The Italian Government publishes its new National Plan for Cyber Protection and Digital Security
[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 [...]
ESMA publishes final report on product governance guidelines to safeguard investors
On 2 June 2017, the European Securities and Markets Authority (ESMA) published its Final Report on product governance guidelines under the Markets in Financial Instruments Directive II (MiFID II) regarding the target market assessment by manufacturers and [...]
Bank of Italy and CONSOB launch consultation on reporting obligations for CIUs and AMCs
On 1 June 2017, Bank of Italy published a consultation document on certain amendments to the reporting rules of Bank of Italy and CONSOB for asset management companies (“AMCs”) and collective investment undertakings (“CIUs”). Such [...]
ESMA sets Principles for supervisory approach to relocations from the UK
[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 [...]
Law proposal for Milan as the new financial centre in Europe
[Newsflash n. 32] From day one after Brexit, rumours have been spreading throughout Europe about which city, if any, will become the new financial centre after London. In this race, Italy has been consistently [...]
FinTech Credit: Market Structure, Business Models and Financial Stability Implications
On 22 May 2017, the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) published a report analysing opportunities and risks linked to increasing share of credit provision through FinTech platforms. [...]