Italy (and EU regulation)

ESMA consults on reference data and transaction reporting obligations under MiFIR

On 24 September 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper reviewing the reference data and transaction reporting obligations under the Markets in Financial Instruments Regulation (MiFIR). The consultation paper covers the report to be delivered to the European Commission under Article 26(10) MiFIR which provides that: ESMA shall submit a … Continue Reading

Capital Markets Recovery Package progresses in Council and Parliament

By Flupke van den Bogart on September 25, 2020 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, Germany, Italy, The Netherlands, United Kingdom

The discussions on the European Commission proposal on the so-called “MiFID Quick Fix”, which also includes proposed amendments to the Prospectus Regulation and the Securitisation Regulation and corresponding changes to the Capital Requirements Regulation (CRR) are progressing. Following an initial Council Working Group meeting on 3 September, EU Member States’ representatives reconvened on 17 September … Continue Reading

European Commission publishes new Capital Markets Union Action Plan

On 24 September 2020, the European Commission published its long-awaited Capital Markets Union (CMU) Action Plan. The CMU Action Plan serves as a list of policies the Commission would like to introduce over the upcoming years, together with a timeline for the adoption of concrete legislative proposals. The main objective of the CMU is to … Continue Reading

MiFID review: ESMA consults on the functioning of OTF regime, transactions reporting

By Anna Carrier (BE) on September 25, 2020 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, Germany, Italy, The Netherlands, United Kingdom

On 24 September 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on the functioning of the MiFIR obligation to report transactions and reference data. The following day, on 25 September 2020, ESMA launched another public consultation from the MiFID II / MiFIR review series, this time focussing on the functioning of … Continue Reading

ESMA publishes outcomes of MAR review

By Simon Lovegrove (UK) on September 25, 2020 Posted in Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

Introduction On 24 September 2020, the European Securities and Markets Authority (ESMA) published a review report of the Market Abuse Regulation (MAR). The report is the first in-depth review of the functioning of MAR since its implementation in 2016, and its recommendations will feed into the European Commission’s review of MAR. Background The report covers … Continue Reading

European Commission report on clearing solutions for pension scheme arrangements under EMIR

By Hannah Meakin (UK) on September 25, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 23 September 2020, the European Commission published a report pursuant to Article 85 of the European Market Infrastructure Regulation (EMIR) that provides an analysis of the main issues identified by stakeholders around pension scheme arrangements’ (PSA) central clearing, as well as of the solutions explored so far. The PSA exemption from central clearing is … Continue Reading

Proposed European Regulations on markets in crypto-assets and DLT market infrastructure

By Anna Carrier (BE) on September 24, 2020 Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom

On 23 September 2020 the European Commission published its long-awaited draft regulation on markets in crypto-assets (MiCA), with its accompanying annex and a draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLTR). The proposals, which are part of the broader Digital Finance Strategy package, are the first European-level legislative … Continue Reading

Proposed Regulation on digital operational resilience for the EU financial sector

By Anna Carrier (BE) on September 24, 2020 Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom

On 24 September 2020 the European Commission published its long-awaited draft regulation on digital operational resilience for the EU financial services sector (DORA). The proposal, which is part of the broader Digital Finance Strategy package, is a first European-level legislative initiative aiming to introduce harmonised and comprehensive framework on digital operational resilience for European financial … Continue Reading

EPC – Some 2020 change requests entering into force in November 2023

By Albert Weatherill (UK) on September 23, 2020 Posted in Germany, Italy, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 22 September 2020, the European Payments Council (EPC) published a new web page concerning some 2020 change requests entering into force in November 2023. The EPC explains that in September 2020, it decided to migrate all of its payment schemes to the 2019 version of the ISO 20022 message standard by 19 November 2023 … Continue Reading

IOSCO issues measures to reduce conflict of interests in debt capital raising

On 21 September 2020, the International Organization of Securities Commissions (IOSCO) published a final report containing guidance on potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance is in the form of nine measures. Each measure is designed to address one or more of … Continue Reading

EBA phases out its guidelines on legislative and non-legislative loan repayments moratoria

By Jochen Vester (UK) on September 22, 2020 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 21 September 2020, the European Banking Authority (EBA) announced that it will phase out its guidelines on legislative and non-legislative payment moratoria in accordance with its end of September deadline. The EBA guidelines on legislative and non-legislative loan repayments moratoria were published on 2 April 2020 to ensure that EU banks, while maintaining comparable … Continue Reading

Delegated Regulations supplementing EMIR on tiering, comparable compliance and fees for third-country CCPs published in OJ

By Hannah Meakin (UK) on September 22, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 21 September 2020, the following Delegated Regulations supplementing the European Market Infrastructure Regulation regarding central counterparties (CCPs) established in third countries were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2020/1302 of 14 July 2020 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with … Continue Reading

2021: A defining moment for the interest rates reform

By Hannah Meakin (UK) on September 22, 2020 Posted in Benchmarks – IBOR transition, France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 21 September 2020, the European Securities and Markets Authority (ESMA) published a speech by its chair, Steven Maijoor, entitled 2021: A defining moment for the interest rates reform. In his speech Mr Maijoor discusses recent and expected developments of the global interest rates reform and the crucial role that the cooperation between public authorities … Continue Reading

ESAS launch survey on environmental and/or social financial product templates

By Daniel Nevzat (UK) and Imogen Garner (UK) on September 22, 2020 Posted in ESG, ESG, ESG, ESG, Germany, Italy, The Netherlands, United Kingdom

On 21 September 2020, the European Supervisory Authorities (ESAs) published a survey seeking public feedback on presentational aspects of product templates, pursuant to Article 8(3), Article 9(5) and Article 11(4) of the Regulation on sustainability‐related disclosures in the financial services (SFDR). In particular, the ESAs are inviting stakeholders to comment on the layout of the … Continue Reading

EBA flags to the EU Commission elements of the definition of credit institution and aspects of the scope of authorisation

By Matthew Gregory (UK) on September 21, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

On 18 September 2020, the European Banking Authority (EBA) published an opinion addressed to the European Commission to raise awareness as to the opportunity to clarify certain issues relating to the definition of credit institution in the upcoming review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive IV. The opinion illustrates that … Continue Reading

ECB finalises guide to assessing how banks calculate counterparty credit risk

By Jochen Vester (UK) on September 21, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

On 18 September 2020, the European Central Bank (ECB) published its finalised guide outlining the methodology it uses to assess how euro area banks under its supervision calculate their exposure to counterparty credit risk (CCR) and advanced credit valuation adjustment (CVA) risk, following a public consultation which ended on 18 March 2020. The Capital Requirements … Continue Reading

EBA seeks input from institutions on their ESG disclosure practices

By Imogen Garner (UK) and Caroline Herkströter on September 18, 2020 Posted in ESG, ESG, ESG, ESG, Germany, Italy, The Netherlands, United Kingdom

On 17 September 2020, the European Banking Authority (EBA) published an online survey to receive input from credit institutions on their practices and views in the area of disclosure of information on environmental, social and governance (ESG) risks. The survey, which is addressed to large credit institutions that will be required to disclose prudential information … Continue Reading

ESMA renews its decision requiring net short position holders report positions of 0.1% and above

By Iona Wright (UK) on September 18, 2020 Posted in Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 17 September 2020, the European Securities and Markets Authority (ESMA) announced that it was renewing its decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant national competent authority if the position reaches or exceeds 0.1% of the issued share capital. The … Continue Reading

ECB allows temporary relief in banks’ leverage ratio after declaring exceptional circumstances due to the COVID-19 pandemic

By Jochen Vester (UK) on September 18, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, Germany, Italy, The Netherlands, United Kingdom

On 17 September 2020, the European Central Bank (ECB) announced that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The announcement comes after the Governing Council of the ECB confirmed that there are exceptional circumstances due to the COVID-19 pandemic. Banks under ECB supervision can benefit … Continue Reading

Commission impact assessment – long-term investment funds – review of EU rules

By Imogen Garner (UK) and Iona Wright (UK) on September 17, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom

On 16 September 2020, the European Commission issued an inception impact assessment concerning proposed amendments to the Regulation on European long-term investment funds (ELTIFs). The impact assessment notes that the current challenge with the ELTIF regime is that, to date, the initial take-up of ELTIFs by the market has been slow, with only a limited … Continue Reading

Commission report assessing whether Member States have duly identified and made subject to the obligations of the 4MLD all trusts and similar legal arrangements governed under their laws

By Simon Lovegrove (UK) on September 17, 2020 Posted in Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 16 September 2020, the European Commission published a report to the European Parliament and the Council assessing whether Member States have duly identified and made subject to the obligations of the Fourth Anti-Money Laundering Directive (4MLD) all trusts and similar arrangements governed under their laws. Article 31 of the 4MLD requires trustees or persons … Continue Reading

ECB – new initiative to facilitate cyber information and intelligence sharing

By Albert Weatherill (UK) on September 17, 2020 Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom

On 15 September 2020, the European Central Bank (ECB) announced that members of the Euro Cyber Resilience Board for pan-European Financial Infrastructures have created the Cyber Information and Intelligence Sharing Initiative (CIISI-EU). This is a multilateral initiative which brings together a community of public and private entities. The CIISI-EU initiative is further explained in a … Continue Reading

Commission Regulations amending the Prospectus RTS Regulation and Delegated Regulation

By Imogen Garner (UK) and Iona Wright (UK) on September 15, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 14 September 2020, there was published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2020/1272 of 4 June 2020 amending and correcting Delegated Regulation (EU) 2019/979 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary … Continue Reading

FATF report – virtual assets red flag indicators of money laundering and terrorist financing

By Clarinda Grundy on September 15, 2020 Posted in Africa, Anti-money laundering, Anti-money laundering, Anti-Money Laundering, Asia, Australia, Canada, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom, United States

On 14 September 2020, the Financial Action Task Force (FATF) published a report, Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing. The report is based on more than 100 case studies and is designed to help national authorities and financial institutions identify potential money laundering and terrorist financing activity involving virtual … Continue Reading