Pietro Altomani (IT)

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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

Webinar | Brexit: Doing business in the EU

With every day that passes without apparent progress towards an agreement on financial services or equivalence, the more firms we see putting in place arrangements to enable them to continue business across Europe. On 22 October members of our financial services and regulation team in London, Paris, Frankfurt, Amsterdam and Milan will be hosting a … Continue Reading

Italy simplifies online conclusion of contracts

Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector. It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore, … 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

Prohibition on activities of tied agent fall outside scope of MiFID (ECJ)

The European Court of Justice (Court of Justice) has ruled that a temporary prohibition on the activities of a tied agent fall outside the scope of MiFID. Facts A request for a preliminary ruling from the Court of Justice was made in proceedings between Mr Antonio Pasquale Mastromartino and the Commissione Nazionale per le Società … 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

Italy announces a temporary regime for Italian-UK provision of banking, financial and insurance services

On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in … Continue Reading

Consob suspends ICO

The Italian financial services regulator, the Commissione Nazionale per le Società e la Borsa (Consob), has recently been in the news for suspending an initial coin offering (ICO) to the Italian public. The full text of the Consob resolution (no. 20660 dated 31 October 2018) is available in Italian here. Essentially, Consob held that the … Continue Reading

Italy: Consob consults on abrogation of prospectus for insurance investment products

Consob, the Italian financial sector regulator, has launched a consultation on the abrogation of the obligation to publish a prospectus for unit-linked and index-linked insurance products. The proposed change is intended to end the peculiar Italian regime requiring insurers to draft a prospectus for unit-linked and index-linked insurance products, introduced in 2005 when the EU … Continue Reading

Italy: Ministry of Economy and Finance consultation on crypto-currency operators registration

The Italian Ministry of Economy and Finance recently conducted a consultation on a draft decree, aimed at imposing registration requirements on virtual currency operators. These measures reflect a decree passed last year, in the context of implementation of Fourth Anti-Money Laundering Directive, whereby Italian lawmakers anticipated some of the topics that were still under discussion … Continue Reading

MiFID II implementation – Consob consults on third-country firm access to Italian market

Last week Consob, the Italian financial services regulator, took a further step in implementing MiFID II, by launching a public consultation in relation to the implementation of MiFID II regime for third-country firms. This consultation focuses on proposed amendments to second-level regulatory measures, in particular in respect of requirements and procedures for access to the … Continue Reading

MiFID II implementation – Italian status update

The implementation of MiFID II in Italy is still ongoing. However, some significant steps have been taken during the summer, including the following: the Italian Parliament passed a Bill which updates and amends the Italian Financial Act to reflect the main provisions of MiFID II; Consob, the Italian financial market regulator, launched a consultation in … Continue Reading

Latest European update on MiFID II

We are pleased to advise that the recording for our September 2017 MiFID II Academy webinar is now available. To access the recording, please click here… Continue Reading

Italy approves sanctions for violations of SEPA legislation

On 1 September 2015, there was published a legislative decree which introduces sanctions for breaches of the Regulation that establishes the Single Euro Payments Area (the SEPA Regulation). The legislative decree designates the Bank of Italy as the authority in charge of applying such sanctions. Among other things the legislative decree introduces sanctions for unfair commercial … Continue Reading

Italy: the Government approves BRRD transposition decrees

Following an earlier public consultation by the Ministry of Economy and Finance, the Italian Government has now approved, in a preliminary review, two legislative decrees that will transpose the Bank Recovery and Resolution Directive (BRRD). The first legislative decree includes the provisions governing resolution plans, resolution procedures, (including bail-in and the management of cross-border banking … Continue Reading