• Directive (EU) 2021/338 which, as part of the Capital Markets Recovery Package, modifies MiFID II on the subject of investor protection;
  • delegated acts for the implementation of MiFID II, UCITS and IDD regulations on the subject of sustainable finance;
  • Directive (EU) 2019/2034 amending MiFID II as regards the provision of investment services by non-EU companies on the exclusive initiative of clients.
As regards the regulatory changes in transposition of Directive (EU) 2021/338, the interventions concern Part II of Book III of the Intermediaries Regulation in relation to the following disciplines:
  • transparency of costs and charges associated with financial instruments and investment services;
  • assessment of adequacy in the provision of consulting and portfolio management services, with specific reference to the cost-benefit analysis of switch operations;
  • reporting discipline;
  • legislation applicable to eligible counterparties.
With reference to the regulatory changes on sustainable finance:
  • the product governance regulations applicable to the provision of investment services have been adapted to the changes introduced by the Delegated Directive (EU) 2021/1269;
  • the discipline on conflicts of interest and on the due diligence obligations to which the managers are required in the performance of the collective asset management activity has been adapted to the delegated acts of implementation of the UCITS and AIFMD regulations;
  • the regulations on the distribution of Insurance-based Investment Products (IBIP) have been aligned with the changes involved by MiFID, also taking into account the provisions of the Delegated Regulation (EU) 2021/1257.
With regard to the transposition of Directive (EU) 2019/2034, the amendments made to the Intermediaries Regulation affect the regulations regarding the provision of investment services and activities following the exclusive initiative of customers (so-called  reverse solicitation) by companies of non-EU countries other than banks.
The consultation has concerned amendments regarding:
  • the knowledge and competence requirements of the intermediaries’ staff;
  • the regulations on the register and on the activity of financial advisors;
  • the procedure for extending the authorization of the investment firms (SIM) to carry out investment services, the management of the register provided for by Article no. 20 of the Consolidated Law on Finance (TUF), as well as the cross-border operations of the investment firms (SIM).
The consultation will end on 19 March 2022.
The number of websites blacked out since July 2019 has thus risen to 634.
(Only in Italian)
COVIP ha pubblicato la Circolare del 16 febbraio 2022, prot. n. 555 avente ad oggetto “Richiesta di informazioni e documenti”.

The FSB report examines developments and associated vulnerabilities relating to three segments of the crypto-asset markets: unbacked crypto-assets (such as Bitcoin); stablecoins; and decentralised finance and other platforms on which crypto-assets trade.
These three segments are closely interrelated in a complex and constantly evolving ecosystem and need to be considered holistically when assessing related financial stability risks.
The report notes that although the extent and nature of use of crypto-assets varies somewhat across jurisdictions, financial stability risks could rapidly escalate, underscoring the need for timely and pre-emptive evaluation of possible policy responses.