Italy (and EU regulation)

Commission report on possible exemption of post-trade risk reduction services from clearing under EMIR

On 12 April 2021, the European Commission published its report to the European Parliament (EP) and the Council on whether trades that directly result from post-trade risk reduction services (PTRR services) should be exempted from the clearing obligation for over-the-counter (OTC) derivatives under the European Markets Infrastructure Regulation (EMIR). The statutory basis of the report … Continue Reading

Commission Implementing Decision on equivalence of US DCMs under EMIR

By Georgia Karamani (UK) on April 13, 2021 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 12 April 2021, there was published in the Official Journal EU Commission Implementing Decision (EU) 2021/583 of 9 April 2021 amending Implementing Decision (EU) 2016/1073 on the equivalence of designated contract markets in the United States of America (USA) in accordance with the European Markets Infrastructure Regulation (EMIR). The EU Commission Implementing Decision amends … Continue Reading

Global Securities Financing Data Collection and Aggregation: FAQs

On 12 April 2021, the Financial Stability Board (FSB) issued FAQs to promote a common approach on the national implementation of the SFT Data Standards. In November 2015 the FSB developed the data standards and processes for collecting and aggregating global data on securities financing transactions (SFTs) (the SFT Data Standards). These built on the … Continue Reading

ESMA publishes interim templates for STS synthetic securitization notifications

By Jochen Vester (UK) on April 13, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 9 April 2021, the European Securities and Markets Authority (ESMA) published the interim simple, transparent and standardised (STS) notification templates for synthetic securitisations following amendments to the Securitisation Regulation. The interim templates allow originators to notify ESMA of synthetic securitisations that meet the STS criteria until the date of the application of the regulatory … Continue Reading

EIOPA launches IDD single rulebook online

By Laura Hodgson (UK) on April 13, 2021 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, IDD, Insurance, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

On 8 April 2021, the European Insurance and Occupational Pension Authority (EIOPA) published a single rulebook online containing requirements under the Insurance Distribution Directive ((EU) 2016/97). The single rulebook covers the Insurance Distribution Directive, the Delegated Regulation (EU) 2017/2358) (on product governance and oversight), Delegated Regulation (EU) 2019/1935 (requirements relating to insurance-based investment products) and … Continue Reading

ESMA board of supervisors and FCA CEO exchange views

By Simon Lovegrove (UK) on April 12, 2021 Posted in Brexit, Brexit, Brexit, France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom

On 9 April 2021, the European Securities and Markets Authority (ESMA) published a summary of conclusions following its meeting of board of supervisors on 23 February 2021. Among other things the summary refers to co-operation with the UK FCA and meeting its CEO Nikhil Rathi. The summary notes that there was an exchange of views … Continue Reading

GFXC publishes request for feedback on proposed changes to the Code and draft disclosure templates

On 8 April 2021, the Global Foreign Exchange Committee (GFXC) announced that as its review of the FX Global Code was nearing completion it was issuing a request for feedback on proposed changes to the Code and draft disclosure templates. The GFXC’s request for feedback covers proposals for updating the Code’s guidance in the following … Continue Reading

ESMA makes recommendations for OTFs under MiFID II/MiFIR

By Hannah McAslan (UK) on April 9, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 8 April 2021, the European Securities and Markets Authority (ESMA) published a final report on the functioning of Organised Trading Facilities (OTFs). The report contains proposals aimed at clarifying the MiFID II provisions relating to OTFs and, more generally, multilateral systems to ensure efficient EU market structures and to enhance the level playing field … Continue Reading

ESMA annual peer review of EU CCP supervision

By Hannah McAslan (UK) on April 9, 2021 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 8 April 2021, the European Securities and Markets Authority (ESMA) issued an annual peer review report on the supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review measured the effectiveness of NCA supervisory practices in assessing CCP compliance with the European Markets Infrastructure Regulation (EMIR) requirements on … Continue Reading

ESMA report highlights liquidity concerns for Alternative Investment Funds

By Iona Wright (UK) on April 9, 2021 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 8 April 2021, the European Securities and Markets Authority (ESMA) issued its third annual statistical report on the alternative investment fund (AIF) sector. The report has found that the sector increased by 15% in 2019 to EUR 6.8trn in net assets from EUR 5.9trn in 2018. The main findings in the report include: The … Continue Reading

G20 – Communique of 2nd Finance Ministers and Central Bank Governors Meeting

On 7 April 2021, there was published an official communique following the second meeting of G20 Finance Ministers and Central Bank Governors under the Italian G20 Presidency. During the meeting the discussion spanned from issues covering the global economy, efforts to push forward the economic recovery and promoting more sustainable growth, to supporting the most … Continue Reading

Regulation Tomorrow Podcast – Episode 6 out now

By Kevin Harnisch (US), Claudine Salameh, Matthew Gregory (UK), Simon Lovegrove (UK) and Arup Sen on April 9, 2021 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

Episode 6 of the Regulation Tomorrow Podcast is out now. In the latest edition of our monthly podcast, we take a look at some of the main regulatory news stories from across the globe in the financial services space. We begin with a look at the Woolard Review in the UK with Matthew Gregory, who … Continue Reading

EBA consults on the list of advanced economies to determine equity risk under the new market risk regime

By Jochen Vester (UK) on April 8, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 7 April 2021, the European Banking Authority (EBA) issued a consultation paper regarding draft regulatory technical standards (RTS) on the list of countries with an advanced economy for calculating the equity risk under the alternative standardised approach (FRTB-SA). The Capital Requirements Regulation as amended by Regulation (EU) 2019/876 (CRR) implements in EU legislation the … Continue Reading

Navigating global crypto-custody requirements

29 April 2021 09:00 – 10:00 BST / 16:00 – 17:00 HKT 16:00 – 17:00 BST / 11:00 – 12:00 EDT As the global crypto-economy continues to grow and mature, one area stands out as a critical core capability: custody. In this webinar, members of our global financial services team will compare notes on their … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading

ESMA updates its Q&As on SFTR data reporting

By Jochen Vester (UK) on April 7, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 April 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on reporting under the Securities Financing Transactions Regulation (SFTR). The updated Q&As complement ESMA’s guidance on reporting under the SFTR. The Q&As were updated to simplify reporting of SFTs when an external portfolio manager is used.… Continue Reading

ESMA updates its Q&As on MiFID II and MiFIR transparency topics

By Hannah McAslan (UK) on April 7, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 April 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on market structures issues under MiFID II and MiFIR. ESMA has introduced changes to one of its Q&As on tick sizes to reflect the amendment introduced in Article 49(1) of MiFID II which excludes Large in Scale transactions from the mandatory … Continue Reading

Latest publications in the OJ

By Simon Lovegrove (UK) on April 7, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 6 April 2021, there was published in the Official Journal of the EU (OJ): Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 2021 amending Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation to help the … Continue Reading

ESMA publishes guidelines on periodic information for trade repositories

By Hannah Meakin (UK) on April 7, 2021 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 6 April 2021, the European Securities and Markets Authority (ESMA) published its final report and guidelines on reporting periodic information and material changes by trade repositories (TRs) supervised under the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transaction Regulation (SFTR). The guidelines set out the information that should be submitted by TRs … Continue Reading

FSB chair updates G20 on COVID-19 support measures, and a roadmap to address climate-related financial risks

By Simon Lovegrove (UK) on April 7, 2021 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 6 April 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April. The FSB also delivered to the G20 a report on factors to be considered in extending, amending and ending COVID-19 support … Continue Reading

Member States consider amendments to MiCA proposal

By Anna Carrier (BE) on April 7, 2021 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 18 March 2021, the Portuguese Presidency of the Council hosted a meeting of a working group where representatives of Member States continued discussions over the proposed regulation on markets in crypto-assets (MiCA). The agenda for the meeting included discussion on the MiCA provisions concerning cross-border and supervision issues, as well as the Presidency’s drafting … Continue Reading

FSB final report – evaluation of the effects of too-big-to-fail reforms

On 31 March 2021, the Financial Stability Board (FSB) published the final report on its evaluation of the effects of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs). The evaluation examines the extent to which the reforms have reduced the systemic and moral hazard risks associated with SIBs, as well as their broader effects on … Continue Reading

Basel Committee issues principles for operational resilience and risk

On 31 March 2021, the Basel Committee on Banking Supervision issued Principles for operational resilience, designed to make banks better able to withstand, adapt to and recover from severe adverse events. The Basel Committee has also issued revisions to its Principles for the sound management of operational risks reflecting the natural relationship between operational resilience … Continue Reading

EBA consultation on draft RTS on disclosure of investment policy by investment firms

By Jochen Vester (UK) and Simon Lovegrove (UK) on April 1, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2021, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) on disclosure of investment firm policy by investment firms. The legal basis for the consultation paper is Article 52 of the Investment Firms Regulation (IFR) that sets out the requirement for investment firms to disclose information … Continue Reading