandemic crisis is not yet over and many uncertainties remain. The impact on the real economy has been reduced by comprehensive fiscal measures, but some negative effects may only become apparent as the measures introduced are phased out. In particular, rising unemployment and the downgrading of corporate credit would have a negative impact on both the insurance and pension sectors.
It is highlighted that there is a need to maintain focus on new emerging risks such as cyber risk, due to the increase in cyber attacks, and ESG, as environmental, social and governance factors increasingly influence insurers’ and pension funds’ investment decisions and underwriting.
EIOPA is conducting an EU-wide insurance stress testing exercise to assess the impact of a COVID-19 adverse scenario in a “lower for longer” interest rate environment on insurers’ capital and liquidity positions.
The Report also includes two thematic articles. The first focuses on the impact of EU-wide insurance stress tests on equity prices and systemic risk and the second on the risks of climate change to the real economy and the potential mitigation role of insurance.
Following the issuance of the reforms, the Committee has determined it appropriate to evaluate the impact of those standards already implemented on the resilience and behaviour of the banking system. The report provides a preliminary assessment of whether the reforms implemented to date have functioned as intended in light of the pandemic. It outlines the Committee’s initial findings regarding:
- the overall resilience of the banking system during the pandemic;
- the usability of capital buffers, members’ experience with the countercyclical capital policies and price movements of additional tier 1 capital instruments;
- liquidity buffers;
- the impact of the leverage ratio on financial intermediation; and
- the cyclicality of specific Basel capital requirements.
The new Sustainable Finance Strategy sets out several initiatives to tackle climate change, and other environmental challenges, while increasing investment – and the inclusiveness of small and medium-sized enterprises (SMEs) – in the EU’s transition towards a sustainable economy. Strategy includes six sets of actions:
- Extend the existing sustainable finance toolbox to facilitate access to transition finance
- Improve the inclusiveness of small and medium-sized enterprises (SMEs), and consumers, by giving them the right tools and incentives to access transition finance.
- Enhance the resilience of the economic and financial system to sustainability risks
- Increase the contribution of the financial sector to sustainability
- Ensure the integrity of the EU financial system and monitor its orderly transition to sustainability
- Develop international sustainable finance initiatives and standards, and support EU partner countries
The European Green Bond Standard (EUGBS) proposal will create a high-quality voluntary standard for bonds financing sustainable investment. The new EUGBS will be open to any issuer of green bonds, including issuers located outside of the EU providing that the key requirements are fulfilled.
Finally, the Commission adopted today a Delegated Act on the information to be disclosed by financial and non-financial companies about how sustainable their activities are, based on Article 8 of the EU Taxonomy.
The Decree Law 30 April 2019, n. 34 (the so-called Growth Decree, converted into Law with amendments by Article 1, of Law No. 58 of June 28, 2019) amended the Consolidated Law on Finance (Legislative Decree No. 58 of February 24, 1998) introducing the discipline of “Simple investment company “or SiS.
According to the provisions of the Consolidated Law on Finance, SiS is an Italian AIF (Alternative Investment Fund), established in the form of a fixed capital investment company (Sicaf), reserved for professional or non-reserved investors, which directly manages its assets and respects the following conditions:
- shareholders’ equity does not exceed 25 million euros;
- the exclusive object of the company consists in the direct investment of the assets collected in SMEs not listed on regulated markets which are in the experimentation, establishment and start-up phase of the activity, notwithstanding article 35-bis, paragraph 1 letter f);
- does not use financial leverage;
- has a share capital at least equal to that provided for by article 2327 of the Civil Code, notwithstanding article 35-bis, paragraph 1, letter c), of the Consolidated Law on Finance.
The article 35-undecies, paragraphs 1-bis, 1-ter and 1-quater, of the Consolidated Law on Finance identifies a special discipline for these managers.
To favor the uniform and correct application of the new regulations, the joint documento adopted by Consob and the Bank of Italy contains a survey of the main provisions applicable to the SiS, defines some supervisory guidelines, which represent the expectations of the Supervisory Authority on the procedures with which the SiS must comply with the new regulations and indicates the procedure applicable in the event of non-temporary exceeding of the net equity limit pursuant to article 1, paragraph 1, letter i-quater, of the Consolidated Law on Finance.
(Only in Italian)
Nel corso dell’audizione è stato sottolineato come la Consob sia molto favorevole ad una transizione della finanza tradizionale verso il FinTech a condizione che, sulla base dei risultati di adeguate ricognizioni e sperimentazioni, vengano presidiati i rischi per la tutela del risparmio.
La Consob si è già espressa a favore dell’estensione dell’ambito di applicazione delle sandbox. L’Istituto sta anche avviando un laboratorio sperimentale per dialogare con il mercato e individuare le opzioni tecnologiche compatibili con le norme a tutela degli investitori, le eventuali barriere e i rischi dell’innovazione e le necessità di aggiornamento e revisione delle regole e degli approcci di vigilanza vigenti. L’obiettivo deve sempre essere quello di indirizzare il risparmio verso la crescita dell’economia reale (e sostenibile) e quindi quello di legare la sua remunerazione ad investimenti produttivi. Per questo motivo, uno dei focus dell’attività della Consob sarà individuare e sostenere quelle innovazioni che supportino, da un lato, l’accesso al capitale e, dall’altro, la tutela degli investitori.
È altresì necessario che i cittadini acquisiscano una maggiore coscienza dei pericoli aggiuntivi posti dal mondo digitale, pertanto, l’educazione finanziaria dovrà continuare con più impegno anche tramite nuovi canali, in modo da arrivare proprio a quegli investitori sensibili alle sollecitazioni che provengono dal web e dai social.
(Only in Italian)
Contestualmente è stato pubblicato il testo del Decreto-Legge 06 maggio 2021, n. 59, coordinato con la Legge di conversione del 1° luglio 2021, n. 101.
Il testo coordinato è redatto dal Ministero della giustizia al solo fine di facilitare la lettura sia delle disposizioni del Decreto-Legge, integrate con le modifiche apportate dalla legge di conversione, che di quelle richiamate nel decreto, trascritte nelle note. Restano invariati il valore e l’efficacia dei singoli atti legislativi.
