Italy (and EU regulation)

ESMA Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under EMIR

On 11 April 2024, the European Securities and Markets Authority (ESMA) published a Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under the European Market Infrastructure Regulation (EMIR). The follow up updates on the actions that Member State competent authorities (NCAs)and ESMA (in its role as … Continue Reading

EBA Guidelines on the application of the group capital test for investment firm groups

On 11 April 2024, the European Banking Authority (EBA) published a final report containing ‘Guidelines on the application of the group capital test for investment firm groups’. The final report notes that the group capital test provision pursuant to Article 8 of the Investment Firms Regulation appears to be subject to different interpretations from Member … Continue Reading

ESMA 2023 Report on Quality and Use of Data

On 11 April 2024, the European Securities and Markets Authority (ESMA) published its 2023 report on the quality and use of data. The first two editions of this report covered data reported under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR). The previous edition also included transactions data reported under … Continue Reading

European Parliament: Sustainability reporting standards delayed for some companies

On 10 April 2024, the European Parliament (EP) issued a press release confirming that MEPs have approved delaying sector specific sustainability reporting standards, as well as general reporting standards for non-EU companies. The press release outlined that: Following the plenary vote, lead MEP Axel Voss said “We will delay the deadline for sector specific standards … Continue Reading

ESAs to run voluntary dry run exercise to prepare industry for the next stage of DORA implementation

On 11 April 2024, the European Insurance and Occupational Pensions Authority (EIOPA) issued a press release confirming that the European Supervisory Authorities (ESAs) will launch, in May, the voluntary exercise of the collection of the registers of information of contractual arrangements on the use of ICT third party service providers by the financial entities. This … Continue Reading

EBA final Guidance on resubmission of historical data under the EBA reporting framework

On 9 April 2024, the European Banking Authority (EBA) published its final Guidelines on the resubmission of historical data under the EBA reporting framework. The Guidelines form part of the EBA’s work to ensure that the regulatory reporting framework remains efficient and effective and form the EBA’s response to one of the recommendations in the … Continue Reading

Upcoming webinar: Investigations in EMEA – Horizon scanning

On Tuesday 16 April 2024, please join us for a webinar where our team from across EMEA will discuss the key recent and upcoming trends in financial crime legislation and regulatory enforcement in the EU, UK and Singapore. This webinar will highlight important changes to anti-money laundering regulation and wider financial crime legislation in the … Continue Reading

European Commission Progress Report: Platform on Sustainable Finance Monitoring Capital Flows to Sustainable Investments

On 4 April 2024, the European Commission (the Commission) published a Progress Report on the Platform on Sustainable Finance’s Monitoring Capital Flows to Sustainable Investments. The Report outlines that the European Union must scale up its investments in reaching climate and environmental targets by at least two thirds by 2030, relative to average levels mobilised … Continue Reading

IOSCO Consultation Report ‘Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices’

On 4 April 2024, the International Organisation for Securities Commissions (IOSCO) published a Consultation Report titled Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices. The Consultation Report analyses the structural and organisational changes within exchanges. It primarily focuses on business models and ownership structures. Importantly, it also highlights … Continue Reading

ESMA letter as regards DLT Pilot Regime  

On 3 April 2024, the Chair of the European Securities and Markets Authority (ESMA) Verena Ross, wrote a letter to Mairead McGuinness (European Commissioner for Financial Services, Financial Stability and Capital Markets), Irene Tinagli (Chair of the Committee on Economic and Monetary Affairs) and Vincent van Peteghem (President of the Economic and Financial Affairs Council … Continue Reading

EU REMIT Review: Ten key things market participants should know

Following nearly a year of debate, the legislative review of the proposed amendments to Regulation (EU) 1227/2011 on wholesale energy market integrity and transparency (REMIT) is coming to an end. On 29 February 2024, the European Parliament formally adopted in a plenary vote the amendments to REMIT, this was followed by the approval in the Council … Continue Reading

ECON publishes report on proposed investor protection rules

On 3 April 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report in relation to a previously agreed text to amend several directives, with an overarching aim of reinforcing investor protection rules. The report relates to a proposed directive which would amend the following Directives as regards European Union investor … Continue Reading

New briefing note – Retail Investment Strategy: Restoring Consumer Trust by Shrinking the Investment Universe? 

On 24 May 2023, the European Commission published its Retail Investment Strategy (RIS), a legislative package intended to empower retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. The RIS comprises of a Directive as regards the EU retail investor protection rules. This Omnibus Directive amends … Continue Reading

ECON publishes reports on proposed CMDI legislation

On 2 April 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published three reports that it has adopted in relation to the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The set of reports consists of: Each of the reports contains a draft European Parliament legislative resolution, which sets out ECON’s … Continue Reading

ESMA consults on possible changes to Credit Rating Agencies regulatory framework

On 2 April 2024, the European Securities and Markets Authority (ESMA) launched a consultation on proposed amendments to Commission Delegated Regulation (EU) 447/2012 and to Annex I of the Credit Rating Agencies Regulation (CRAR). Background ESMA received a formal request from the European Commission, in June 2023, for Technical Advice on how Delegated Regulation (EU) … Continue Reading

Status of implementation of Recommendation 15 by FATF Members and jurisdictions with materially important VASP activity

On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The table follows a stocktake of current levels of implementation across the global network. FATF notes … Continue Reading

ESMA statement on the deprioritisation of supervisory actions on the EMIR clearing obligation for third-country pension scheme arrangements

On 27 March 2024, the European Securities and Markets Authority (ESMA) published a statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (TC PSA), pending the finalisation of the review of the European Market Infrastructure Regulation (EMIR).  The Council of the EU and the European Parliament reached a provisional … Continue Reading

ESMA statement on transition for the application of the MiFIR review

On 27 March 2024, the European Securities and Markets Authority (ESMA) published a statement including practical guidance supporting the transition and consistent application of MiFID II and MiFIR in light of the changes introduced to them by Regulation 2024/791 (MiFIR review) and Directive 2024/790 (MiFID II review). The statement complements the draft interpretative notice issued … Continue Reading

Wolfsberg Principles for Auditing Financial Crime Risk Management

On 27 March 2024, the Wolfsberg Group (Group) published Principles for Auditing Financial Crime Risk Management (FCRM) using the Wolfsberg Factors (Factors) which were published in 2019. The Group notes that internal audit (IA), an independent function within a financial institution (FI), constitutes the third line of defence and plays an important role in assessing … Continue Reading

Commission Communication on the draft interpretive notice on the transitional provision of the MiFIR review

On 27 March 2024, the European Commission (Commission) published a draft interpretive notice to provide clarity to market participants on the transitional provision of the MiFIR review. Background MiFIR contains provisions to ensure that EU markets in financial instruments are more transparent, work more efficiently and provide investors with an adequate level of protection. Regulation … Continue Reading

Council adopts Daisy Chains Directive

On 26 March 2024, the Council of the EU announced it had adopted the so-called Daisy Chain Directive which makes amendments to the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR) as regards certain aspects of the minimum requirement for own funds and eligible liabilities (MREL). Background On 18 April … Continue Reading

Communication to the Commission on the intention to amend RTS specifying obligations concerning hedging derivatives, redemption policy and liquidity management tools, trading and issue of units or shares of an ELTIF and transparency requirements

On 26 March 2024, the European Commission (the Commission) published a Communication on the intention to adopt, with amendments, a Commission Delegated Regulation supplementing Commission Delegated Regulation (EU) 2015/760. The regulatory technical standards (RTS) in the proposed Commission Delegated Regulation specifies obligations of European long-term investment funds (ELTIFs) and their managers concerning the hedging of … Continue Reading

ECON report on the proposed Regulation to modernise the PRIIPs KID

On 26 March 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report on the proposed Regulation amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document. The report sets out a draft European Parliament legislative resolution which makes amendments to the proposed Regulation.… Continue Reading
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