[Newsflash n. 39]
On 22 December 2017, CONSOB published ad-hoc guidelines establishing the methods of reporting KIDs for PRIIPS marketed in Italy.
According to Article 5(2) of EU Regulation 1286/2014 “any Member State may require the ex-ante notification of the key information document by the PRIIP manufacturer or the person selling a PRIIP to the competent authority […]
[Newsflash n. 38]
On 10 November 2017, Esma published an update to its Q&A on MiFID II and MiFIR investor protection and intermediaries topics.
The update concerns, inter alia, the following clarifications on inducements.
Section 12
1. Does Article 24(9) of MiFID II also apply to payments made by investment firms to a third party in relation to […]
The European Securities and Markets Authority (ESMA) has today issued two Statements on Initial Coin Offerings (ICOs), one on risks of ICOs for investors and one on the rules applicable to firms involved in ICOs.
ESMA has observed a rapid growth in ICOs globally and in Europe and is concerned that investors may be unaware of the high […]
[Newsflash n. 37]
On 3 November 2017, Borsa Italiana published certain amendments to the Rules of AIM Italia market that will enter into force on 3 January 2018, in order to improve the efficiency of a market that is fast growing according to recent number of IPOs.
The amendments aim at increasing the overall level of […]
[Newsletter n. 10]
On 27 October 2017, the European Commission issued a guidance in the form of Frequently Asked Questions (“FAQ”), aimed at clarifying certain concerns raised by the analyst research industry in connection with the “extraterritorial” application of MiFID II on third country broker-dealers’ provision of research and execution services to EU investment firms […]
[Newsletter n. 9]
MAR: pubblicate le Linee Guida CONSOB sulla gestione di informazioni privilegiate e sulle raccomandazioni di investimento
In data 13 ottobre 2017, all’esito della consultazione conclusa il 6 giugno 2017 (si veda Newsletter n.7), la CONSOB ha pubblicato le Linee Guida in materia di “
The EBA published on 12 October 2017 an Opinion on Brexit to ensure the consistent application of Union legislation to businesses seeking to establish or enhance their EU27 presence in order to retain access to the EU Single Market. The Opinion aims at providing greater certainty to firms and ultimately at ensuring […]
On 3 October 2017, ESMA (European Securities and Markets Authority) published the latest update of its Question and Answers on MiFID II and MiFIR investor protection and intermediaries topics (No. ESMA 35-43-349).
The publication Questions and Answers, (hereinafter, “Q&A”) is intended to be continually edited and updated, as new questions are received.
This document deals with practical application of MiFID II […]
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) released on September 22th 2017 guidelines to prevent the abuse of funds transfers for terrorist financing and money laundering purposes. These guidelines are part of the ESAs’ wider work on fostering a consistent approach to Anti-Money Laundering and Countering the […]