On 14 December 2016, Consob published two Communications about its determination to comply with the ESMA Guidelines on Market Abuse Regulation (“MAR”) dated 13 July 2016.
The first Communication (n. 0110351 of 14 December 2016) concerns ESMA Guidelines 2016/1477 on persons receiving market soundings (“Market Sounding Receivers” or “MSR”), which will […]
[Newsflash n. 21]
Social lending has now been recognized as official financing tool.
On 8 November 2016, Bank of Italy published the long-awaited Provisions concerning Savings Collection by Non-Banks (“Provisions”), which will enter into force as of 1 January 2017. The Provisions (which technically are an update of the Bank of […]
[Newsflash n. 20]
EU Parliament approves 1-year delay
On 1st December 2016, the European Parliament voted to support a 1-year delay of the implementation of the Regulation (EU) No. 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (“PRIIPs Regulation” or “Regulation”).
The application of the long debated obligation of investment companies to to […]
[Newsflash n. 19]
In its response to a request for clarification on investment limits of pension funds in alternative investment funds (“AIF”) – in line with a 2014 position of the Council of State on the Ministry Decree 166/2014 concerning qualitative and quantitative investment limits for pension funds – COVIP clarified that investment in AIFs is […]
[Newsflash n. 18]
On 14 November 2016 the European Central Bank (“ECB”) launched a public consultation concerning the criteria and procedures for determining suitability of bank board members.
In the framework of the Single Supervisory Mechanism (“SSM”), the ECB Banking Supervision has submitted to public consultation a
[Newsflash n. 17]
On 28 October 2016 CONSOB issued Recommendation n. 0096857 (the “Recommendation”) on the drafting and inclusion of a paragraph “Warning for the Investor” (the “Warning”) in Italian prospectuses for public offering and/or admission to trading of financial instruments.
This Recommendation replaces the relevant provisions contained in the existing CONSOB Communication n. 0010807 of […]
[Newsflash n. 16]
On 24 October 2016 CONSOB published a Consultation Paper on the proposals for certain amendments to CONSOB regulations on issuers (n. 11971/1999) and markets (n. 16191/2007), needed in order to implement the Market Abuse Regulation (EU Regulation No. 596/2014 of 16 April 2014, “MAR”) which came into force on 3 July 2016 – replacing the previous market abuse regime (MAD I).
The changes […]
[Newsflash n. 15]
On 18 October 2016 CONSOB issued a Recommendation on the distribution of financial instruments (the “Recommendation”), after a public consultation launched on 9 May 2016 (see our Newsflash n. 7) as part of the three proposed actions aimed at strengthening investor protection.
The Regulator raises attention on potential flaws in the way […]
[Newsflash n. 14]
On the 22nd of September 2016, the European Banking Authority (EBA) launched a consultation on its draft guidelines on the criteria competent authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service […]
[Newsflash n. 13]
On 28 September 2016 the European Banking Authority (EBA) published its final Guidelines on the application of the definition of default across the EU.
The definition of default, introduced by the Capital Requirements Directive 2006/48/EC (CRD), later replaced by Regulation (EU) No 575/2013 (CRR), has not been implemented across institutions and jurisdictions according to a […]