[Newsflash n. 42]
ACEPI (the Italian association of Certificates and Investment Products) published a set of guidelines to facilitate the identification of the potential Target Market for certificates and investment products (the “Guide”) in accordance with the European MiFID Template (as described below).
The Target Market assessment is one of the pillar of the product governance […]
[Newsflash n. 41]
On 31 January 2017, the Italian Ministry of Economy and Finance (“MEF”) launched a public consultation on a draft Ministerial Decree introducing notification requirements for providers of virtual currency-related services (“Decree”).
The Decree will be the first step towards the implementation of the EU Directive 2015/849 (on the prevention of the use of […]
[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:
[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 […]
[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 […]
[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 […]
[Newsflash n. 36]
On 4 September 2017, IVASS – the Italian Insurance Authority – published a letter to the market (“Letter”) addressing the implementation in Italy of Directive 2016/97/EU on insurance distribution (“IDD”) and EIOPA preparatory guidelines on product oversight and governance (“POG”) arrangements for insurers and distributors (“EIOPA Guidelines”).
The main focus of […]
[Newsletter n. 8]
In view of its application as of 3rd of January 2018, Italy is moving forward in the implementation of MIFID II (Directive EU/2014/65) and delegated Directive at both primary and secondary level legislation.
PRIMARY LEGISLATION
With respect to the amendments of the Italian Financial Act (Legislative Decree 24 February 1998, n. 58, […]
[Newsflash n. 35]
On 14 July 2017 Borsa Italiana published a draft set of amendments to its Market Rules and relevant Instructions to take into account the application of certain MiFID II provisions, including in particular the replacement of the SeDeX regulated market with a corresponding MTF.
In Borsa Italiana’s view, the broad definition of “derivative […]
[Newsflash n. 34]
With publication on the Official Gazette of May 31th 2017, the Italian Government approved the new National Plan for Cyber Protection and Digital Security that defines new operational guidelines and objectives for the implementation of the National Strategic Framework for Cyber Security (NSF). The new plan has been developed in line with […]