Italy (and EU regulation)

The 2020 European Financial Services Outlook

Anna Carrier (BE)By Anna Carrier (BE) on 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, France, Germany, Italy, The Netherlands, United Kingdom
For all financial services practitioners, 2020 will be a year of dynamic developments. The first full working year of the 2019-2024 College of Commissioners, under the leadership of Ursula von der Leyen, is expected to set the scene for the legislative, regulatory and policy agenda for the duration of its mandate. From the MiFID II … Continue Reading

FCA and IBA response to ISDA letter providing clarity of implications of non-representative LIBOR

Hannah Meakin (UK)Hannah McAslan (UK)By Hannah Meakin (UK) and Hannah McAslan (UK) on Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom
On 24 January 2020, the FCA published a letter from Richard Fox, FCA Head of Markets Policy, to the International Swaps and Derivatives Association (ISDA) (dated 20 January 2020) explaining why market participants should not assume that any period of non-representative LIBOR based on reduced panel bank submissions would last for more than a short … Continue Reading

European Parliament compromise text on a Proposed Regulation on sustainable investment framework

Daniel Nevzat (UK)By Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 24 January 2020, the European Parliament published an updated version of the procedure file for the proposed Regulation on the establishment of a framework to facilitate sustainable investment (known as the ‘Taxonomy Regulation’). The procedure file states that, on 16 January 2020, there was approval in committee of the text of the Taxonomy Regulation, … Continue Reading

Corrigendum to IFR published in OJ

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 24 January 2020, there was published in the Official Journal of the EU a corrigendum to the Investment Firms Regulation (IFR). The corrigendum amends Article 63(4)(e)(7) and Article 63(4)(f)(8) bringing the deadline for the European Securities and Markets Authority to submit draft regulatory technical standards and draft implementing technical standards a year forward, from … Continue Reading

5MLD – Infringement proceedings on the horizon

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 21 January 2020, the European Commission published the opening remarks of Executive Vice-President Valdis Dombrovskis at the ECOFIN press conference. Among other things, Mr Dombrovskis notes that by 10 January 2020, Member States should have transposed the Fifth Anti-Money Laundering Directive. However, there are concerns that some Member States have not yet transposed the … Continue Reading

EBA updates guidelines on fraud reporting under PSD2

Albert Weatherill (UK)Matthew Gregory (UK)By Albert Weatherill (UK) and Matthew Gregory (UK) on Posted in France, Germany, Italy, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom
On 22 January 2020, the European Banking Authority (EBA) published amendments to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2). Article 96(6) of PSD2 requires all payment service providers to report statistical data on fraud relating to different means of payment to their national competent authorities and that such competent … Continue Reading

EBA discussion paper on future changes to EU-wide banking sector stress test

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 22 January 2020, the European Banking Authority (EBA) published a discussion paper on future changes to the EU-wide stress test. The proposed new framework comprises of two components owned by supervisors and banks respectively: the supervisory leg and the bank leg. The supervisory leg serves as the starting point for supervisory decisions and would … Continue Reading

FCA Dear CEO letter to financial advisers on areas of concern

Matthew Gregory (UK)Joe Bamford (UK)By Matthew Gregory (UK) and Joe Bamford (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 21 January 2020, the FCA published a Dear CEO letter to financial advisers setting out its approach to tackling key areas of concern and summarising the actions expected of financial advice firms to undertake: assessing suitability of advice and disclosure review. The FCA will be conducting a second assessing suitability review focusing on initial … Continue Reading

Central Bank group to assess potential cases for central bank digital currencies

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 21 January 2020, the Bank of England (BoE) announced that it has created a group of international central banks to share experiences as they assess the potential cases for central bank digital currencies. The group will also closely coordinate with the Financial Stability Board and the Committee on Payments and Market Infrastructures. The group … Continue Reading

ECB recommendation on dividend distribution policies

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 21 January 2020, the European Central Bank (ECB) published a letter from Andrea Enria, ECB Supervisory Board Chair, to significant institutions supervised under the Single Supervisory Mechanism (SSM) regarding variable remuneration policies. Additionally, the ECB has also published a recommendation (dated 17 January 2020) on dividend distribution policies. In the letter, the ECB reminds … Continue Reading

FSB Global Monitoring Report on Non-Bank Financial Intermediation 2019

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 19 January 2020, the Financial Stability Board (FSB) published its Global Monitoring Report in Non-Bank Financial Intermediation 2019. The report sets out the results of the FSB’s most recent annual monitoring exercise that assesses global trends and risks from non-bank financial intermediation (NBFI). It covers data up to end-2018 from 29 jurisdictions, which together … Continue Reading

ECB consults on draft ECB guideline on the materiality threshold for credit obligations past due for less significant institutions

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 20 January 2020, the European Central Bank (ECB) published a consultation on a draft ECB guideline that specifies how Member State national competent authorities (NCAs) shall exercise the discretion conferred on them under Article 178(2)(d) of the Capital Requirements Regulation (CRR) in relation to less significant institutions with regard to the threshold for assessing … Continue Reading

ESMA consults on the use of no data options in securitisation reporting

Jochen Vester (UK)Hannah Meakin (UK)By Jochen Vester (UK) and Hannah Meakin (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom
On 17 January 2020, the European Securities and Markets Authority (ESMA) published a consultation paper on guidelines on securitisation repository data completeness and consistency thresholds. Article 10(7) of the Securitisation Regulation requires ESMA to define regulatory technical standards (RTS) on securitisation repository procedures to “verify the completeness and consistency of the information” that they receive. … Continue Reading

Payments industry agrees new SEPA card standards

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in France, Germany, Italy, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom
On 15 January 2020, the European Cards Stakeholders Group (ECSG), the industry association overseeing cards standardisation in the Single Euro Payments Area, has published version 9.0 of the SEPA Cards Standardisation Volume (the SCS Volume). Version 9.0 of the SCS Volume takes effect immediately for a three year period. In version 9 of the SCS … Continue Reading

IOSCO recommends synchronising clocks used for timestamping with UTC

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 16 January 2020, the International Organization of Securities Commissions (IOSCO) published a report recommending that trading venues and their participants synchronise the clocks they use for timestamping a reportable event with coordinated universal time (UTC). UTC is computed by taking the weighted average of more than 300 atomic clocks located in more than 80 … Continue Reading

EBA peer review on the application of the RTS on the criteria to identify material risk takers

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, Uncategorized, United Kingdom
On 16 January 2020, the European Banking Authority (EBA) published a report on the application by Member State competent authorities (NCAs) of the regulatory technical standards (RTS) on the criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile. The review shows that, within the EEA, NCAs … Continue Reading

Watch now: global asset management regulation webinar series

Simon Lovegrove (UK)Martin Krause (DE)Imogen Garner (UK)By Simon Lovegrove (UK), Martin Krause (DE) and Imogen Garner (UK) on Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States
The recordings from our global asset management regulation webinar series are now available to watch on demand. In this series, our financial services team explored the key issues and requirements firms should be considering when looking to launch an overseas fund in Europe, Asia Pacific, the United States and Canada. Watch now: The AIFMD re-examined … Continue Reading

EBA consults on RTS on the treatment of non-trading book positions subject to foreign-exchange risk or commodity risk

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 13 January 2020, the European Banking Authority (EBA) launched a consultation on draft regulatory technical standards (RTS) on the treatment of non-trading book positions subject to foreign-exchange risk or commodity risk. The draft RTS have been developed in accordance with Article 325(9) of the amended Capital Requirements Regulation (CRR II). Article 325(9) mandates the … Continue Reading

EBA report on Big Data and Advanced Analytics

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 13 January 2020, the European Banking Authority (EBA) published a report on Big Data and Advanced Analytics (BD&AA) in the banking sector. The reports aims to share knowledge on the current use of BD&AA by providing a background on this area, alongside key observations and outlining the key pillars and elements of trust that … Continue Reading

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

Maria Beatrice Gilesi (IT)Salvatore Iannitti (IT)Pietro Altomani (IT)By Maria Beatrice Gilesi (IT), Salvatore Iannitti (IT) and Pietro Altomani (IT) on Posted in Fintech, Italy
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

ESMA starts publishing questions received through its Q&A process

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 10 January 2020, the European Securities and Markets Authority (ESMA) published a list of questions currently under development through its Q&A process. The publication of the list comes in the context of the entry into force of the revised ESMA Regulation including its new provisions applicable to Q&As (new Article 16b), which require ESMA … Continue Reading

Global anti-money laundering and sanctions compliance survey

Financial services: Regulation tomorrowBy Sven Stumbauer on Posted in Africa, Anti-money laundering, Anti-money laundering, Anti-Money Laundering, Asia, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom, United States
An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

ESMA strategic orientation for 2020-2022

Simon Lovegrove (UK)By Simon Lovegrove (UK) on 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, France, Germany, Italy, The Netherlands, United Kingdom
On 9 January 2020, the European Securities and Markets Authority (ESMA) published its strategic orientation 2020-22. The strategic orientation sets out ESMA’s longer-term focus and objectives and is translated into concrete actions through the annual programming document and work programme. ESMA developed its first strategic orientation (for the period 2016-2020) in 2015 and regularly assessed … Continue Reading

ISDA guide to the cross-border application of US, EU and Japan margin rules for non-cleared derivatives

Hannah Meakin (UK)Hannah McAslan (UK)By Hannah Meakin (UK) and Hannah McAslan (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom
On 6 January 2020, the International Swaps and Derivatives Association (ISDA) published a guide intended to provide a general overview of the cross-border application of certain margin rules for non-cleared derivatives. Given that a significant number of counterparties will fall within the scope of initial margin requirements for non-cleared derivatives in 2020 and 2021, the … Continue Reading
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