[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 […]
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 […]
[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 […]
[Newsflash n. 47]
Il giorno 16 maggio 2018, il Consiglio dei Ministri ha approvato in via preliminare lo schema di decreto legislativo per l’adeguamento della normativa nazionale alle disposizioni MAR (Regolamento UE n. 596/2014). Le disposizioni MAR sono direttamente applicabili in Italia, salvo alcune previsioni, prevalentemente di carattere sanzionatorio, in relazione alle quali il Regolamento stabilisce […]
[Newsflash n. 46]
On 18 April 2018, IVASS published a Letter to the market extending to EU insurance undertakings conducting business in Italy the application of the Guidelines for the simplification of insurance contracts.
Based on the findings that the majority of customers’ claims were due to the dissatisfaction from ambiguity and lack of clearness of contractual […]
[Newsflash n. 45]
On 27 March 2018, ESMA announced its resolution to impose temporary measures to restrict contracts for differences and prohibit binary options.
After the entry into force of MiFID II on 3 January 2018, this is the first product intervention activity undertaken by ESMA pursuant to its power of intervention set out by Article […]
[Newsflash n. 44]
On 8 March 2018, the EU Commission published a Communication on FinTech setting out 23 steps for a more competitive and innovative European financial sector (“FinTech Action Plan”).
In light of the rapid growth of FinTech and its crucial position at the crossroads of the financial services and the Digital Single Market, the […]
[Newsflash n. 43]
There are currently more than 1100 crypto currencies trading in the financial market. Many governments feel crypto currency use would result in the loss of economic power and shift towards decentralisation of economies globally. As a result, particularly the US and the EU are beginning to debate and implement regulation […]