Italy (and EU regulation)

Council of EU publishes updated text of AIFMD 2

On 15 March 2024, the Council of the EU published the updated text of the proposed Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds. On 26 February 2024, the … Continue Reading

Commission adopts Implementing Regulation updating the ITS as regards rules on the supervisory reporting of interest rate risk in the banking book

By Simon Lovegrove (UK) and Michael Born (DE) on March 15, 2024 Posted in Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands

On 15 March 2024, the European Commission adopted an Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation 2021/451 as regards rules on the supervisory reporting of interest rate risk in the banking book. Commission Implementing Regulation 2021/451 specifies the uniform reporting formats and templates, the instructions and methodology on how to … Continue Reading

Modernised out-of-court consumer redress rules adopted by European Parliament

By Simon Lovegrove (UK) on March 14, 2024 Posted in Enforcement, Enforcement, Enforcement, Enforcement, France, Germany, Italy, The Netherlands

On 13 March 2024, the European Parliament issued a press release stating that it had adopted its first reading position on the alternative dispute resolution (ADR) proposal, which allows consumers to, submit complaints against traders to entities offering independent, fast and affordable consumer redress. Since they were established in 2013, the EU’s rules on out-of-court … Continue Reading

Council of EU publishes draft Directive amending MREL

By Simon Lovegrove (UK) and Michael Born (DE) on March 14, 2024 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 13 March 2024, the Council of the EU published the text of the draft Directive amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The draft Directive is sometimes known as the ‘daisy-chain proposal’. … Continue Reading

ACER updates TRUM

By Victoria Pridmore on March 13, 2024 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands

On 13 March 2024, the European Union Agency for the Cooperation of Energy Regulators updated its Transaction Reporting User Manual. It also updated the following:… Continue Reading

Delegated Regulation supplementing the IFR with regards to RTS specifying the details of the scope and methods for prudential consolidation of an investment firm group

By Simon Lovegrove (UK) on March 13, 2024 Posted in Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands

On 13 March 2024, the European Commission adopted a Delegated Regulation supplementing the Investment Firms Regulation (IFR) with regards to regulatory technical standards (RTS) specifying the details of the scope and methods for prudential consolidation of an investment firm group. The draft technical standards specify the details of the scope of and methods for prudential … Continue Reading

Commission adopts three more delegated acts for DORA

By Simon Lovegrove (UK) and Anna Carrier (BE) on March 13, 2024 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands

On 13 March 2024, the European Commission adopted: It is now for European Parliament and the Council of the EU to scrutinise and adopt the delegated acts. Our previous blog on the above delegated acts are here.… Continue Reading

SRB consultation on the minimum bail-in data template

By Simon Lovegrove (UK) and Michael Born (DE) on March 13, 2024 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 13 March 2024, the Single Resolution Board (SRB) issued a public consultation on the minimum bail-in data template (MBDT). The consultation is part of the SRB’s collaboration with the industry in order to fulfil the SRB mandate and implement the new strategy, SRM Vision 2028, which moves from the key elements of resolution planning … Continue Reading

EBA Call for Advice on Provisional Request for advice regarding regulatory standards and guidelines under the future anti-money laundering / countering the financing of terrorism framework

By Simon Lovegrove (UK) on March 13, 2024 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 12 March 2024, the European Commission (Commission) published a letter containing a provisional request for advice from the European Banking Authority (EBA), regarding regulatory technical standards and guidelines under the future anti-money laundering (AML) and counter terrorist financing (CFT) framework. The request for technical advice is provisional, considering the new AML/CFT framework is not … Continue Reading

EBA final report on draft RTS to specify requirements, templates and procedures under Article 31 MiCAR

By Simon Lovegrove (UK) and Anna Carrier (BE) on March 13, 2024 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands

On 13 March 2024, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS) to specify the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens (ARTs) under Article 31 of the Regulation on markets in crypto-assets (MiCAR). The draft RTS set out: The draft … Continue Reading

EMIR 3.0: ten things you need to know

By Flupke van den Bogart on March 12, 2024 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands

On 7 February 2024, the European Parliament, the Council of the EU and the European Commission (“the Commission”) reached agreement on the final text of the proposal for a review of the European Market Infrastructure Regulation (“EMIR review proposal”). This legislative proposal was published by the Commission in December 2022 as part of the wider … Continue Reading

FATF guidance for a risk-based approach for beneficial ownership and transparency of legal arrangements

On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements. The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and … Continue Reading

Commission Delegated Regulations amending Delegated Regulations 2020/1732 and 272/2012 as regards harmonisation of certain aspects of fees charged by ESMA

By Simon Lovegrove (UK) on March 12, 2024 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands

On 11 March 2024, the European Commission (the Commission) published: The European Securities and Markets Authority (ESMA) has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under … Continue Reading

Commission Delegated Regulations as regards harmonisation of certain aspects of fees charged by ESMA to trade repositories

By Simon Lovegrove (UK) on March 11, 2024 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands

On 11 March 2024, the European Commission (the Commission) published: ESMA has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under ESMA’s direct supervision. For example, ESMA … Continue Reading

Commission report on the implementation of 4MLD

By Simon Lovegrove (UK) on March 11, 2024 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 11 March 2024, the European Commission published its report to the European Parliament and the Council of the EU on the implementation of the Fourth Anti-Money Laundering Directive (4MLD). The report is based on information from various sources, namely two surveys conducted by Commission services among Member States, as well as contributions from the … Continue Reading

Commission Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards harmonisation of certain aspects of fees charged by ESMA to certain benchmark administrators

By Simon Lovegrove (UK) on March 11, 2024 Posted in Benchmarks, Benchmarks, Benchmarks, Benchmarks, France, Germany, Italy, The Netherlands

On 11 March 2024, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards harmonisation of certain aspects of fees charged by the European Securities and Markets Authority (ESMA) to certain benchmark administrators. The purpose of the draft Delegated Regulation is to bring the modalities of the calculation and collection … Continue Reading

Key regulatory dates this week

By Simon Lovegrove (UK) on March 11, 2024 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

EU UK… Continue Reading

Published in OJ – Directive and Regulation to improve MiFID II market data access and transparency

On 8 March 2024, the following were published in the Official Journal of the EU: The Directive and Regulation amend the MiFID II / MiFIR regime to improve access to market data and transparency. In particular the Regulation introduces an EU-wide consolidated tape and new rules that prohibit payment for order flow (PFOF). Member States … Continue Reading

Commission Implementing Regulation amending the ITS in Implementing Regulation (EU) No. 650/2014 as regards the information to be disclosed by NCAs in accordance with the CRD IV

By Simon Lovegrove (UK) and Michael Born (DE) on March 8, 2024 Posted in Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands

On 8 March 2024, there was published in the Official Journal of the EU, Commission Implementing Regulation (EU) 2024/796 of 4 March 2024 amending the implementing technical standards (ITS) laid down in Implementing Regulation (EU) No. 650/2014 as regards the information to be disclosed by competent authorities in accordance with the Capital Requirements Directive IV … Continue Reading

Published in OJ – Commission Delegated Regulation supplementing the CRD IV ITS as regards benchmark portfolios, reporting templates and reporting instructions for reporting

By Simon Lovegrove (UK) and Michael Born (DE) on March 8, 2024 Posted in Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands

On 8 March 2024, there was published in the Official Journal of the EU, Commission Implementing Regulation 2024/348 of 19 January 2024, amending the Implementing Technical Standards (ITS) laid down in Commission Implementing Regulation 2016/2070, as regards benchmark portfolios, reporting templates and reporting instructions, for the reporting referred to in Article 78(2) of the Capital … Continue Reading

EBA consults on draft guidelines on redemption plans under Articles 47 and 55 of MiCAR

By Anna Carrier (BE) and Simon Lovegrove (UK) on March 8, 2024 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands

On 8 March 2024, the European Banking Authority (EBA) issued a consultation on draft guidelines on redemption plans under Articles 47 and 55 of the Markets in Crypto-Assets Regulation (MiCAR). By way of background, under MiCAR, a redemption plan must be developed by each issuer of an asset-referenced token (ART) or of an e-money token … Continue Reading

Basel Committee Consultative Document: G-SIBs – revised assessment framework

On 7 March 2024, the Basel Committee on Banking Supervision (Basel Committee) published a Consultative Document setting out proposed amendments to its assessment methodology for global systemically important banks (G-SIBs). The proposed changes are intended to address “window-dressing” behaviour by some banks in the context of the G-SIB framework where regulatory arbitrage behaviour seeks to … Continue Reading

Final results of EMMI consultation paper on proposed changes to Euribor methodology

By Simon Lovegrove (UK) on March 6, 2024 Posted in Benchmarks, Benchmarks, Benchmarks, Benchmarks, France

The European Money Markets Institute (EMMI) has concluded its public consultation on proposed enhancements to the Euribor benchmark’s methodology, with support from industry participants. The consultation, which aimed to refine the Euribor hybrid methodology, received positive responses and provided insights into the future of the benchmark. Industry support Launched in October 2023, the consultation redefined … Continue Reading

Corrigendum to Commission Implementing Regulation of 14 December 2022 laying down ITS as regards supervisory reporting of risk concentrations and intra-group transactions

By Simon Lovegrove (UK) on March 6, 2024 Posted in France, Germany, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

On 6 March 2024, the European Commission (Commission) published a Corrigendum to Commission Implementing Regulation of 14 December 2022 laying down implementing technical standards as regards supervisory reporting of risk concentrations and intra-group transactions. The Corrigendum amends Annex II Part II of the Commission Implementing Regulation.… Continue Reading