Italy (and EU regulation)

ESMA updated Q&As on the Market Abuse Regulation

On 23 June 2022, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR). The ESMA has added a new answer concerning the scope of Article 11(1a) of the MAR. Specifically, the answer covers whether the scope of Article 11(1a) is limited to the communication of information to potential … Continue Reading

EBA responds to Commission call for advice on the PSD2

By Simon Lovegrove (UK) on June 24, 2022 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 23 June 2022, the European Banking Authority (EBA) responded to the European Commission’s call for advice on the review of the revised Payment Services Directive (PSD2). The EBA’s response takes the form of an opinion and a report and offers more than 200 proposals to help develop the EU retail payments market. The PSD2 … Continue Reading

Anti-money laundering: Regulation Around the World

In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the … Continue Reading

Presidency final compromise text – Directive amending the AIFMD and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

By Simon Lovegrove (UK) on June 23, 2022 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 21 June 2022, the Council of the European Union published the Presidency’s final compromise text for the draft Directive amending the Alternative Investment Funds Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.… Continue Reading

Commission adopts two equivalence decisions for Chinese and Israeli CCPs

By Hannah Meakin (UK) on June 23, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 22 July 2022, the European Commission adopted two equivalence decisions for central counterparties (CCPs) under the supervision of the People’s Bank of China and the Israel Securities Authority. Both equivalence decisions do not come into force until published in the Official Journal of the EU. The equivalence decisions follow the recent decisions adopted for … Continue Reading

EBA draft principles assessing the representativeness of COVID-19-impacted data for banks using IRB models

By Jochen Vester (UK) on June 22, 2022 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 21 June 2022, the European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19–impacted data for banks, using internal ratings based (IRB) models. These principles will be part of a supervisory handbook, which the EBA will publish later this year, with the objective to ensure a … Continue Reading

Commission Delegated Regulation supplementing the CRD IV with regard to RTS specifying the information to be provided in the application for the authorisation as a credit institution

By Simon Lovegrove (UK) on June 22, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 17 June 2022, the European Commission published a Delegated Regulation supplementing the Capital Requirements Directive IV (CRD IV) with regard to regulatory technical standards (RTS) specifying the information to be provided in the application for authorisation as a credit institution, and specifying the obstacles which may prevent the effective exercise of supervisory functions of … Continue Reading

MEPs want to revive European long-term investment funds

By Simon Lovegrove (UK) on June 22, 2022 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 20 June 2022, the European Parliament issued an announcement stating that its Economic and Monetary Committee had adopted new rules for long-term investment funds. Lead MEP, Michiel Hoogeveen has said on the matter, ‘While the legislative framework for European long-term investment funds (ELTIFs) was adopted in 2015, so far their market remains small…The Parliament … Continue Reading

Published in OJ: Commission Delegated Regulation (EU) 2022/954 of 12 May 2022 amending the RTS laid down in Delegated Regulation (EU) No 183/2014

By Jochen Vester (UK) on June 22, 2022 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 21 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/954 of 12 May 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 183/2014 as regards the specification of the calculation of specific and general credit risk adjustments. The Delegated Regulation adds … Continue Reading

European Commission considers Euro-clearing overhaul

By Anna Carrier (BE) on June 22, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 16 June 2022 the European Commission hosted a meeting of the Derivatives and Market Infrastructures Member States Working Group, which is an expert group composed of Member States’ representatives. The agenda for the meeting included consideration of possible legislative and non-legislative measures to be developed in the context of the European clearing strategy announced … Continue Reading

Council agrees its position on updated rules for hedge funds, private debt funds, and other alternative investment funds

By Anna Carrier (BE) on June 21, 2022 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 25 November 2021, the European Commission proposed a number of legislative amendments to the Alternative Investment Funds Manager Directive (AIFMD), the UCITS Directive and the Regulation on European long term investment funds, namely the “AIFMD 2 Proposal”. The AIFMD Proposal aims to improve the integration of asset management markets in Europe, while modernising the … Continue Reading

Outcomes FATF Plenary, 14-17 June 2022

On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022. Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the people of Ukraine, and as a result of Russia’s invasion, the FATF agreed to severely … Continue Reading

NCA/UKFUI revises guidance on SAR glossary codes and reporting routes

By Nabeelah Begum on June 20, 2022 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 17 June 2022, the National Crime Agency (NCA) and the UK Financial Intelligence Unit (UKFIU) published updated guidance on suspicious activity report (SAR) glossary codes and reporting routes. The key points outlined in the updated guidance are as follows: The glossary codes are crucial for enabling the UKFIU and wider law enforcement to conduct … Continue Reading

Eurogroup statement on the future of the Banking Union

By Simon Lovegrove (UK) on June 20, 2022 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 16 June 2022, the Eurogroup issued a statement on the future of the Banking Union. In the statement the Eurogroup states that, as an immediate step, work on the Banking Union should focus on strengthening the common framework for bank crisis management and national deposit guarantee schemes (CMDI framework). The broad elements to underpin … Continue Reading

Published in OJ – Delegated Regulation specifying fees relating to the supervision by the ESMA of data reporting service providers

By Hannah McAslan (UK) on June 20, 2022 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom

On 17 June 2022, Commission Delegated Regulation (EU) 2022/930 of 10 March 2022 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying fees relating to the supervision by the European Securities and Markets Authority of data reporting service providers, was published in the Official Journal of the European Union. … Continue Reading

ESMA public statement on implementation of the clearing obligation for pension scheme arrangements

By Hannah Meakin (UK) on June 17, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 16 June 2022, the European Securities and Markets Authority (ESMA) published a public statement regarding the implementation of the clearing obligation for pension scheme arrangements. The statement refers to the European Commission publishing on 9 June 2022 a Delegated Act exempting pension scheme arrangements from the clearing obligation until 18 June 2023. The statement … Continue Reading

ECB speech ‘Bringing European payments to the next stage: a public-private endeavour’

By Michael Born (DE) on June 17, 2022 Posted in France, Germany, Italy, Payment services, Payment services, Payment services, The Netherlands

On 16 June 2022, the European Central Bank (ECB) published a speech by Executive Board member Fabio Panetta entitled ‘Bringing European payments to the next stage: a public-private endeavour’. In his speech Mr Panetta discusses the EU’s retail payments strategy and the introduction of a digital euro. Key points in the speech include: SEPA has … Continue Reading

CRR related Delegated Regulations

By Jochen Vester (UK) on June 16, 2022 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 14 June 2022, the European Commission adopted a Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying the criteria for assessing the modellability of risk factors under the internal model approach (IMA) and specifying the frequency of that assessment under Article 325be(3) of that Regulation. The draft … Continue Reading

Updated SRB guidance documents for bail-in operationalisation

By Simon Lovegrove (UK) on June 16, 2022 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 15 June 2022, the Single Resolution Board (SRB) updated its operational guidance to banks on the implementation of the bail-in tool. Specifically, the SRB has updated its guidance on bail-in playbooks, bail-in data set instructions and an explanatory note on the latter. Compared to previous documents the SRB has added more detail to the … Continue Reading

Basel Committee issues principles for the effective management and supervision of climate-related financial risks

By Simon Lovegrove (UK) on June 16, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 15 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued principles for the effective management and supervision of climate-related financial risks. The 18 principles are intended to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks. They cover corporate governance, internal controls, risk … Continue Reading

EBA final report on guidelines on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT compliance officer

By Simon Lovegrove (UK) on June 15, 2022 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 14 June 2022, the European Banking Authority (EBA) published a final report containing draft guidelines setting out expectations of the role, tasks and responsibilities of the anti-money laundering / countering the financing of terrorism (AML/CFT) compliance officer and the management body. In particular the draft guidelines cover: The role and responsibilities of the management … Continue Reading

ESAs propose extending temporary exemptions regime for intragroup contracts during EMIR review

By Hannah Meakin (UK) on June 14, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 13 June 2022, the European Supervisory Authorities (ESAs) published a final report with draft regulatory technical standards (RTS) proposing to amend Commission Delegated Regulation (EU) 2016/2251 on bilateral margin requirements. The European Securities and Markets Authority has also published a final report with a new draft RTS proposing to amend accordingly the three Commission … Continue Reading

Commission adopts delegated acts on reporting, data quality, data access and registration of trade repositories under EMIR

By Jochen Vester (UK) on June 13, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 10 June 2022, the European Commission adopted a number of delegated and implementing acts supplementing the European Markets Infrastructure Regulation (EMIR). At the time of writing the Commission had published provisional versions of the adopted text: Commission Delegated Regulation (EU) / of 10.6.2022 supplementing EMIR with regard to regulatory technical standards (RTS) specifying the … Continue Reading

Commission Delegated Regulation supplementing the CRD IV with regard to RTS specifying the information to be provided by an undertaking in the application for authorisation

By Jochen Vester (UK) on June 13, 2022 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 10 June 2022, the European Commission adopted a Delegated Regulation supplementing the CRD IV with regard to regulatory technical standards (RTS) specifying the information to be provided by an undertaking in the application for authorisation in accordance with Article 8a of that Directive. The Council of the EU and the European Parliament will now … Continue Reading