Italy (and EU regulation)

EBA publishes speech by Jose Manuel Campa at the AFORE’s 7th annual conference on fintech and regulation

On 8 February 2023, the European Banking Authority (EBA) published the keynote speech by Jose Manuel Campa at the AFORE’s 7th annual conference on fintech and regulation. In his speech, Mr Campa acknowledges the progress made, such as the Digital Operational Resilience Act and the Markets in Crypto-assets Regulation (MiCA). Furthermore, the proposal for the … Continue Reading

ECB opinion on a proposal for Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro

By Jochen Vester (UK) on February 7, 2023 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 7 February 2023, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards the instant credit transfers in euro. The proposed Regulation is intended to make instant payments in the Euro currency available to citizens and businesses holding a bank … Continue Reading

Monthly Global FinTech regulatory updater

By Simon Lovegrove (UK) and Hannah Meakin (UK) on February 6, 2023 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

ESMA updates Q&As on the application of the UCITS Directive

By Ilian Petrov (UK) on February 6, 2023 Posted in Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective Investment Schemes, France, Italy, The Netherlands, United Kingdom

On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the application of the UCITS Directive. The Q&As have been updated to include a new Q&A in Question 5: Issuer concentration. The new Q&A is as follows: Question: Article 52(1)(b) of the UCITS Directive requires a UCITS … Continue Reading

ESMA updates Q&As on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT

By Simon Lovegrove (UK) on February 6, 2023 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 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (DLT). The Q&As have been updated to include the following topics:… Continue Reading

ESMA updates Q&As on the Prospectus Regulation

By Albert Weatherill (UK) on February 6, 2023 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the Prospectus Regulation. The Q&As have been updated to include the following Q&A: Question: Article 1(4)(d) of the prospectus regulation states: “The obligation to publish a prospectus set out in Article 3(1) shall not apply to any … Continue Reading

ESMA publishes final opinion on trading venue perimeter

By Anna Carrier (BE) on February 2, 2023 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 2 February 2023, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion on the Trading Venue Perimeter. Publication of the opinion follows a public consultation that ESMA held early last year, and stems from ESMA’s commitment to provide guidance on the definition of multilateral systems and, specifically, when systems should be considered … Continue Reading

EU Council publishes Presidency compromise proposal on the proposed Directive on financial services contracts concluded at a distance

By Jochen Vester (UK) on February 2, 2023 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 2 February 2023, the EU Council published a compromise proposal on the proposed Directive on financial services contracts concluded at a distance. The proposed Directive will repeal the Distance Marketing Directive (DMD) and transfer its contents to the Consumer Rights Directive. The document is stated to be the fourth Presidency compromise proposal relating to … Continue Reading

ESMA final report on the clearing and derivative trading obligations in view of the 2022 status of the benchmark transition

By Hannah Meakin (UK) on February 1, 2023 Posted in Benchmarks – IBOR transition, France, Germany, Italy, The Netherlands, United Kingdom

On 1 February 2023, the European Securities and Markets Authority (ESMA) published a final report on the clearing and derivative trading obligations in view of the 2022 status of the benchmark transition. The report sets out proposed draft regulatory technical standards (RTS) amending the scope of the clearing (CO) and derivative trading (DTO) obligations for … Continue Reading

Commission Delegated Regulation supplementing the CRR with regard to RTS specifying the types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable property and the conditions to be taken into account for the assessment of the appropriateness of minimum loss given default values for exposures secured by immovable property

By Jochen Vester (UK) on February 1, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 1 February 2023, there was published in the Official Journal of the European Union (OJ) a Commission Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying the types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable … Continue Reading

Commission Delegated Regulation amending the RTS laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes

By Hannah Meakin (UK) on February 1, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, Uncategorized, United Kingdom

On 1 February 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes. … Continue Reading

EBA consultation on the amending ITS on supervisory reporting to introduce new IRRBB reporting

By Simon Lovegrove (UK) on January 31, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 January 2023, the European Banking Authority (EBA) issued a consultation on draft implementing technical standards (ITS) on supervisory reporting with respect to the IRRBB. The draft ITS have been developed in accordance with Article 430(7) of the Capital Requirements Regulation, which mandates the EBA to develop uniform formats, definitions, frequencies and reference and … Continue Reading

ESMA consults on the review of the methodology on stress test scenarios for MMFs

By Simon Lovegrove (UK) on January 31, 2023 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 31 January 2023, the European Securities and Markets Authority (ESMA) issued a consultation on the review of the methodology included in the guidelines on stress test scenarios under the Money Market Fund Regulation. The proposed changes concern amendments to the liquidity scenario which is intended to take into account the interaction between liquidity and … Continue Reading

Corrigendum to Commission Delegated Regulation of 5 October 2022 supplementing the CRR

By Simon Lovegrove (UK) on January 31, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 30 January 2023 the Council of the EU published a Corrigendum to Commission Delegated Regulation of 5 October 2022 supplementing the Capital Requirements Regulation with regard to regulatory technical standards specifying the types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable property and … Continue Reading

ESMA guidelines on stress test scenarios under the MMF Regulation

By Simon Lovegrove (UK) on January 30, 2023 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 27 January 2023, the European Securities and Markets Authority (ESMA) issued guidelines that apply in relation to Article 28 of the Money Market Funds Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) or managers of MMFs in accordance … Continue Reading

ESMA and the FCA agree new MOUs on benchmarks

By Hannah Meakin (UK) on January 25, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 25 January 2023, the European Securities and Markets Authority and the FCA had agreed:… Continue Reading

ESMA preliminary data report on the introduction of the market correction mechanism

By Anna Carrier (BE) on January 24, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 23 January 2023, the European Securities and Markets Authority (ESMA) published a letter that it had sent to Mairead McGuinness, Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union regarding the newly established market correction mechanism (MCM) that it is required to report on under Article 8 of Council Regulation 2022/2578. … Continue Reading

Commission publishes envisaged initiatives for H1 2023

By Flupke van den Bogart on January 20, 2023 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, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

The European Commission (Commission) has published its list of upcoming legislative initiatives it is planning to adopt over the first half of 2023. Among others, the Commission is planning to adopt the following financial services and payments-related proposals:… Continue Reading

ESMA consults on manual on post-trade transparency

By Hannah Meakin (UK) on January 19, 2023 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 19 January 2023, the European Securities and Markets Authority (ESMA) published a consultation paper which sets out proposals for Level 3 guidance on post trade transparency fields. The guidance takes the form of a manual. In March 2022 ESMA published final reports which proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) and … Continue Reading

EBA publishes report on high earners data as of end 2021

By Simon Lovegrove (UK) on January 19, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 19 January 2023, the European Banking Authority (EBA) published a report on high earners data as of end 2021. Under the CRD IV and the Investment Firms Directive the EBA is required to publish aggregated data on high earners earning EUR 1 million or more per financial year. In this latest report the EBA … Continue Reading

Commission Delegated Regulation amending and correcting RTS as regards certain transparency requirements applicable to transactions in equity instruments

By Hannah Meakin (UK) on January 18, 2023 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 January 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments. In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price … Continue Reading

Commission Delegated Regulation amending RTS as regards certain transparency requirements applicable to transactions in non-equity instruments

On 17 January 2023, the European Commission published a Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in non-equity instruments. In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price forming and … Continue Reading

New Regulation Tomorrow podcast – Split the difference: Markets in EU and UK – what we should be expecting and hoping to see in 2023

In our new podcast series, Split the difference, which explores divergence between the EU and UK regimes in the markets space, Jonathan Herbst, Hannah Meakin, Anna Carrier and Floortje Nagelkerke provide an overview of what we should be expecting and hoping to see in 2023.… Continue Reading

New briefing note – Digital Operational Resilience for the Financial Sector (DORA): 10 things to know

On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) entered into force. As DORA is new and complex EU legislation we have published a new briefing note, Digital Operational Resilience for the Financial Sector (DORA): 10 things to know.… Continue Reading