Italy (and EU regulation)

European Commission publishes Sustainable Finance Package

On 24 May, the European Commission released a set of legislative proposals on financing sustainable growth (so called Sustainable Finance Package). These measures are the first steps towards implementing some of the recommendations of the EU’s High-Level Expert Group on sustainable finance published in January 2018 and are part of the European Commission Action Plan … Continue Reading

SME Growth Markets

On 24 May 2018, the European Commission published a draft of a Delegated Regulation amending Commission Delegated Regulation 2017/565 as regards certain registration conditions to promote the use of SME Growth Markets for the purposes of MiFID II. The Commission invites feedback on the draft Delegated Regulation by 21 June 2018. On the same date … Continue Reading

Latest Presidency compromise proposals – BRRD II, SRM II, CRR II and CRD V

On 23 May 2018, the Presidency of the Council of the EU published the latest compromise proposals concerning: • Draft Directive amending the Bank Recovery and Resolution Directive; • Draft Regulation amending the Regulation establishing the Single Resolution Mechanism; and • Draft Directive amending the Capital Requirements Directive IV. On 22 May 2018, the Council … Continue Reading

EBA updates list of O-SIIs in the EU

On 23 May 2018, the European Banking Authority (EBA) updated the list of Other Systemically Important Institutions (O-SIIs) in the EU. O-SIIs – those institutions which, along with Global Systemically Important Institutions (G-SIIs) are deemed systemically important – have been identified by Member State authorities according to criteria set out in EBA guidelines. The updated … Continue Reading

Member States to continue discussions over controversial ESAs review proposal

The legislative review of the European Commission’s September 2017 proposal for a Regulation amending the Regulations establishing the European Supervisory Authorities and other select European legislative acts (ESAs review proposal) is ongoing. As previously mentioned proposed amendments to select European legislative acts aim to reform the governance arrangements of the ESAs and strengthen their supervisory … Continue Reading

EBA consults on standards on estimation and identification of an economic downturn in IRB modelling

On 22 May 2018, the European Banking Authority (EBA) published two consultation papers on draft regulatory technical standards (RTS) specifying an economic downturn and on a set of guidelines related to the estimation of loss given default (LGD) appropriate for conditions of an economic downturn. The draft RTS specify the nature, severity and duration of … Continue Reading

Delegated Regulation on exclusion of transactions with third country NFCs from CVA risk charge under CRR

On 18 May 2018, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2018/728 of 24 January 2018 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for procedures for excluding transactions with non-financial counterparties established in a third … Continue Reading

Commission Implementing Regulation on changes to benchmarking portfolios, reporting templates and reporting instructions

On 18 May 2018, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2018/688 of 23 March 2018 amending Implementing Regulation (EU) 2016/2070 as regards benchmarking portfolios, reporting templates and reporting instructions. The Commission Implementing Regulation amends Implementing Regulation (EU) 2016/2070 (which supplements the CRD IV by setting out … Continue Reading

ECB opinion on draft legislative proposals amending the Regulation establishing ESMA, MiFID II and Solvency II

On 17 May 2018, the European Central Bank (ECB) published its opinion (dated 11 May 2018) regarding the European Commission’s draft Regulation amending the Regulation establishing ESMA and the draft Directive amending MiFID II and the Solvency II Directive. In its general observations the ECB states that it generally supports the proposed Regulation’s objective of … Continue Reading

Corrigenda to delegated regulations under CSDR

On 17 May 2018, there was published in the Official Journal of the EU two Corrigenda making amendments to certain Commission Delegated Regulations supplementing the Regulation on improving securities settlement and regulating central securities depositories (CSDR): Corrigendum to Commission Delegated Regulation (EU) 2017/391 supplementing the CSDR with regard to regulatory technical standards (RTS) further specifying … Continue Reading

ECON votes on EMIR Refit Regulation

On 16 May 2018, the European Parliament published a press release stating that the Committee on Economic and Monetary Affairs Committee (ECON) had voted to adopt a draft report on the proposed Regulation amending the European Markets Infrastructure Regulation (EMIR). The draft Regulation is commonly known as the EMIR Refit Regulation. The next step will … Continue Reading

Global asset management quarterly – Ninth edition now available

The latest edition of global asset management quarterly is now available online. This issue includes the following: UK and European overview; UK tax treatment of “loyalty bonuses” paid to investors; Omnibus Regulation; FCA asset management market study; Ireland update; Luxembourg update; Asset management in South Africa – ten things to know; Hong Kong regulators turn … Continue Reading

ECON report on sustainable finance

On 16 May 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published its report (dated 4 May 2018) on sustainable finance. Among other things the report: calls on the European Commission to come forward with an ambitious legislative framework, recognising the proposals put forward in the Commission Action Plan on Sustainable Finance; … Continue Reading

New comparative guide on state of bank recovery and resolution laws in Africa

Norton Rose Fulbright has launched a comparative guide on the state of recovery and resolution laws for banks in Africa. The new interactive guide provides an overview of the bank recovery and resolution requirements applicable to over 20 jurisdictions across Africa. The online guide allows clients to build their own comparative reports regarding the key … Continue Reading

ESMA FAQs on MiFID II transitional transparency calculations

On 15 May 2018, the European Securities and Markets Authority (ESMA) updated its frequently asked questions (FAQs) on transitional transparency calculations for equity and non-equity instruments. Unfortunately ESMA has not indicated what changes it has made to the FAQs.… Continue Reading

MMF ITS published in OJ

On 15 May 2018, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2018/708 of 17 April 2018 laying down implementing technical standards with regard to the template to be used by managers of money market funds when reporting to competent authorities as stipulated by Article 37 of the … Continue Reading

Council adopts 5MLD

On 14 May 2018, the Council of the EU adopted the Fifth Anti-Money Laundering Directive (5MLD). The adoption of the 5MLD follows the European Parliament’s adoption of the Directive on 19 April 2018. The text adopted by the Council is in the same form as that adopted by the European Parliament except for minor drafting … Continue Reading

BCBS – Capital treatment for simple, transparent and comparable short-term securitisations

On 14 May 2018, the Basel Committee on Banking Supervision (BCBS) issued a new standard, Capital treatment for simple, transparent and comparable short-term securitisations. The standard supplements the Criteria for identifying simple, transparent and comparable short-term securitisations. The standard sets out additional guidance and requirements for the purpose of applying preferential regulatory capital treatment for … Continue Reading

BCBS / IOSCO – Criteria for identifying simple, transparent and comparable short-term securitisations

On 14 May 2018, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) issued Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria). The criteria maintain and build on the principles in the Criteria for identifying simple, transparent and comparable securitisations issued by BCBS – … Continue Reading

IOSCO Annual Conference focuses on key challenges facing securities regulators

On 10 May 2018, the International Organization of Securities Commissions (IOSCO) issued a press release concerning its latest Annual Conference which discussed current issues facing securities market regulators. IOSCO reports that the public sessions of the Annual Conference focused on four key issues: the sale of unsuitable products to retail investors; the challenge of fintech … Continue Reading

Commission adopts Delegated Regulation on 4MLD central contact points

On 7 May 2018, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (4MLD) regarding regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their function. The Delegated Regulation is based on the draft regulatory … Continue Reading

ECB report on the thematic review on effective risk data aggregation and risk reporting

On 8 May 2018, the European Central Bank (ECB) published a report following its thematic review on effective risk data aggregation and risk reporting. The thematic review covered 25 significant institutions and assessed them against the Basel Committee’s principles for effective risk data aggregation and risk reporting (the Basel Committee principles). The report notes that … Continue Reading

FSB consults on recommendations for compensation data reporting to address misconduct risk

On 7 May 2018, the Financial Stability Board (FSB) issued a public consultation on Recommendations for consistent national reporting of data on the use of compensation tools to address misconduct risk. The draft recommendations seek to assist national supervisory authorities from all financial sectors by enhancing their capacity to consider and monitor the effectiveness of … Continue Reading

Central banks urge industry wide take-up of strategy to improve wholesale payments security

On 8 May 2018, the Committee on Payments and Market Infrastructures (CPMI) published a report, Reducing the risk of wholesale payments fraud related to endpoint security. The report sets out a strategy to encourage and help focus industry efforts to reduce the risk of wholesale payments fraud related to endpoint security. The report discusses the … Continue Reading
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