[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 […]
[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 […]
[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 […]
[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 […]
[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 […]
[Newsletter n. 2]
On 9 December 2015, ESAs (EBA, EIOPA and ESMA) held a public hearing in Frankfurt to discuss the joint consultation launched on 11 November 2015 to gather stakeholders’ views on the draft Regulatory Technical Standards (“RTS”) on the content and presentation of the Key Information Documents (“KID“) for packaged retail and insurance-based investment products .
ESAs […]
[Newsflash n. 1]
On November 3rd 2015, CONSOB informed the market that CONSOB Regulation on Issuers has been amended by Resolution n. 19430 of 29 October 2015 (still to be published on the Italian Official Gazette).
The amendments – implementing in Italy the recent changes to article 5 of the Prospectus Directive (2003/71/EC) introduced by the Omnibus […]
[Newsletter n. 1]
The Italian financial market still remembers December 2006, when article 129 of Legislative Decree no. 385 of 1 September 1993 (“TUB” – Consolidated Banking Act) was amended by repealing the pre-vetting power of the Bank of Italy on any sale and offering of financial products in Italy. Nine years later, the 129 is […]