Italy (and EU regulation)

ESMA clarifies endorsement regime for non-EU credit ratings

On 18 July 2018, the European Securities and Markets Authority (ESMA) published supplementary guidance on the application of the endorsement regime for non-EU credit ratings under the Credit Rating Agencies Regulation. The supplementary guidelines assist EU credit rating agencies (CRAs) in assessing whether a third-country CRA’s internal requirements meet the as stringent as test. This … Continue Reading

ESMA issues RTS for implementation of the Prospectus Regulation

On 17 July 2018, the European Securities and Markets Authority (ESMA) published a final report containing final draft regulatory technical standards (RTS) under the Prospectus Regulation (PR). The final report follows an ESMA consultation paper that was published on 15 December 2017. The final draft RTS cover: key financial information for the summary of a … Continue Reading

FSB consults on the effects of reforms on infrastructure finance

On 18 July 2018, the Financial Stability Board (FSB) published a consultation report on the Evaluation of the effects of financial regulatory reforms on infrastructure finance. The consultation report presents the results of, and seeks comments on, the evaluation of the effects of financial regulatory reforms on infrastructure finance. The evaluation focuses on infrastructure finance … Continue Reading

ESMA updates Q&As on Benchmarks Regulation

On 17 July 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Benchmarks Regulation. The Q&As have been updated to amend the definitions of calculation agents (Q5.3) and regulated data benchmarks (Q5.7).… Continue Reading

ECON draft report on proposed Omnibus Regulation and proposed Regulation amending ESRB Regulation

On 18 July 2018, the European Committee on Economic and Monetary Affairs (ECON) published draft reports on the proposed: Omnibus Regulation; and Regulation amending the European Systemic Risk Board. The draft reports contain draft European Parliament legislative resolutions which provide suggested amendments to their respective instruments.… Continue Reading

ESMA consults on guidelines on risk factors under the Prospectus Regulation

On 13 July 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on guidelines on risk factors under the Prospectus Regulation, as mandated under Article 16(4) of the Prospectus Regulation. The draft guidelines expand on concepts and instructions provided for in Article 16 of the Prospectus Regulation, namely: specificity, materiality, corroboration and … Continue Reading

ESMA consults on technical advice on minimum information content for prospectus exemption

On 13 July 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on draft technical advice on minimum information content for prospectus exemption. The consultation paper sets out a draft version of EMSA’s technical advice on the minimum information content of documents provided for the purpose of describing a takeover, merger or … Continue Reading

ESMA draft technical standards on the Securitisation Regulation’s STS notification requirements

On 16 July 2018, the European Securities and Markets Authority (ESMA) issued its first set of technical standards on simple, transparent and standardised securitisations (STS) under Articles 27(6), 27(7) and 28(4) of the Securitisation Regulation. The draft technical standards relate to: Regulatory Technical Standards (RTS) specifying the information that the originator, sponsor and SSPE are … Continue Reading

FSB questionnaire for prospective UPI service providers

On 16 July 2018, the Financial Stability Board (FSB) published a self-assessment questionnaire for prospective Unique Product Identifier (UPI) service providers, alongside an explanatory note. The primary purpose of the UPI is to identify the product that is the subject of a particular over-the-counter (OTC) derivatives transaction. A UPI would be assigned to each product, … Continue Reading

FSB report on crypto-assets

On 16 July 2018, the Financial Stability Board (FSB) has published a report describing international work on crypto-assets. The report follows a letter that FSB Chair Mark Carney sent to G20 Finance Ministers and Central Bank Governors in March noting that crypto-assets raise a host of issues around consumer and investor protection, as well as … Continue Reading

Commission adopts Delegated Regulations setting out RTS under Benchmarks Regulation

On 13 July 2018, the European Commission adopted ten Delegated Regulations setting out regulatory technical standards (RTS) under the Benchmarks Regulation (BMR): Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the contents of, and cases where updates are required to, the benchmark statement to be published by the administrator of … Continue Reading

ESMA consults on changes to tick size regime under MiFID II

On 13 July 2018, the European Securities and Markets Authority (EMSA) published a consultation paper on amendments to Commission Delegated Regulation (EU) 2017/588 (RTS 11). Under RTS 11, the minimum tick size applicable to shares and depositary receipts is calibrated to the average daily number of transactions on the most liquid market in the EU. … Continue Reading

Commission adopts legislation amending Commission Delegated Regulation on LCR

On 13 July 2018, the European Commission published a Delegated Regulation amending Delegated Regulation (EU) 2015/61 supplementing the Capital Requirements Regulation with regard to the liquidity coverage requirement for credit institutions (the Delegated Regulation). Commission Delegated Regulation (EU) 2015/61 (the LCR Delegated Regulation) entered into force on 1 October 2015 and specifies which assets are … Continue Reading

Delegated Regulation on investment requirements under MMF Regulation

On 13 July 2018, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2018/990 of 10 April 2018 amending and supplementing Regulation (EU) 2017/1131 of the European Parliament and of the Council with regard to simple, transparent and standardised (STS) securitisations and asset-backed commercial papers, requirements for assets received … Continue Reading

Commisison adopts AIFMD and UCITS Delegated Regulations clarifying depositaries’ safe keeping obligations

On 12 July 2018, the European Commission published: Delegated Regulation amending Commission Delegated Regulation (EU) No. 231/2013 with regard to the safekeeping duties of depositaries; and Delegated Regulation amending Commission Delegated Regulation (EU) No. 2016/438 with regard to the safekeeping duties of depositaries. Both Delegated Regulations clarify that assets of UCITS, alternative investment funds and … Continue Reading

FSB issues statement on reforms to interest rate benchmarks

On 12 July 2018, the Financial Stability Board (FSB) published a statement on reforms to interbank offered rates (IBORS) and the development of overnight risk-free, or nearly risk-free, rates (RFRs) and term rates. The statement is intended to provide market participants and other stakeholders with the FSB’s views ahead of a forthcoming consultation by the … Continue Reading

Financial services: MEPs want more say on equivalence of EU/third country rules

On 13 July 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) issued a press release announcing that MEPs had voted to adopt a draft report on relationships between the EU and third countries concerning financial services regulation and supervision (2017/2253(INI)). The text itself stresses that the EU should have an active role … Continue Reading

ESMA sets out plan for systematic internaliser regime calculations and publications

On 12 July 2018, the European Securities and Markets Authority (ESMA) published details of its action plan for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018. ESMA’s action plan focuses on equity, equity-like instruments and bonds while postponing the publication of derivatives and other instruments to 1 February 2019. The … Continue Reading

ESMA introductory statement to ECON scrutiny session on Level 2 measures of the BMR

On 11 July 2018, the European Securities and Markets Authority (ESMA) published an introductory statement for the European Parliament’s Economic and Monetary Affairs Committee (ECON) scrutiny session on Level 2 measures under the EU Benchmarks Regulation (BMR). Key points from the statement include: further to eleven draft technical standards delivered to the European Commission on … Continue Reading

Study on competition issues in the area of financial technology

On 9 July 2018, the European Parliament’s Committee on Economic and Monetary affairs published a study, Competition issues in the Area of Financial Technology (FinTech). The study focuses on analysing potential anti-competitive factors and their impact both in the FinTech ecosystem and in concrete services. In lieu of any consensus, the study proposes FinTech services … Continue Reading

ESMA consults on the clearing obligation under EMIR

On 11 July 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on the clearing obligation under EMIR. Currently there are three Commission Delegated Regulations on the clearing obligation that have entered into force, which mandate a range of interest rate and credit derivative classes to be cleared. These Commission Delegated Regulations … Continue Reading

ESMA updates Q&As on temporary product intervention measures

On 12 July 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on its temporary product intervention measures on the marketing, distribution or sale of contracts for differences (CFDs) and binary options to retail clients based on Article 40 of MiFIR. ESMA has updated the section on clients established outside the EU and … Continue Reading

ESMA updates MiFID II Q&As on investor protection

On 12 July 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on MiFID II investor protection topics. The new Q&As cover inducements (research) and the provision of investment services by third country firms.… 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
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