[Newsflash n. 17]
On 28 October 2016 CONSOB issued Recommendation n. 0096857 (the “Recommendation”) on the drafting and inclusion of a paragraph “Warning for the Investor” (the “Warning”) in Italian prospectuses for public offering and/or admission to trading of financial instruments.
This Recommendation replaces the relevant provisions contained in the existing CONSOB Communication n. 0010807 of […]
[Newsflash n. 16]
On 24 October 2016 CONSOB published a Consultation Paper on the proposals for certain amendments to CONSOB regulations on issuers (n. 11971/1999) and markets (n. 16191/2007), needed in order to implement the Market Abuse Regulation (EU Regulation No. 596/2014 of 16 April 2014, “MAR”) which came into force on 3 July 2016 – replacing the previous market abuse regime (MAD I).
The changes […]
[Newsflash n. 15]
On 18 October 2016 CONSOB issued a Recommendation on the distribution of financial instruments (the “Recommendation”), after a public consultation launched on 9 May 2016 (see our Newsflash n. 7) as part of the three proposed actions aimed at strengthening investor protection.
The Regulator raises attention on potential flaws in the way […]
[Newsflash n. 14]
On the 22nd of September 2016, the European Banking Authority (EBA) launched a consultation on its draft guidelines on the criteria competent authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service […]
[Newsflash n. 13]
On 28 September 2016 the European Banking Authority (EBA) published its final Guidelines on the application of the definition of default across the EU.
The definition of default, introduced by the Capital Requirements Directive 2006/48/EC (CRD), later replaced by Regulation (EU) No 575/2013 (CRR), has not been implemented across institutions and jurisdictions according to a […]
[Newsflash n. 10]
On 10 August 2016 Bank of Italy issued certain amendments to the article 129 implementing provisions (the “Rules”) which were adopted on 25 August 2015 and will enter into force on 1 October 2016.
The 129 Rules regulate the reporting requirements on distributors and issuers of financial instruments in Italy, as set out by the said article […]
[Newsflash n. 9]
[Newsflash n. 8]
On 6 June 2016, IVASS (the Italian Insurance Supervisory Authority) published Regulation n. 24 on investments and coverage of technical reserves (“Regulation 24/2016”), which replaces the previous IVASS Regulation n. 36/2011 and implements in Italy the EIOPA Guidelines on System of Governance.
The new regulation removes the quantitative investment limits of Regulation 36/2011 and […]
[Newsflash n. 7]
On 9 May 2016, CONSOB launched three public consultations concerning the retail distribution of financial products under different perspectives: (a) conduct of business under MiFID, (b) mitigation of liquidity risk, (c) disclosure under PD. These initiatives have been highlighted also by CONSOB chairman as a further attempt to strengthen investors protection, also in light of […]
[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 […]