[Newsletter n. 12]
On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) – the group of experts with the task to facilitate consultation between ESMA, its Board of Supervisors and stakeholders and to provide technical advice on policy development of ESMA – sent a Report on Initial Coin Offerings and Crypto-Assets to ESMA to suggest […]
[Newsflash n.53]
On 18 October 2018, Consob, the Italian financial authority, launched the tool “Occhio alle truffe!” (“Be aware of frauds”) that allows investors to check whether or not the financial offer that they are considering to accept is promoted by authorized entities.
This tool allows investors to quickly and easily access Consob databases in order […]
On 24 August 2018, the European Securities and Markets Authority (ESMA) has agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, from 2 October 2018 for a further three-month period (see our Newsflash n.45).
ESMA has also agreed to exclude a limited number of binary […]
[Newsflash n. 52]
The 5th AML Directive (“5AMLD” partially amending Directive (EU) 2015/849) has now been agreed and adopted by European Parliament as of 19 April 2018. The date of entry into force is set to be imminent (between Juy and September 2018) but has not yet been released. The purpose of this amend being to […]
[Newsflash n. 51]
On 12 July 2018, ESMA updated its Question and Answers document on the implementation of investor protection topics under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The purpose of this Q&A is to promote common supervisory approaches and practices in the application of MiFID II/MiFIR.
This update concerns the topics […]
On 11 July 2018, the European Insurance and Occupational Pensions Authority (EIOPA) published the first set of Questions & Answers on the application of the Insurance Distribution Directive (IDD) and its implementing regulations.
These Q&As provide practical guidance on IDD in particular they address the requirements for the Product Oversight and Governance arrangements (see Delegated Regulation (EU) 2017/2358) […]
[Newsletter n. 11]
On 22 June 2018 EBA launched a public consultation on its Guidelines on outsourcing that will repeal CEBS guidelines issued in 2006 (which only applied to credit institutions), in order to establish a more harmonized framework for the outsourcing arrangements of financial institutions. Indeed, requirements regarding outsourcing of banking activities by institution are not […]
[Newsflash n. 49]
On 28 June 2018 CONSOB and the financial advisors’ supervisor (“OCF”) signed a memorandum of understanding (“MOU”) in accordance to which certain functions have been transferred from the Italian Financial Authority (CONSOB) to the OCF.
Further to the approval of the OCF By-laws and Rules by the Minister of Finance on […]
The European Securities and Markets Authority (ESMA) has formally adopted final product intervention measures on the provision of contracts for differences (CFDs) and binary options to retail investors (see our Newsflash n. 45). The measures have been published in the Official Journal of the European Union (OJ) on 1 June 2018. They will start […]
[Newsflash n. 48]
On 28 May 2018 ESMA published the Final Report on the “Guidelines on certain aspects of the MiFID II suitability requirements”, which confirm, broaden and replace the existing MiFID I guidelines on suitability issued in 2012.
The Guidelines apply in relation to the provision of investment advice and portfolio management, whereby firms have […]