ESMA agrees with the MAR accepted market practice (AMP) on liquidity contracts proposed by spanish regulator Comisión Nacional del Mercado de Valores (CNMV)
Distributed ledger technology in payments, clearing, and settlement
Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. Distributed ledger technology (DLT) is one such innovation that has been cited as a means of transforming payment, clearing, and settlement processes, including how funds are transferred and how securities, commodities, and derivatives are cleared and […]
ESMA: Updated MIFID II Q&A on investor protection
The European Securities and Markets Authority (ESMA) has added new Q&As to its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
This Q&A provides clarifications on the following topics:
- Best execution
- Suitability
- Post […]
EBA publishes the final draft of the Regulatory Technical Standards (RTS) on passporting pursuant to PSD2
[Newsflash n. 22]
Last 11th of December EBA launched a consultation on the draft Regulatory Technical Standards (RTS) on passporting pursuant to article 28(5) of the Payment Services Directive 2 (PSD2).
The PSD2 came into force on 12 January 2016 and is due to be implemented in all Member States on the 13th of January 2018.
The directive […]
MAR: Consob endorses ESMA Guidelines on market soundings and delay of disclosure of inside information
On 14 December 2016, Consob published two Communications about its determination to comply with the ESMA Guidelines on Market Abuse Regulation (“MAR”) dated 13 July 2016.
The first Communication (n. 0110351 of 14 December 2016) concerns ESMA Guidelines 2016/1477 on persons receiving market soundings (“Market Sounding Receivers” or “MSR”), which will […]
Guidelines on cryptography and key management, and requirements on privacy shielding for PIN entry
The EPC publishes today two updated documents useful for payment services providers and their technical suppliers, in particular professionals dealing with payment security issues.
- The “Guidelines on cryptographic algorithms usage and key management” specifies a number of recommendations on crypto algorithms, digital signatures, security protocols, cryptographic transformations and key management, used […]
IVASS: new regulation on public disclosure and reporting
On 6 December 2016, IVASS (the Italian Insurance Supervisory Authority) published Regulation n. 33, concerning public disclosure and reporting.
The Regulation, which will enter into force the day after its publication in the Italian Official Gazette, aims at implementing the following EIOPA Guidelines:
Social lending: Bank of Italy issues provisions on savings collection by non-banks
[Newsflash n. 21]
Social lending has now been recognized as official financing tool.
On 8 November 2016, Bank of Italy published the long-awaited Provisions concerning Savings Collection by Non-Banks (“Provisions”), which will enter into force as of 1 January 2017. The Provisions (which technically are an update of the Bank of […]
PRIIPs: recent developments in EU and Italy
[Newsflash n. 20]
EU Parliament approves 1-year delay
On 1st December 2016, the European Parliament voted to support a 1-year delay of the implementation of the Regulation (EU) No. 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (“PRIIPs Regulation” or “Regulation”).
The application of the long debated obligation of investment companies to to […]
Italian pension funds: clarification on limits of investment in AIF
[Newsflash n. 19]
In its response to a request for clarification on investment limits of pension funds in alternative investment funds (“AIF”) – in line with a 2014 position of the Council of State on the Ministry Decree 166/2014 concerning qualitative and quantitative investment limits for pension funds – COVIP clarified that investment in AIFs is […]