ESMA prepares for no-deal Brexit
ESMA AGREES NO-DEAL BREXIT MOUS WITH THE BANK OF ENGLAND FOR RECOGNITION OF UK CCPS AND THE UK CSD
04 February 2019
No-deal Brexit: Italy is getting ready
The Ministry of Economy and Finance announces transitional measures
[Newsflash n. 59]
On 24 January 2019, the Ministry of Economy and Finance published a press release stating that it has drafted – in close consultation with the regulatory authorities and after discussions with trade associations – necessary measures to ensure full continuity of regulated activities in […]
2019 Italian Budget Law: impact on banking and financial law
[Newsletter n. 15]
On the 1st of January 2019, the Budget Law for 2019 (Law No. 145/2018) came into force. This law contains, inter alia, certain provisions that have an impact on the domestic banking and financial regulatory framework. In particular, we have highlighted the following:
• [Venture Capital] the allocation of resources for […]
ICO: Consob issues definitive ban of TGA token offering
[Newsflash n. 58]
Following the suspension of Initial Coin Offerings (“ICO”) of crypto assets (token TGA) promoted by an English company “Togacoin LTD” adopted by Consob on 31 October 2018 (see our Newsflash n.54), the Regulator resolved for the definitive ban of the Togacoin ICO, pursuant to Article 99 paragraph 1(d) of Italian Financial […]
Binary options and contracts for differences: CONSOB launches consultation on permanent ban
[Newsflash n. 56]
On 7 January 2019, Consob launched a public consultation to endorse and make permanent the ban on retail offers of binary options (“BO”) and contracts for difference (“CFDs”) to retail investors as adopted by ESMA pursuant to article 40 of MIFIR Regulation on 22 May 2018 and then extended […]
È aperta la consultazione sulle modifiche alla regolamentazione dell’ABF
Per garantire il pieno allineamento della normativa sull’Arbitro Bancario Finanziario (ABF) alle previsioni della Direttiva 2013/11/UE (Direttiva “ADR”) la Banca d’Italia lo scorso 28 dicembre ha pubblicato in consultazione una proposta di modifica alla disciplina dell’Arbitro Bancario Finanziario (ABF), contenuta nelle Disposizioni della Banca d’Italia del 18 giugno 2009 (modificate, […]
IDD: nuove regole CONSOB (Regolamento Emittenti) e IVASS (Regolamenti 39, 40, 41)
[Newsletter n. 14]
CONSOB: Delibera n. 20710/2018
All’esito della consultazione pubblica (vedi Newsflash n.50), il 3 dicembre 2018 è stata pubblicata sulla Gazzetta Ufficiale la Delibera CONSOB n. 20710/2018 che entrerà in vigore il 1° gennaio 2019 unitamente al Regolamento IVASS n. 41/2018 al fine di consentire […]
Crowdfunding: CONSOB clarifications to ease access to capital market for SMEs
[Newsflash n. 55]
On 29 November 2018, CONSOB published the Resolution n. 20686/2018 dated 9 November 2018 in the Italian Official Gazette, which amended Article 34-ter of CONSOB Issuers’ Regulation setting out the exemptions from the obligation to publish a prospectus, with particular regard to the threshold under which public offerings are exempted. In particular, CONSOB […]
The New EU proposal for an E-privacy regulation
[Newsletter n. 13]
On the 10th January 2017 the European Commission presented a proposal of regulation in relation to the processing of personal data and the protection of privacy in electronic communications, intended to supersede directive 2002/58/EC. This proposal of regulation aims at updating the current legislation to contribute to the development of the digital […]
ICO and crypto-assets: CONSOB suspends two Initial Coin Offerings in Italy
[Newsflash n. 54]
In the last two weeks Consob suspended two Initial Coin Offerings (“ICOs”) promoted by non-Italian companies addressed to Italian investors: (i) the offer of token TGA by an English company “Togacoin LTD” (Resolution n. 20660 of 31 October 2018) and (ii) the offer of digital currency Crypton promoted […]