The 2020 CSA has shown that firms overall comply with key elements of the suitability requirements that were already regulated under MiFID I, such as the understanding of products and clients and their processes and procedures to ensure the suitability of investments. However, shortcomings and areas of improvement have emerged about some of the new requirements introduced by MiFID II, notably the requirement to consider the cost and complexity of equivalent products, the costs and benefits of switching investments and suitability reports.
The number of NCAs issuing sanctions (penalties and/or measures) increased slightly to 17 compared to 2019. A total of 100 sanctions were issued during 2020, for a total amount of €1.1M showing a declining trend in the financial amount of sanctions issued since 2018. The data gathered under the sanction reports continues to show that the sanctioning powers are not equally used among NCAs and, except for certain NCAs, the number and amount of sanctions issued at national level seems relatively low.
ESMA has published a joint Annual Report on Prospectus Activity and Sanctions for 2020.
ESMA found that the number of prospectus approvals across the European Economic Area (EEA) dropped by almost 5% compared to 2019, which appears to indicate that the Covid-19 crisis did not have the anticipated impact on approvals. In addition, only Belgium’s Financial Services and Markets Authority (FSMA) and Norway’s Finanstilsynet imposed prospectus related sanctions in 2020 with the majority imposed by the FSMA.
(only in Italian)
La Banca d’Italia ha aggiornato la Circolare n. 285/2013 recante Disposizioni di vigilanza sui controlli interni delle banche
Con il presente aggiornamento viene modificato il Capitolo 3 “Il sistema dei controlli interni” della Parte I, Titolo IV della Circolare 285/13, per tener conto di quanto previsto dagli Orientamenti dell’EBA in materia di concessione e monitoraggio dei prestiti (Guidelines on loan origination and monitoring, EBA/GL/2020/06), che vengono attuati come orientamenti di vigilanza.
(only in Italian)
La Banca d’Italia ha aggiornato la Circolare n. 288/2015 recante Disposizioni di Vigilanza per gli intermediari finanziari.
Con il presente aggiornamento viene modificato il Capitolo 1 “Organizzazione amministrativa e contabile e controlli interni” del Titolo III della Circolare 288/15, per assicurare il raccordo con quanto previsto dagli Orientamenti dell’EBA in materia di concessione e monitoraggio dei prestiti (Guidelines on loan origination and monitoring, EBA/GL/2020/06), che vengono attuati come orientamenti di vigilanza.
Consob issued a press release on 20 July 2021 announcing the signing of the Framework Agreement between Consob and Council of State for developing collaborative relationships, aimed at sharing experiences in the field of technology, research and carrying out activities for the use of Artificial Intelligence and blockchain as well as training of its staff.
With Notice no. 24579 of 20 July 2021, Borsa Italiana published the Amendments to the Market Rules and related instructions: i) Distribution rules; ii) Free float rules; iii) Listing of SPACs; iv) fine tunings rules for STAR segment issuers; v) exclusion of operators; vi) fine tuning market supervision.
The amendments will enter into force from 3 August 2021.
With Notice No. 24577 of 20 July 2021, Borsa Italiana published the Amendments to the Instructions for the Regulation of Markets – MOT Market: Application for Admission to Trading of Financial Instruments.
The amendments will enter into force from 3 August 2021.
