Robo-advice: ESAs’ conclusions on automation in financial advice
[Newsletter n. 6] IT-related and web-based automation is transforming the provision of financial services and FinTech is rapidly and intensely developing worldwide. In particular, a growing number of financial institutions, often referred to as “robo-advisors”, now provide advice or recommendations to consumers through automated tools, “which can potentially change the [...]
IVASS issues clarifications on the assessment of technical reserves
On 30 December 2016, IVASS issued a Clarification on the provisions of Regulation No. 27 of 15 October 2008, as amended by Regulation No. 24 of 6 June 2016 (see our Newsflash n. 8), on [...]
Capital markets union: Council confirms deal on prospectus rules
On 20 December 2016, the Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on prospectuses for the issuing and offering of securities. "This regulation will help companies gain access [...]
The Bank of Italy and ABI sign an agreement to enhance cybersecurity
Rome, 20 December 2016 CERTFin, the new organization highly specialized in cybersecurity for the banking and financial sectors, has been established to prevent and combat cyber threats linked to the development of new technologies and [...]
COVIP: Overview on investment policies of Italian “Casse Professionali”
On 20 December 2016, Covip (the Italian Pension Funds Authority) published a survey on the investment policies adopted by self-employment pension funds (Casse Professionali) during year 2015 (“Document”). The Document firstly assesses the allocation of financial resources between the different [...]
European Supervisory Authorities consult on Big Data
On 19 December 2016, the Joint Committee of the European Supervisory Authorities (ESAs) launched a public consultation about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory [...]