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Topic: Regulation and compliance

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Global Asset Management Quarterly – 13th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: UK/Europe UK and European overview The new EU prudential regime for investment firms Navigating the AIFMD EU progresses on its Sustainable Finance Action Plan Contracting for indices EU/UK regulatory roundup Luxembourg update Ireland update Asia Pacific The … Continue Reading

GFXC agrees priorities for updating the FX Global Code

On 4 December 2019, the Global Foreign Exchange Committee (GFXC) published a press release setting out its priorities for updating the FX Global Code (the Code). Following the first day of its two-day meeting held in Sydney on 4-5 December, the GFXC discussed the feedback received on the Code and agreed to focus its work … Continue Reading

ESMA guidance on registering securitisation repositories

On 2 December 2019, the European Securities and Markets Authority (ESMA) published guidance on registering securitisation repositories. ESMA has direct responsibilities regarding the registration and supervision of securitisation repositories under the Securitisation Regulation laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation. The purpose of the … Continue Reading

Council adopts ESFS reforms

On 2 December 2019, the Council of the EU meeting in its configuration as the Justice and Home Affairs Council adopted the legislative texts reforming the European System of Financial Supervision (ESFS). The legislative texts comprise: Omnibus Regulation (PE-CONS 75/19) (Regulation concerning the powers, governance and funding of the European Supervisory Authorities); Omnibus Directive (PE-CONS … Continue Reading

ESMA publishes CRA market share calculation for 2019

On 29 November 2019, the European Securities and Markets Authority (ESMA) published its annual report on market share calculation for EU registered credit rating agencies for 2019 (CRAs). The purpose of the report is to provide guidance on Article 8d of the Regulation on CRAs which provides that issuers or related third parties are required … Continue Reading

FSB final report on the evaluation of the effects of financial regulatory reforms on SME financing

On 29 November 2019, the Financial Stability Board (FSB) published a final report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing. The FSB’s intention behind the final report is motivated by the need to better understand the effects of the reforms introduced by the G20 in … Continue Reading

EBA publishes guidelines on ICT and security risk management

On 28 November 2019, the European Banking Authority (EBA) published its final guidelines on ICT and security risk management (the Guidelines). The Guidelines are addressed to financial institutions, which for these purposes are: payment services providers (PSPs) as defined in Article 4(11) of the revised Payment Services Directive (PSD2) and credit institutions and investment firms … Continue Reading

FSB report on the implementation and effects on the G20 financial regulatory reforms

On 16 October 2019, the Financial Stability Board (FSB) published its fifth annual report on the implementation and effects of the G20 financial regulatory reforms. The FSB states that the implementation of the reforms arising as a result of the financial crisis are progressing and is contributing to an open and resilient financial system that … Continue Reading

FSB letter – ongoing work on market fragmentation

On 14 October 2019, the Financial Stability Board (FSB) published a report to G20 Finance Ministers and Central Bank Governors providing progress updates on its ongoing work on market fragmentation. In its June 2019 report on market fragmentation, the FSB identified four areas for further work to address market fragmentation. The latest report provides a … Continue Reading

FMSB issues final statement of good practice on conflicts of interest

On 14 October 2019, the FICC Markets Standards Board published a final statement of good practice on conflicts of interest. The main purpose of the statement is to provide fixed income currencies and commodities (FICC) market participants with guidance as they consider ways in which to identify, manage or mitigate conflicts of interest that arise … Continue Reading

FSB and IMF publish 2019 progress report on G20 data gaps initiative

On 11 October 2019, the Financial Stability Board (FSB) and International Monetary Fund (IMF) jointly published the fourth progress report on the implementation of the second phase of the G20 data gaps initiative (DGI-2). The report provides an overview of the progress made since September 2018 in addressing the issue of post-crisis data gaps and … Continue Reading

FSB, CPMI and IOSCO reports on governance arrangements for UPI, UTI and CDE

On 9 October 2019, the Financial Stability Board (FSB) published a report setting out governance arrangements for the globally harmonised Unique Product Identifier (UPI) and the unique transaction identifier (UTI). In addition, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report on governance arrangements for … Continue Reading

ECB Regulation amending Annex to Regulation on money market statistics published in OJ

On 8 October 2019, there was published in the Official Journal of the European Union (OJ) the Regulation (EU) 2019/1677 of the European Central Bank (ECB) amending Regulation (EU) 1333/2014 concerning statistics on the money markets. The Regulation amends the minimum standards applied by reporting agents under the Money Market Statistical Reporting Regulation. The Regulation … Continue Reading

ESMA opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings … Continue Reading

ESMA consults on MiFIR alignment following the introduction of EMIR Refit

On 4 October 2019, the European Securities and Markets Authority (ESMA) launched a consultation on possible amendments to the trading obligation under MiFIR following the introduction of the EMIR Refit Regulation (EMIR Refit). The changes introduced by EMIR Refit concern the scope of counterparties subject to the clearing obligation. EMIR Refit introduces an exemption from … Continue Reading

FMSB issues statement of good practice on information and confidentiality for the fixed income and commodity markets

On 3 October 2019, the FICC Markets Standards Board (FMSB) published a statement of good practice (the Statement) on information and confidentiality for the fixed income and commodity (FICC) markets. The purpose of the Statement is to provide clarity to certain questions relating to the sharing of information within FICC markets. The FMSB states that … Continue Reading

Updated briefing slides: Doing business in the EU

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

IOSCO reports on peer reviews of MMFs and securitisation regulation

On 2 October 2019, the International Organization of Securities Commissions (IOSCO) published two update reports on its peer reviews of the regulation of money market funds (MMFs) and of the implementation of incentive alignment recommendations for securitisation. The reports summarises IOSCO’s sustained efforts to monitor implementation for MMFs and securitisation since it published its two … Continue Reading

Commission guidance notice on Unfair Contract Terms Directive published in OJ

On 27 September 2019, there was published in the Official Journal of the European Union (OJ) the European Commission (Commission) guidance notice on the interpretation and application of Council Directive 93/13/EEC on unfair terms in consumer contracts. This guidance notice was previously published on the Commission website on 22 July 2019 (see previous blog here).… Continue Reading

Joint Committee of ESAs work programme for 2020

On 2 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its work programme for 2020. From 2020 onwards, the Joint Committee will have an amended scope as their work on cybersecurity and retail financial services and depositor, consumer and investor protection issues are now being emphasised. In addition, the Joint Committee’s … Continue Reading

ESMA work programme for 2020

On 1 October 2019, the European Securities and Markets Authority (ESMA) published its work programme for 2020. In terms of the single rulebook, the EMIR Review and the resulting EMIR Refit and EMIR 2.2 will require ESMA to develop several technical standards and technical advice. In addition, following the start of the work on the MiFID II/MIFIR … Continue Reading

ESMA call for evidence on the effects of product intervention measures

On 30 September 2019, the European Securities and Markets Authority (ESMA) launched a call for evidence on the effects of product intervention measures regarding contracts for differences (CfDs) and binary options on market participants and clients. The call for evidence closes on 4 November 2019. The temporary product intervention measures of ESMA started to apply … Continue Reading

ESG: German regulator launches consultation regarding guidance notice on sustainability

On 24 September 2019, the German Federal Financial Supervisory Authority (BaFin) published a draft guidance notice on dealing with sustainability risks for consultation (link; only available in German). BaFin expects supervised entities to also take into account environmental risks, social risks and risks arising from corporate governance (commonly referred to as environmental, social and governance – … Continue Reading
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