Italy (and EU regulation)

EBA consults on the reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency under MiCA

On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) specifying the methodology to be applied by issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs) denominated in a non-EU currency for reporting transactions associated to uses of these tokens ‘as a means of exchange’. … Continue Reading

EBA consults on draft RTS on supervisory colleges under Article 119(8) of MiCA

On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on supervisory colleges under Article 119(8) of the Markets in Crypto-assets Regulation (MiCA). The proposals set out in the draft RTS specify: (i) the criteria to be used for determining “the most relevant” custodians of the … Continue Reading

EBA consults on draft guidelines on recovery plans under Articles 46 and 55 of MiCA

On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft guidelines on recovery plans under Articles 46 and 55 of the Markets in Crypto-assets Regulation (MiCA). Through recovery planning, issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) should prepare in advance to face adverse scenarios that may impact their … Continue Reading

Council of the EU and Parliament reach provisional agreement on instant payments

By Simon Lovegrove (UK) on November 9, 2023 Posted in France, Germany, Italy, Payment services, Payment services, Payment Services, Payment services, The Netherlands, United Kingdom

On 11 November 2023, the Council of the EU announced that it had reached a provisional political agreement with the European Parliament on the instant payments proposal, which will improve the availability of instant payment options in euro to consumers and businesses in the EU and EEA countries. The initiative comes in the context of … Continue Reading

Basel Committee finalisation of various technical amendments

On 8 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a document containing final technical amendments which have been integrated into the consolidated Basel Framework. The amendments relate to: (i) the standardised approach to operational risk; (ii) the disclosure standards for credit valuation adjustment risk; (iii) the description of the calculation of … Continue Reading

European Parliament ECON Committee debate on Retail Investment package draft report

By Flupke van den Bogart on November 9, 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, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 24 October 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held a debate on the draft report on the Retail Investment package. The draft report was published by rapporteur Stephanie Yon-Courtin (Renew, FR)on 5 October 2023 and contains her proposed amendments to the European Commission’s (Commission) proposals. The publication of the draft … Continue Reading

NGFS scenarios for central banks and supervisors

By Haney Saadah and Simon Lovegrove (UK) on November 7, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 November 2023, the Network for Greening the Financial System (NGFS) published the fourth vintage of its long-term climate macro-financial scenarios for forward-looking climate risks assessments. The NGFS scenarios explore the transition and physical impacts of climate change over a long time horizon and under varying assumptions. The NGFS scenarios have been updated to … Continue Reading

MEPs agree on changes to so called ‘Daisy Chain’ proposal

By Simon Lovegrove (UK) on November 7, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 November 2023, the European Parliament’s Economic and Monetary Affairs Committee (ECON) voted for targeted changes to the so-called ‘Daisy Chain’ proposal ensuring proportionality and a level playing field between banks. The ‘Daisy Chain’ proposal introduces targeted adjustments that will help improve the resolvability of bank institutions. It seeks to amend the EU bank … Continue Reading

Latest ESG updater

By Haney Saadah and Simon Lovegrove (UK) on November 6, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

We have published our latest ESG updater, tracking regulatory developments in the ESG space from 15 September – 13 October 2023. Should you wish to receive the updater please sign up here. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading

Updated AIFMD guides: The marketing passport and the requirements for fund managers across the EU

We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for some time. Both guides are now in their sixth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it illustrates … Continue Reading

FATF report on crowdfunding for terrorism financing

On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing. The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding activities on … Continue Reading

FATF consults on FATF Risk-Based Guidance to Recommendation 25

On 31 October 2023, the Financial Action Task Force (FATF) published a public consultation on FATF Risk-Based Guidance to Recommendation 25. At the February 2023 Plenary, the FATF agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons to ensure a … Continue Reading

Published in OJ: CCD II

By Simon Lovegrove (UK) on October 30, 2023 Posted in Consumer credit, Consumer credit, Consumer credit, France, Germany, Italy, The Netherlands, United Kingdom

On 30 October 2023, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers and repealing the Consumer Credit Directive. The Directive enters into force on the twentieth day following its publication in … Continue Reading

European Commission publishes Commission Delegated Regulation with regard to RTS on business reorganisation plans under the CCPRRR

By Simon Lovegrove (UK) on October 30, 2023 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 30 October 2023, the European Commission published Commission Delegated Regulation (EU) of 26 October 2023, supplementing the CCP Recovery and Resolution Regulation (CCPRRR) with regard to regulatory technical standards specifying the minimum elements to be included in a business reorganisation plan and the criteria to be fulfilled for its approval by the resolution authority. … Continue Reading

ESMA publishes updated Q&As on MiFID II and MiFIR transparency topics

By Hannah Meakin (UK) on October 30, 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 27 October 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on MiFID II and MiFIR transparency topics. Section 5, topic 12 covering the minimum size of orders held in an order management facility for non-equity financial instruments, was deleted on 27 October 2023.… Continue Reading

ESMA publishes summary of findings from fact finding exercise on corporate reporting practices under the Taxonomy Regulation

By Anita Edwards and Haney Saadah on October 27, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 25 October 2023, the European Securities and Markets Authority (ESMA) published a summary of the findings from a fact-finding exercise on corporate reporting practices under the Taxonomy Regulation (Regulation (EU) 2020/852). As part of its objective to coordinate European supervision and enforcement activities related to disclosures under the Taxonomy Regulation, ESMA collected information from … Continue Reading

ESMA publishes report on disclosure of climate-related matters in financial statements

By Simon Lovegrove (UK) and Haney Saadah on October 26, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 25 October 2023, the European Securities and Markets Authority (ESMA) published a report: The heat is on: Disclosure of climate-related matters in the financial statements. The report aims to assist and enhance the ability of issuers to provide more robust disclosures and create more consistency in how climate-related matters are accounted for in financial … Continue Reading

Published in the OJ: Commission Delegated Regulation 2023/2222 extending the transitional period laid down for third-country benchmarks in Article 51(5) of the EU BMR

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

On 23 October 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/2222 of 14 July 2023 extending the transitional period laid down for third-country benchmarks in Article 51(5) of the EU Benchmarks Regulation. The Commission Delegated Regulation extends the transitional period by two years until 31 … Continue Reading

European Council adopts proposed legislation to make it safer to contract financial services online or by phone

By Simon Lovegrove (UK) and Anita Edwards on October 25, 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 23 October 2023, the European Council announced that it has approved the European Parliament’s position on proposed legislation intended to make it safer to contract financial services online or by phone. The proposed directive amends the Consumer Rights Directive (CRD) and repeals the Directive concerning the distance marketing of consumer financial services (Distance Marketing … Continue Reading

Proposed Regulation on ESG Ratings: overview and legislative process

By Flupke van den Bogart on October 25, 2023 Posted in ESG, ESG, ESG, ESG, ESG, 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

On 13 June 2023, the European Commission (Commission) published a proposal for a Regulation on Environmental, Social and Governance (ESG) ratings. The legislative proposal lays out a regulatory framework for the provision of ESG ratings in the EU. The main aim of the proposal is to improve the transparency of ESG ratings characteristics and methodologies … Continue Reading

EBA consults on draft RTS under MiCA

On 20 October 2023, the European Banking Authority (EBA) published for consultation two draft regulatory technical standards (RTS) that it is mandated to develop under the Regulation on markets in crypto-assets (MiCA): Draft RTS the minimum content of the governance arrangements on the remuneration policy By way of background, MiCA requires issuers of significant ARTs … Continue Reading

European Commission publishes Commission Delegated Regulation with regards to RTS on the calculation of the stress scenario risk measure

By Jochen Vester (UK) and Simon Lovegrove (UK) on October 20, 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 20 October 2023, the European Commission published Commission Delegated Regulation (EU) of 20 October 2023 supplementing the Capital Requirements Regulation with regard to regulatory technical standards (RTS) on the calculation of the stress scenario risk measure. The RTS foresee two overarching methods to develop the extreme scenarios of future shock for non-modellable risk factors: … Continue Reading

Published in the OJ: Commission Notices on the interpretation and implementation of certain legal provisions of the EU Taxonomy Climate Delegated Act and Disclosures Delegated Act

By Simon Lovegrove (UK) and Haney Saadah on October 20, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 20 October 2023, there was published in the Official Journal of the European Union, a: For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading

EBA and ESMA consult on MiCA suitability assessment guidelines

By Anna Carrier (BE) on October 20, 2023 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom

On 20 October 2023, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued for consultation their draft joint guidelines on suitability assessment of members of management body of issuers of asset-referenced tokens (ARTs) and of crypto-asset service providers (CASPs), and of shareholders and members with qualifying holdings in issuers of … Continue Reading