[Newsletter n. 11]
On 22 June 2018 EBA launched a public consultation on its Guidelines on outsourcing that will repeal CEBS guidelines issued in 2006 (which only applied to credit institutions), in order to establish a more harmonized framework for the outsourcing arrangements of financial institutions. Indeed, requirements regarding outsourcing of banking activities by institution are not […]
[Newsflash n. 49]
On 28 June 2018 CONSOB and the financial advisors’ supervisor (“OCF”) signed a memorandum of understanding (“MOU”) in accordance to which certain functions have been transferred from the Italian Financial Authority (CONSOB) to the OCF.
Further to the approval of the OCF By-laws and Rules by the Minister of Finance on […]
The European Securities and Markets Authority (ESMA) has formally adopted final product intervention measures on the provision of contracts for differences (CFDs) and binary options to retail investors (see our Newsflash n. 45). The measures have been published in the Official Journal of the European Union (OJ) on 1 June 2018. They will start […]
[Newsflash n. 48]
On 28 May 2018 ESMA published the Final Report on the “Guidelines on certain aspects of the MiFID II suitability requirements”, which confirm, broaden and replace the existing MiFID I guidelines on suitability issued in 2012.
The Guidelines apply in relation to the provision of investment advice and portfolio management, whereby firms have […]
[Newsflash n. 47]
Il giorno 16 maggio 2018, il Consiglio dei Ministri ha approvato in via preliminare lo schema di decreto legislativo per l’adeguamento della normativa nazionale alle disposizioni MAR (Regolamento UE n. 596/2014). Le disposizioni MAR sono direttamente applicabili in Italia, salvo alcune previsioni, prevalentemente di carattere sanzionatorio, in relazione alle quali il Regolamento stabilisce […]
On 2 May 2018 the European Central Bank (ECB) published the European framework for Threat Intelligence-based Ethical Red Teaming (“TIBER-EU Framework”), the first Europe-wide framework for controlled and bespoke tests to improve the resilience of financial entities against sophisticated cyber attacks. It facilitates a harmonised European approach towards intelligence-led tests which mimic the tactics, […]
[Newsflash n. 46]
On 18 April 2018, IVASS published a Letter to the market extending to EU insurance undertakings conducting business in Italy the application of the Guidelines for the simplification of insurance contracts.
Based on the findings that the majority of customers’ claims were due to the dissatisfaction from ambiguity and lack of clearness of contractual […]
[Newsflash n. 45]
On 27 March 2018, ESMA announced its resolution to impose temporary measures to restrict contracts for differences and prohibit binary options.
After the entry into force of MiFID II on 3 January 2018, this is the first product intervention activity undertaken by ESMA pursuant to its power of intervention set out by Article […]
Legália enters into a partnership with Business School 24 S.p.A. in connection with the “30th edition of Master in Law and Business” organized by Business School 24.
The partnership envisages that Legália will host post-graduate students, who attended the Master, to its offices offering first-hand experience with the aim of completing the education process that students […]
[Newsflash n. 44]
On 8 March 2018, the EU Commission published a Communication on FinTech setting out 23 steps for a more competitive and innovative European financial sector (“FinTech Action Plan”).
In light of the rapid growth of FinTech and its crucial position at the crossroads of the financial services and the Digital Single Market, the […]
