Consob has launched a public consultation on the proposed amendments to Consob Regulation no. 11971 of 14 May 1999 (Issuers’ Regulation), for the adaptation of the domestic system to the following European acts:
  • Directive (EU) 2019/1160 and Regulation (EU) 2019/1156 on the cross-border distribution of investment funds (“CBDF Directive and Regulation ” or “CBDF Package”);
  • Regulation (EU) 2019/2088 on the disclosure on sustainability in the financial services sector (“Regulation SFDR”) and Regulation (EU) 2020/852 on the setting up of a framework beneficial to sustainable investments and amending the Regulation (EU) 2019/2088 (“Taxonomy Regulation”), with specific reference to the pre-contractual information provided for in the offer documentation relating to UCIs.
With regard to the CBDF Directive and Regulation, the amendments submitted for consultation concern:
  • the regulation on local facilities
  • the regulation on the cessation of marketing
  • the regulation on the pre-marketing of reserved AIFs;
  • the regulation on marketing communications
With regard to the SFDR Regulation and the Taxonomy Regulation, the changes to be made to the Issuers’ Regulation are aimed at integrating the national regulatory provisions with the pre-contractual information provided for by the two European acts, with a view to facilitating operators who in this way will be able to find in the Consob regulation the framework of the obligations imposed on them with reference to the offer documentation, also in relation to the information on sustainability referred to in the SFDR Regulation and the Taxonomy Regulation.
The consultation will end on 11 March 2022.
The adoption of the Regulation was a fundamental step for the full implementation of the principles of better regulation which, according to the provisions of the primary legislator, must also affect the regulatory activity of the independent Authorities. In accordance with what happens for the other regulatory acts adopted by Consob, the Regulation in question has also been subjected to periodic review, in order to assess its suitability to achieve the aims pursued, in relation to the overall burden of the regulatory framework. In consideration of this and in implementation of the Regulatory Activities Plan, on 24 June 2021 the public consultation on the proposed amendments to the Regulation was launched, which ended on 22 September 2021.
Accordingly to the results of the public consultation carried out, the proposed amendments to the Regulation described in the consultation document published on 24 June 2021 were confirmed concerning:
  • scope (article 1);
  • regulatory activity planning (article 2);
  • strengthening of the interactions between the analysis (ex ante) and verification (ex post) of the regulatory impact (articles 5 and 6);
  • discipline of regulatory impact assessment (article 8).
On the other hand, further changes were made with regard to the public consultation (article 5) and the provision of new cases of derogation (article 7).
( Only in Italian)
Published in the Official Journal of the European Unione of 14 February 2022:
  • Commission Delegated Regulation (EU) 2022/192 amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) No 1151/2014 as regards the information to be notified when exercising the right of establishment and the freedom to provide services: the Regulation aims to promote convergence in the assessment practices of competent authorities regarding the notification submitted by credit institutions, as well as to ensure greater detail;
  • Commission Implementing Regulation (EU) 2022/193 amending the implementing technical standards laid down in Implementing Regulation (EU) No 926/2014 laying down standard forms, templates and procedures as regards the information to be notified when exercising the right of establishment and the freedom to provide services: the Regulation adapts the Implementing Regulation (EU) No 926/2014 to the new information requirements of Delegated Regulation (EU) 2022/192.
The Basel Committee on Banking Supervision (BCBS), today reaffirmed its commitment to implementing all aspects of the Basel III framework
The initial Basel III reforms have played a central role in ensuring that the banking system has thus far remained operationally and financially resilient during the Covid-19 pandemic. Unlike the experience of the Great Financial Crisis, banks have remained resilient and continued to lend to creditworthy households and businesses.
The Basel III standards that remain to be implemented seek to address some of the weaknesses in the regulatory framework that were exposed by the Great Financial Crisis, including by reducing excessive variability in risk-weighted assets and improving the comparability and transparency of banks’ risk-based capital ratios.
Addressing these weaknesses remains as important today as it was pre-pandemic.
EBA has published an Opinion on the amendments proposed by the European Commission as regards the EBA final draft Regulatory Technical Standards (RTS) specifying the methodology for calculating the fixed overheads requirements for investment firms in the context of the implementation of the Investment Firms Regulation (IFR).
The Commission’s version of the RTS, compared to the final draft RTS submitted by the EBA in December 2020, includes a substantive change, which represents an additional point for deduction from total expenses on the list detailed in the draft RTS, and is specifically aimed at market makers. Indeed, the Commission’s proposal enables the investment firms acting as market makers to benefit from the principle of deduction of trading fees also when these are not passed directly to the clients.
The EBA agrees with the proposed amendment, while also proposing an editorial change meant to preserve the consistency with the reading of the IFR.