[Newsflash n. 33]
Today, 31 May 2017, ESMA has published an opinion (ESMA 42-110-433) setting out general principles aimed at supporting supervisory convergence in response to the increased requests from UK financial market participants seeking to relocate to the 27 Member States that will remain in the EU (EU27), in order to continue to benefit from access to […]
[Newsflash n. 31]
On 18 May 2017, the European Banking Authority (“EBA”) launched a public consultation on its recommendations on the use of cloud services by financial institutions.
While a set of CEBS guidelines on outsourcing (“CEBS Guidelines”) have been introduced in 2006 for general outsourcing to a third party of activities that would normally be […]
[Newsflash n. 30]
After the implementation at primary legislation level through the amendment of the Italian Financial Act by Legislative Decree no. 71/2016, on 27 April 2017 CONSOB approved the amendments to “CONSOB Regulation on issuers” (11971/1999) and to the “Joint CONSOB-Bank of Italy Regulation dated 29 October 2007” on the organisation and procedures of intermediaries […]
[Newsflash n. 29]
On 13 April 2017, CONSOB published some clarifications, in the form of Q&As, to the Recommendation n. 0092492 of 18 October 2016 (“Recommendation”) on the distribution of financial instruments through a multilateral trading venue (see our Newsflash n. 15).
The Q&As are divided into three main sections and aim at better specifying:
[Newsflash n. 28]
On 11 April 2017, Bank of Italy published a new communication to the market (dated 28 March 2017) regarding unilateral amendment of terms in banking and financial contracts with continuous or periodic performance (contratto di durata) (“Communication”).
According to art. 118 of the Italian Financial Act (TUB) and the legislation on Italian banking transparency, […]
[Newsflash n. 27]
On 5 April 2017 the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – “ESAs”) launched a public consultation on the Draft Joint Guidelines (“Draft Guidelines”) under Article 25 of Regulation (EU) 2015/847 (”Regulation”) on the measures payment service providers should take to detect missing or incomplete information […]
[Newsflash n. 25]
Following the rejection by the European Parliament (in September 2016) of the previous draft, on 8 March 2017 the European Commission published a revised version of its “level 2” Regulatory Technical Standards (“RTS”) under the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”).
In the revised RTS, the Commission has implemented most of […]
[Newsflash n. 24]
With recent Communication of 7 February 2017, Consob has issued a warning to the market concerning the marketing of contract for difference (CFD), rolling spot forex and binary options.
In light of the increasing dissemination of such speculative forms of investment, the authority has raised the level of awareness of these products alerting […]
[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 […]