(Only in Italian)
Press Release No. 66 of 20 April 2023 informs that the Minister for Economic Affairs and Finance and the Swiss Federal Department of Finance Councillor have signed a preliminary agreement providing for Switzerland’s removal from the so-called 1999 black list of natural persons and the introduction of a transitional rule on teleworking for cross-border workers with effect until 30 June 2023, pending the reaching of an agreement on a stable and lasting regulation on the matter, also in view of developments in international forums.
ESMA has published its report on the European Union (EU) Credit Ratings market, providing for the first time a cross-market view of credit ratings reported to the EU.

While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.
the Joint Committee of the ESAs advises national supervisors, financial institutions and market participants to take the following policy actions:
  • financial institutions and supervisors should remain prepared for a deterioration in asset quality and supervisors should keep a close eye on loan loss provisioning;
  • the broader impact of policy rate increases and sudden rises in risk premia on financial institutions and market participants should be considered and accounted for in (liquidity) risk management;
  • liquidity risks arising from investments in leveraged funds and the use of interest rate derivatives should be monitored closely;
  • financial institutions and supervisors should closely monitor the impacts of inflation risk. Inflation can have an impact on asset valuation and asset quality as borrower debt servicing is affected. Inflationary trends should be taken into account in product testing, product monitoring and product review phases and investors should be made aware of the effects of inflation on real returns;
  • banks should pursue prudent capital distribution policies to ensure their long-term financial resilience given the uncertain medium-term outlook for profitability;
  • the strong regulatory frameworks that underpin the resilience of the financial sector are to be maintained, including by faithfully implementing the finalization of Basel III in the EU without delay and with as little deviation as possible, and by avoiding further deviations from EIOPA’s advice on the Solvency II review;
  • risk management capabilities and disclosures for environmental, social and governance (ESG) risks should be enhanced as these risks are increasingly becoming a source of financial risk; and
  • financial institutions should allocate adequate resources and skills to ensure the security of their information and communication technology (ICT) infrastructures and adequate ICT risk management.
EBA has launched a consultation on Guidelines on the benchmarking of diversity practices including diversity policies and gender pay gap under the Capital Requirements Directive (CRD) and the Investment Firms Directive (IFD).
The issuance of these Guidelines will lead to a higher level of transparency regarding the EBA’s work on the topic of diversity and gender equality and will help improve the quality of the collected data as well as the awareness of all stakeholders on these topics.
The consultation will end on 24 July 2023.

EBA has published its final draft Regulatory Technical Standards (RTS) specifying the determination by originator institutions of the exposure value of synthetic excess spread (SES).
These draft RTS clarify the calculation of the components that should be included in this exposure value taking into account the relevant losses expected to be covered by SES.
EIOPA and the European Central Bank (ECB) today published a joint discussion paper on how to better insure households and businesses in the European Union against climate-related natural catastrophes such as floods or wildfires.
The policy options set out in the paper are aimed at boosting the uptake and efficiency of climate catastrophe insurance while creating incentives to adapt to and reduce climate risks.