On 21 September 2017, ECB published a consultation for draft guides to bank licensing and fintech bank licensing.
The main aim of the bank licensing guide is to provide useful guidelines and standards covering license application in general; to provide an overview of application process, enhance the transparency of the assessment process and increase the […]
The Basel Committee on Banking Supervision released on 31 August 2017 a consultative document on the implications of fintech for the financial sector. Sound practices: Implications of fintech developments for banks and bank supervisors assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors […]
[Newsletter n. 8]
In view of its application as of 3rd of January 2018, Italy is moving forward in the implementation of MIFID II (Directive EU/2014/65) and delegated Directive at both primary and secondary level legislation.
PRIMARY LEGISLATION
With respect to the amendments of the Italian Financial Act (Legislative Decree 24 February 1998, n. 58, […]
Smart contracts and distributed ledger technology (DLT) are increasingly being seen as a way for the derivatives industry to realise operational efficiencies and cut costs. With these new technologies potentially transforming how derivatives are executed and managed through the entire lifecycle, it seems the derivatives market is on the cusp of significant modernisation.
[Newsflash n. 35]
On 14 July 2017 Borsa Italiana published a draft set of amendments to its Market Rules and relevant Instructions to take into account the application of certain MiFID II provisions, including in particular the replacement of the SeDeX regulated market with a corresponding MTF.
In Borsa Italiana’s view, the broad definition of “derivative […]
On 6 July 2017, the European Securities and Markets Authority (ESMA) published three Consultation Papers (CP) on the Prospectus Regulation. The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors.
On 2 June 2017, the European Securities and Markets Authority (ESMA) published its Final Report on product governance guidelines under the Markets in Financial Instruments Directive II (MiFID II) regarding the target market assessment by manufacturers and distributors of financial products.
The requirements on product governance were introduced under MiFID II to enhance […]
On 1 June 2017, Bank of Italy published a consultation document on certain amendments to the reporting rules of Bank of Italy and CONSOB for asset management companies (“AMCs”) and collective investment undertakings (“CIUs”).
Such changes aim at (a) streamlining the flow of information to the authorities, while reducing duties for firms; and (b) adapting […]
On 22 May 2017, the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) published a report analysing opportunities and risks linked to increasing share of credit provision through FinTech platforms.
Although FinTech credit markets are currently small in size relative to traditional credit markets, they are […]
On 22 May 2017 the European Securities and Markets Authority (ESMA) has issued today an opinion regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The opinion clarifies the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under MIFID […]