ESMA on MiFIR product intervention powers
On 12 January 2017, the European Securities and Markets Authority (ESMA) issued an Opinion calling for consistent application of the product intervention powers under the Markets in Financial Instruments Regulation (MiFIR). From 3 January 2018, ESMA and NCAs will [...]
IVASS: draft letter to the market on product oversight and governance arrangements
IVASS launches consultation on a "letter to the market” regarding the implementation of the EIOPA "Preparatory Guidelines on product oversight and governance (POG) arrangements by insurance undertakings and insurance distributors" . On 13 April 2016 EIOPA published such [...]
Robo-advice: ESAs’ conclusions on automation in financial advice
[Newsletter n. 6] IT-related and web-based automation is transforming the provision of financial services and FinTech is rapidly and intensely developing worldwide. In particular, a growing number of financial institutions, often referred to as “robo-advisors”, now provide advice or recommendations to consumers through automated tools, “which can potentially change the [...]
IVASS issues clarifications on the assessment of technical reserves
On 30 December 2016, IVASS issued a Clarification on the provisions of Regulation No. 27 of 15 October 2008, as amended by Regulation No. 24 of 6 June 2016 (see our Newsflash n. 8), on [...]
Capital markets union: Council confirms deal on prospectus rules
On 20 December 2016, the Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on prospectuses for the issuing and offering of securities. "This regulation will help companies gain access [...]
The Bank of Italy and ABI sign an agreement to enhance cybersecurity
Rome, 20 December 2016 CERTFin, the new organization highly specialized in cybersecurity for the banking and financial sectors, has been established to prevent and combat cyber threats linked to the development of new technologies and [...]