European Commission launches the EU Blockchain Observatory and Forum
On 1 February 2018 the European Commission launched today the EU Blockchain Observatory and Forum with the support of the European Parliament, represented by Jakob von Weizsäcker responsible for the recent report on virtual currencies.
The Blockchain Observatory and Forum will highlight key developments of the blockchain technology, promote European actors and reinforce European […]
PRIIPs: CONSOB postpones deadline to notify pre-2018 KIDs
CONSOB, 30 January 2018 – In light of some issues in the initial application of the new European regulation on PRIIPs and considering the opportunity to further discuss such issues also at European level, the deadline for filing with CONSOB the KIDs for products made available to retail clients before 1 January 2018 and […]
EIOPA: Guidelines on the “Comprehension Alert”
On 19 January 2018, EIOPA published the translations of the Guidelines under the Insurance Distribution Directive on insurance-based investment products (IBIPs) that incorporate a structure which makes it difficult for the customer to understand the risks involved into all official languages of the European Union indicating the start of a “comply or explain” reporting process. During a 2-month period […]
Amendments to CONSOB’s Issuers’ Regulation
On 28 December 2017, CONSOB approved certain amendments to the Issuers’ Regulation (Regulation n. 11971 of May 14, 1999) aimed at implementing the (EU) Regulation n. 1286/2014, relating to documents containing key information for Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) – directly applicable in the Member States from January 1, 2018 – and the related […]
CONSOB adopts the new Markets Regulation
[Newsflash n. 40]
On 29 December 2017, Consob adopted the new Markets Regulation implementing the regulatory changes introduced by MiFID II and MiFIR.
The new Regulation replaces the current version and:
- Repeals some pre-existing provisions on topics now covered by a broader and more detailed regulation at a national (in the Italian Consolidated Financial Act) or […]
PRIIPs: CONSOB guidelines on ex ante notification of KID
[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 […]
MIFID II – Inducements: update to Q&A
[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 […]
Initial Coin Offerings (ICOs): warning for investors and firms
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 […]
AIM Italia: amendments to listing rules
[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 […]
The EU Commission and SEC issue measures to facilitate cross-border implementation of MiFID II requirements on investment research
[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 […]