Maria Beatrice Gilesi (IT)

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Greenwashing: the current sanctioning regime in Italy

Following their call for evidence in November 2022, on 1 June 2023, the European Supervisory Authorities (“ESAs”) published their first progress reports on greenwashing (the “Reports”) to better identify the phenomenon and to assess which areas of the sustainable investment value chain (“SIVC”) are more exposed to greenwashing risks. In the Reports the ESAs have … Continue Reading

Financial Services Academy: Focusing on financial promotions | Global law firm | Norton Rose Fulbright

On 28 October 2022, the Bank of Italy (“BoI”) issued a communication (“Communication”) on Buy Now Pay Later schemes (“BNPL”) to draw the attention of consumers on the prevalent forms of BNPL on the Italian market, the related potential risks and the means of protections afforded to customers by banking transparency regulations. Currently, Italy has … Continue Reading

Crypto-related services: a recent Italian initiative

New measures regarding crypto-related services providers have now been passed. Following a lengthy consultation process that began in 2018, the decree of the Ministry of Economy and Finance that was approved on 13 January 2022 (the “Decree”) has been published on the Official Journal on 17 February 2022 and entered into force the next day. … Continue Reading

ESG matters in the financial sector: the Italian perspective

A recent webinar hosted by Consob (the Italian authority for the supervision of financial markets) in the context of the 2021 IOSCO World Investor Week offers the opportunity to briefly recall the initiatives undertaken by the Italian authority in respect of ESG matters. As a starting point, in its annual review published in March 2021, … Continue Reading

Temporary transitional measures for EU27 Member States (summary) – further update

Italy: A partial relief on Brexit transition period has been granted to UK banks, electronic money institutions operating through a branch and investment firms (the UK Regulated Entities) that submitted the authorization application to the relevant competent authority before 31 December 2020. Conversely, UK payment institutions, electronic money institutions operating under the freedom of services … Continue Reading

Final report on initial coin offers (ICOs) and crypto-assets exchanges

Consob’s final report on initial coin offers (ICOs) and crypto-assets exchanges On 2 January 2020, following the publication of a discussion document on 19 March 2019 (on which you can find our previous article here), Consob (the Italian regulator supervising financial markets and listed companies) released its final report on initial coin offerings (ICOs) and … Continue Reading

AFME 3rd Annual Compliance and Legal Conference

We are pleased to be sponsoring The Association for Financial Markets in Europe’s (AFME) 3rd Annual Compliance and Legal Conference, “The future of regulation in a changing world”, which is taking place in Paris from 2-4 October. Our European financial services team will be participating in the event, including speaking on a panel discussion looking … Continue Reading

Consob consults on initial coin offers (ICOs) and crypto-assets exchanges

On 19 March 2019, Consob (the Italian competent authority for the supervision on markets and listed companies) published a discussion document about initial coin offerings (ICOs) and crypto-assets exchanges (the “Document”), that may lead to the introduction of specific regulation in this field. The Document summarises the main items Consob is considering in the development … Continue Reading

Italy: Bank of Italy asks UK banks and financial institutions to inform customers on Brexit plans

On 19 February 2019, the Bank of Italy published a communication (the “Communication”) addressed to UK-based banks, payment institutions and e-money institutions operating in Italy under a branch or services passport as well as by availing themselves of a network of agents (the “UK Intermediaries”).   The Communication – transmitted individually to UK Intermediaries on … Continue Reading