Italy (and EU regulation)

EBA report on potential impediments to the cross-border provision of banking and payment services

Imogen Garner (UK)Albert Weatherill (UK)By Imogen Garner (UK) and Albert Weatherill (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 29 October 2019, the European Banking Authority (EBA) published a report identifying the potential impediments to the cross-border provision of banking and payment services, alongside a set of related FAQs. The report was developed under the EBA’s March 2018 Fintech Roadmap as part of its efforts to monitor the use of digital solutions (such … Continue Reading

SRB work programme for 2020

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 28 October 2019, the Single Resolution Board (SRB) published its work programme for 2020. The SRB’s priorities for 2020 are structured around the following five strategic areas: strengthening resolvability. The SRB will relign all SRB banks to a uniform 12-month resolution planning cycle in 2020. The new cycle will start in April, with the … Continue Reading

New webinar series: Global asset management regulation

Imogen Garner (UK)By Imogen Garner (UK) on Posted in Asset management, Australia, Canada, France, Germany, Italy, Seminars and webinars, The Netherlands, United Kingdom, United States
To be successful with the launch of an overseas fund, asset managers need to familiarize themselves with legal structures and operational differences as well as an array of regulatory requirements, which can differ between investors and jurisdictions. Our global financial services regulatory team have launched an on-demand webinar series exploring the key issues and requirements … Continue Reading

FATF best practices on beneficial ownership for legal persons

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 24 October 2019, the Financial Action Task Force (FATF) published a paper setting out best practices on beneficial ownership for legal persons. The paper identifies the most common challenges that countries face in ensuring that the beneficial owner(s) of legal persons is identified, and suggests key features of an effective system. The paper also … Continue Reading

Joint ESAs’ supervisory statement on application of PRIIPs Regulation to bonds

Matthew Gregory (UK)Joe Bamford (UK)By Matthew Gregory (UK) and Joe Bamford (UK) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 24 October 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a joint supervisory statement on the application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) to bonds. The ESAs state that uncertainty over the application of the PRIIPs Regulation to bonds has led to negative … Continue Reading

Council of EU adopts Disclosure Regulation and Low Carbon Benchmarks Regulation at first reading

Imogen Garner (UK)Daniel Nevzat (UK)By Imogen Garner (UK) and Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 24 October 2019, the Council of the EU published the texts it adopted at first reading for the: the Regulation on disclosures relating to sustainable investments and sustainability risks in the financial services sector (the Disclosure Regulation); and the Regulation amending the Benchmarks Regulation as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and … Continue Reading

Council of EU adopts IFR and IFD at first reading

Jochen Vester (UK)By Jochen Vester (UK) on 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, Italy, The Netherlands, United Kingdom
On 23 October 2019, the Council of the EU published the texts it adopted at first reading for the: the Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European Banking Authority Regulation (the Investment Firms Regulation (IFR)); and the Directive on … Continue Reading

EBA opinion on disclosure to consumers buying financial services through digital channels

Matthew Gregory (UK)Joe Bamford (UK)By Matthew Gregory (UK) and Joe Bamford (UK) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, United Kingdom
On 23 October 2019, the European Banking Authority (EBA) published an opinion on the disclosure to consumers of banking services through digital means under the Distance Marketing of Consumer Financial Services Directive (DMFSD). The EBA explains that the DMFSD was established to provide a legal framework governing the distance marketing of financial services. The implementation … Continue Reading

Communication toolkit published by the ECB working group on euro risk-free rates

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom
The European Central Bank (ECB) has updated its working group on euro risk-free rates webpage to include a communication toolkit for market participants to use in their own communication and education efforts. The communication toolkit consists of: frequently asked questions regarding the euro short term rate (€STR), the working group and its governance, transition issues … Continue Reading

EBA opinion on regulatory treatment of non-performing exposure securitisations

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 23 October 2019, the European Banking Authority (EBA) published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPE). In the opinion, the EBA explains that the current regulatory framework imposes constraints on credit institutions using securitisation technology to dispose of NPE holdings. These constraints include: very high capital requirements on investor … Continue Reading

ESMA announces enforcement priorities for 2019 financial statements

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Enforcement, Enforcement, Enforcement, France, Germany, Investigations and enforcement, Italy, The Netherlands, United Kingdom
On 22 October 2019, the European Securities and Markets Authority (ESMA) published a statement outlining its priorities for European enforcers to consider when examining the 2019 financial reports of listed companies. The common enforcement priorities related to 2019 IFRS financial statements include: specific issues related to IFRS 16 Leases; follow-up of specific issues related to … Continue Reading

SRB consults on expectations for banks 2019

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 23 October 2019, the Single Resolution Board (SRB) launched a public consultation on a draft document setting out its expectations for banks. The document outlines best practice on key aspects of resolvability, in particular it covers: the role of the SRB and banks in respect of resolvability; the definition of resolvability and the principle … Continue Reading

Commission consultation on the alternative standardised approach for market risk

Jochen Vester (UK)Simon Lovegrove (UK)By Jochen Vester (UK) and Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
  On 21 October 2019, the European Commission issued a consultation document on the alternative standardised approach for market risk. The Basel Committee on Banking Supervision’s fundamental review of the trading book resulted in the publication of a new framework for market risk in January 2016. In December 2017, the Group of Central Bank Governors … Continue Reading

FATF public statement DPRK and Iran

John Coley (UK)Lisa Lee Lewis (UK)By John Coley (UK) and Lisa Lee Lewis (UK) on Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 18 October 2019, the Financial Action Task Force (FATF) issued a statement concerning: Democratic People’s Republic of Korea (DPRK). The FATF reaffirms its 25 February 2011 call on its members and urges all jurisdictions to advise their financial institutions to give special attention to business relationships and transactions with the DPRK, including DPRK companies, … Continue Reading

Council note on progress of investment firms legislation

Anna Carrier (BE)Daniel Nevzat (UK)By Anna Carrier (BE) and Daniel Nevzat (UK) on 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, Italy, The Netherlands, United Kingdom
On 18 October 2019, the Council of the EU (Council) published two notes from the General Secretariat of the Council to the Permanent Representatives Committee (COREPER): an information note on the proposed Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European … Continue Reading

ESMA agrees MoU with ASIC on benchmarks

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Benchmarks, Brexit, France, Germany, Italy, The Netherlands, United Kingdom
On 20 October 2019, the European Securities and Markets Authority (ESMA) published a memorandum of understanding (MoU) between itself and the Australian Securities and Investments Commission (ASIC)  setting out cooperation arrangements in respect of Australian benchmarks. The MoU was signed on 9 October 2019. On 29 July 2019, under Article 30 of the Benchmarks Regulation … Continue Reading

FATF update

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 18 October 2019, the Financial Action Task Force (FATF) issued a statement confirming that as part of its mutual evaluations of its members anti-money laundering and counter terrorist financing (AML / CFT) regimes it will assess the implementation of its standards to address the money laundering and terrorist financing of virtual assets. FATF members … Continue Reading

FSB considers stablecoin regulatory issues

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 18 October 2019, the Financial Stability Board (FSB) published an issues note on the regulatory issues concerning stablecoins. The note was delivered to G20 finance ministers and central bank governors ahead of their meeting in Washington D.C. The FSB warns that recent developments in the private sector involving the launch of stablecoin-type arrangements for … Continue Reading

Commission Delegated Regulation supplementing the Securitisation Regulation with regard to RTS on the specification of a securitisation to be made available by originator, sponsor and SSPE

Jochen Vester (UK)Catherine Blake (UK)By Jochen Vester (UK) and Catherine Blake (UK) on Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 16 October 2019, the European Commission (Commission) published a Delegated Regulation supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS) specifying the information and the details of a securitisation to be made available by the originator, sponsor and securitisation special purpose entity (SSPE). Article 7(3) and (4) of the Securitisation Regulation mandates … Continue Reading

Report by the ECB working group on euro risk-free rates

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom
On 17 October 2019, the European Central Bank’s (ECB) working group on euro risk-free rates published a report on the risk of management implications of the transition from the current euro overnight index average (EONIA) to the ECB’s euro short-term rate (€STR) and the introduction of €STR-based fallbacks for the Euro Interbank Offered Rate (EURIBOR). … Continue Reading

EBA consults on draft ITS on public disclosures by institutions under the CRR

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 16 October 2019, the European Banking Authority (EBA) issued a consultation paper containing draft Implementing Technical Standards (ITS) on public disclosures by institutions of the information referred to in Titles II and III of Part Eight of the Capital Requirements Regulation (CRR). Regulation 2019/876 (CRR2) amending the CRR mandates the EBA, in Article 434a, … Continue Reading

ESMA peer review report on the quality of data reported under EMIR

Catherine Blake (UK)By Catherine Blake (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom
On 17 October 2019, the European Securities and Markets Authority (ESMA) published the results of a peer review into the approaches of six Member State national competent authorities (NCAs) designed to improve the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR). The peer review assessed how the six NCAs supervised data … Continue Reading

The European Commission and the UK Government agree the text of a new Brexit deal

Simon Lovegrove (UK)Matthew Gregory (UK)By Simon Lovegrove (UK) and Matthew Gregory (UK) on Posted in Brexit, France, Germany, Italy, The Netherlands, United Kingdom, United States
On 17 October 2019, the European Commission reached an agreement at negotiator level with the UK on a revised Protocol on Ireland / Northern Ireland and a revised Political Declaration on the framework of the future EU-UK relationship. The revised Protocol is no longer an insurance policy that applies unless and until the EU and … Continue Reading

Council note comparing trilogue positions on crowdfunding legislation

Matthew Gregory (UK)By Matthew Gregory (UK) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 16 October 2019, the Council of the EU (Council) published a note (dated 15 October 2019) from the General Secretariat of the Council to the Delegations attaching the following addenda: a three-column table setting out the opening positions of the European Commission (Commission), the Council and the European Parliament (Parliament) in respect of the … Continue Reading
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