Italy (and EU regulation)

EIOPA publishes guidelines on information and communication technology security governance

The European Insurance and Occupational Pensions Authority (EIOPA) has published guidance on information and communication technology security governance. The Solvency II Directive (2009/138/EC) requires that insurers and reinsurers have in place effective systems of governance. This includes systems in respect of IT security. EIOPA has developed its guidance on information and communication technology (ICT) security … Continue Reading

Regulation Tomorrow Podcast – Episode 1 now on Apple Podcasts

We are pleased to announce that the Regulation Tomorrow Podcast is now available on the Apple Podcasts app (and also on iTunes). Please click here to listen and subscribe to the podcast. Episode 1 focusses on Brexit, featuring interviews with Jonathan Herbst, Imogen Garner and Hannah Meakin.… Continue Reading

EIOPA outlines its approach to the supervision of insurance product governance and oversight

By Laura Hodgson (UK) on October 9, 2020 Posted in France, Germany, IDD, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands, United Kingdom

The European Insurance and Occupational Pensions Authority (EIOPA) has published ‘EIOPA’s approach to the supervision of product oversight and governance’. The Insurance Distribution Directive ((EU) 2016/97) (IDD) contains requirements on product oversight and governance for insurance distributors. These requirements aim to ensure that customers’ interests are taken into account throughout the product lifecycle. The latest … Continue Reading

ECON Committee publishes draft report on Benchmarks Regulation review

By Flupke van den Bogart on October 9, 2020 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

Following the adoption of the Council general approach on the Commission’s proposal for a Regulation amending the Benchmarks Regulation ((EU) 2016/1011) as regards the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation on 7 October 2020, the European Parliament Economic and Monetary Affairs (ECON) … Continue Reading

FSB and IMF publish 2020 Progress Report on G20 Data Gaps Initiative

On 7 October 2020, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published their Fifth Progress Report – Countdown to 2021 in light of COVID-19 on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). In October 2009, the FSB and IMF published ‘The Financial Crisis and Information … Continue Reading

Commission Implementing Regulation on ITS on forms and procedures for co-operation under MAR published in OJ

By Simon Lovegrove (UK) on October 8, 2020 Posted in Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 7 October 2020, there was published in the Official Journal of the EU, Commission Implementing Regulation (EU) 2020/1406 of 2 October 2020 laying down implementing technical standards with regard to procedures and forms for exchange of information and cooperation between competent authorities, ESMA, the Commission and other entities under Articles 24(2) and 25 of … Continue Reading

Episode 1 of the Regulation Tomorrow podcast is now available

By Hannah Meakin (UK), Jonathan Herbst (UK), Imogen Garner (UK), Katie Stephen (UK), Arup Sen and Simon Lovegrove (UK) on October 8, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars and webinars, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

If you want to stay up to date on the latest developments in the world of risk and regulation, the Regulation Tomorrow podcast is for you. Each month, our team of lawyers, risk consultants and government relations and public policy strategists will discuss recent news and emerging trends to help you keep track of the … Continue Reading

Council reaches common position on Benchmarks Regulation review

By Flupke van den Bogart on October 8, 2020 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

Representatives from Member States have reached a compromise on the Commission’s proposal for a Regulation amending the Benchmarks Regulation ((EU) 2016/1011) as regards the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation. The Council general approach was adopted following a ‘silence procedure’ on the … Continue Reading

European Parliament adopts Regulation and Directive on European crowdfunding service providers

By Matthew Gregory (UK) on October 7, 2020 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 6 October 2020, the European Parliament issued a press release stating that it had adopted at second reading a Regulation on European crowdfunding service providers for business and a Directive making amendments to MiFID II. The adopted texts of both the Regulation and the Directive can be found here. The press release states that … Continue Reading

What is DeFi?

By Charlotte Rowlandson on October 7, 2020 Posted in Africa, Australia, Canada, Fintech, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom, United States

In this series of blogposts, we explore some of the main types of decentralised finance applications and key areas of legal risk that may be of particular relevance for that type of application or product. In this first blogpost, we consider the nature of decentralised finance itself. What is DeFi? Decentralised finance (or DeFi) is … Continue Reading

Commission adopts ITS on forms and procedures for co-operation under MAR

By Matthew Gregory (UK) on October 6, 2020 Posted in Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 5 October 2020, the European Commission adopted an Implementing Regulation laying down implementing technical standards with regard to procedures and forms for the exchange of information and cooperation between competent authorities, the European Securities and Markets Authority (ESMA), the Commission and other entities under Articles 24(2) and 25 of the Market Abuse Regulation (MAR). … Continue Reading

Webinar | Brexit: Doing business in the EU

With every day that passes without apparent progress towards an agreement on financial services or equivalence, the more firms we see putting in place arrangements to enable them to continue business across Europe. On 22 October members of our financial services and regulation team in London, Paris, Frankfurt, Amsterdam and Milan will be hosting a … Continue Reading

EIOPA launches consultation on the supervision and use of climate change risk scenarios in the Solvency II ORSA

By Laura Hodgson (UK) on October 6, 2020 Posted in ESG, ESG, ESG, EU policy, regulatory and legislative updates, France, Germany, Insurance, Insurance, Insurance, Italy, The Netherlands

The European Insurance and Occupational Pensions Authority (EIOPA) has published for consultation a draft Opinion on the supervision of the use of climate-change risk scenarios in the ORSA. The ORSA is an internal risk management assessment of all the various risks that might impact an insurer’s balance sheet and is a requirement under Solvency II. … Continue Reading

EBA final guidelines on the appropriate subsets of sectoral exposures in the application of a systemic risk buffer

By Simon Lovegrove (UK) on October 5, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

On 2 October 2020, the European Banking Authority (EBA) published a set of guidelines on the appropriate subsets of sectoral exposures to which a Member State competent or designated authority may apply a systemic risk buffer (SyRB). Article 133(6) of the Fifth Capital Requirements Directive mandates the EBA to issue guidelines by 30 June 2020 … Continue Reading

ESMA announces update to reporting under the Money Market Funds Regulation

By Iona Wright (UK) on October 5, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom

On 2 October 2020, the European Securities and Markets Authority announced it was updating the validations of the technical instructions for reporting under the Money Market Funds Regulation (MMF Regulation). ESMA states that the changes being made are not related to the published XML schemas, rather they add new warning type validations or provide clarifications … Continue Reading

ESMA updates Q&As on securitisation topics and guidelines on portability of information between securitisation repositories

By Matthew Gregory (UK) on October 5, 2020 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 5 October 2020, the European Securities and Markets Authority (ESMA) published its final report on the guidelines on portability of information between securitisation repositories under the Securitisation Regulation. The guidelines provide clarification on how to ensure compliance with the obligations in Articles 78(9)(c) and 79(3) of EMIR, as applied by Article 10(2) of the … Continue Reading

ESMA updates statements on the impact of Brexit on MiFID II / MiFIR and Benchmarks Regulation

By Jonathan Herbst (UK) on October 2, 2020 Posted in Brexit, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 1 October 2020, the European Securities and Markets Authority (ESMA) updated its statement on the impact of Brexit on MiFID II / MiFIR. The statement updates the issues covered in the statement published on 7 March and 7 October 2019. These issues concerned: the C(6) carve-out, ESMA’s opinions on third country trading venues for … Continue Reading

EBA work programme 2021

By Simon Lovegrove (UK) on October 2, 2020 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 30 September 2020, the European Banking Authority (EBA) published its annual work programme for 2021, describing its activities and tasks for the coming year and highlighting key strategic areas of work. In 2021, the EBA will focus on six strategic areas: Supporting the deployment of the risk reduction package and the implementation of effective … Continue Reading

ESMA updates Q&A on data reporting under EMIR

By Jochen Vester (UK) on October 2, 2020 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 28 September 2020, the European Securities and Markets Authority (ESMA) announced that it has updated its Q&As on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR). ESMA states that: The updated Trade Repository (TR) Q&A 1(c) clarifies that counterparties should use the underlying to determine the asset class of … Continue Reading

EIOPA launches a consultation on a draft supervisory statement on risk mitigation techniques undertaken by insurers and reinsurers

By Laura Hodgson (UK) on October 1, 2020 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Insurance, Insurance, Insurance, Italy, The Netherlands

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on a draft supervisory statement that seeks to promote supervisory convergence in relation to the assessment and use of risk-mitigation technique in insurance. EIOPA has concerns that divergent practices or supervisory arbitrage in this area could create an un-level playing field. The supervisory … Continue Reading

UK TPR notification window re-opens

By Simon Lovegrove (UK) on September 30, 2020 Posted in Brexit, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 30 September 2020, the FCA updated its web page on the temporary permissions regime (TPR) for inbound passporting EEA firms and funds. The update provides that the FCA has now re-opened the TPR notification window. The TPR will now take effect at the end of the transition period. EEA firms can now notify the … Continue Reading

ESMA updates RTS under the Benchmarks Regulation

By Hannah McAslan (UK) on September 30, 2020 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

On 29 September 2020, the European Securities and Markets Authority (ESMA) published a final report containing new sets of draft regulatory technical standards (RTS) under the Benchmarks Regulation (BMR). The ESMA final report has five chapters covering each of the areas for which ESMA is required to develop draft RTS (see below). Each chapter provides … Continue Reading

ESMA proposes amendments to the MiFIR transparency regime for non-equity financial instruments

By Hannah Meakin (UK) on September 30, 2020 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 29 September 2020, the European Securities and Markets Authority (ESMA) published a final report on the MiFID II/MiFIR transparency regime applicable to non-equity financial instruments. In section 3 of the final report ESMA covers level 1 provisions starting with the proposals concerning the pre-trade transparency regime for non-equity instruments (section 3.1) which are intended … Continue Reading

Guidance on the annex to ESMA opinion determining third-country trading venues for the purpose of transparency under MiFIR

By Jochen Vester (UK) on September 30, 2020 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 29 September 2020, the European Securities and Markets Authority published a document providing guidance on the annex to its opinion determining third country trading venues for the purpose of transparency under MiFIR.… Continue Reading