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11 04, 2016

ESMA clarifies the feasibility of offers going beyond the validity of the base prospectus

By | aprile 11th, 2016|Capital Markets, Finance, Newsflash, Regolamentazione Finanziaria e Servizi Pagamento|

[Newsflash n. 6]

 

The European Securities and Markets Authority (ESMA) has updated its Q&A on prospectus related issues.

The updates concern: (i) the possibility for a base prospectus (BP) to include an additional column to reflect recent or future material changes to the capitalisation and indebtedness statements, (ii) the possibility to continue a public offering beyond the […]

4 03, 2016

CONSOB publishes best practices for control of tied agents

By | marzo 4th, 2016|Capital Markets, Finance, Newsletter, Regolamentazione Finanziaria e Servizi Pagamento|

[Newsletter n. 4]

 

As a result of a survey on the internal control procedures on the distribution network of financial intermediaries, on 15 February 2016 Consob published Communication n.0012130 dated 11 February 2016, which sets out certain best practices that financial intermediaries should take into account in connection with their internal control procedures on door-to-door offering […]

11 02, 2016

EU Commission plans to extend by one year the implementation of MiFID II

By | febbraio 11th, 2016|Capital Markets, Finance, Newsflash, Regolamentazione Finanziaria e Servizi Pagamento|

[Newsflash n. 5]

 

Taking on board the warning from ESMA about the exceptional technical implementation challenges faced by regulators and market participants, the European Commission issued a proposal for a directive to grant national competent authorities and market participants one additional year to comply with the rules set out in MiFID II.

The proposed new deadline is […]

22 01, 2016

Borsa fine tunes the modality of cancellation of warrants

By | gennaio 22nd, 2016|Capital Markets, Finance, Newsflash|

[Newsflash n. 5]

 

Borsa Italiana amended the Instructions accompanying the Rules of the Market regarding the modality of the delisting of warrants.

In order to ensure the possibility to exercise financial instruments deriving from the settlement of instruments traded on the last trading day, it is foreseen that warrants shall be delisted on the second open TARGET […]

12 01, 2016

ADR CONSOB: new consultation launched

By | gennaio 12th, 2016|Capital Markets, Finance, Newsflash, Regolamentazione Finanziaria e Servizi Pagamento, Risoluzione Alternative delle Controversie, Risoluzione delle Controversie|

[Newsflash n. 4]

 

In view of a more efficient investor protection, on 8 January 2016, CONSOB launched the public consultation concerning the “Regulation on the alternative dispute resolution mechanism for financial disputes” (“ADR Regulation”).

The new mechanism envisages the creation of an entity (hereinafter “ADR Body”) along the line of the system already tested by Bank of […]

22 12, 2015

Bank of Italy on collection of savings by non-banks

By | dicembre 22nd, 2015|Capital Markets, Finance, Newsletter, Regolamentazione Finanziaria e Servizi Pagamento|

[Newsletter n. 3]

 

On 19 November 2015, the Bank of Italy launched a public consultation on the draft amendments to the Bank of Italy Supervisory Rules (Title IX, Chapter 2) (“Rules”) concerning the regime of collection of savings by non-banks.

The main purpose of such amendments is to enhance the level of savers’ protection set out by […]

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