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Topic: Regulation and compliance

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Delegated Regulation on the assessment of APAs and ARMs and the criteria for identification of derogation from ESMA supervision published in OJ

On 24 March 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/466 of 17 December 2021 supplementing the MiFIR by specifying criteria for derogation of the principle that approved publication arrangements and approved reporting mechanisms are supervised by the European Securities Markets Authority. The Commission Delegated Regulation … Continue Reading

EBA publishes revised guidelines on common procedures and methodologies for the SREP

On 18 March 2022, the European Banking Authority (EBA) issued final revised guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing.  The revisions aim at implementing the amendments to the Capital Requirements Directive (CRD V) and Capital Requirements Regulation (CRR II) and promoting convergence towards best … Continue Reading

Delegated Regulation supplementing the IFR with regard to RTS for public disclosure of investment policy by investment firms

On 11 March 2022, the European Commission adopted a Delegated Regulation supplementing the Investment Firms Regulation (IFR) with regard to regulatory technical standards for public disclosure of investment policy by investment firms. Annex 1 and Annex 2 have also been adopted which, respectively, list the disclosure of investment policy by investment firms and sets out … Continue Reading

On 11 March 2022, there was published a letter from Verena Ross (Chair of the European Securities and Markets Authority (ESMA)) to the President of the Economic and Financial Affairs Council (Council of the EU) and the Chair of the Committee on Economic and Monetary Affairs (European Parliament). The letter shares ESMA’s technical comments on … Continue Reading

Commission Delegated Regulation (EU) of 10.3.2022 supplementing the CRR with regard to RTS specifying how to determine the indirect exposures to a client arising from derivatives and credit derivatives contracts where the contract was not directly entered into with the client but the underlying debt or equity instrument was issued by that client

On 10 March 2022, the European Commission adopted a Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying how to determine the indirect exposures to a client arising from derivatives and credit derivatives contracts where the contract was not directly entered into with the client but the underlying … Continue Reading

Delegated Regulation supplementing MiFIR as regards fees relating to the supervision by ESMA of data reporting service providers

On 10 March 2022, the European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (MiFIR) by specifying fees relating to the supervision by the European Securities and Markets Authority (ESMA) of data reporting service providers (DRSPs). As provided in Article 38n(1) of MiFIR, ESMA is to charge fees to DRSPs and … Continue Reading

ESMA peer review report on the supervision of cross-border investment activities

On 10 March 2022, the European Securities and Markets Authority (ESMA) published its peer review report on the supervision of cross-border activities of investment firms. The peer review assessed how Member State competent authorities (NCAs) supervise the investment services that investment firms and credit institutions provide to retail clients on a cross-border basis using a … Continue Reading

Russian sanctions – practical guidance for regulated firms

We recently published a blog reporting on governance considerations for regulated firms in relation to Russian sanctions. As the sanctions landscape continues to evolve, impacted firms operating in different jurisdictions are grappling with overlapping and differing requirements, and global firms will need to ensure a coordinated approach across their operations. We have set out below … Continue Reading

EBA responds to ESRB recommendation on identifying legal entities

On 25 February 2022, the European Banking Authority (EBA) published a report concerning the European Systemic Risk Board’s (ESRB) recommendation for the introduction of an EU legal framework to uniquely identify legal entities engaged in financial transactions. The EBA’s report provides information on the substance, such as the legal form of the measure and the … Continue Reading

Targeted consultation on options to enhance the suitability and appropriateness assessments

On 21 February 2022, the European Commission published a targeted consultation on options to enhance the suitability and appropriateness assessments. The level of retail investor participation in capital markets remains very low compared to other economies which is why the Commission is preparing a new retail investment strategy, which aims to take a holistic view … Continue Reading

EBA updates methodology for assessing third country equivalence of regulatory and supervisory frameworks

On 21 February 2022, the European Banking Authority published updated questionnaires used for the assessment of regulatory and supervisory frameworks of third countries, to reflect certain provisions recently introduced by revised prudential regulation in the EU. The Capital Requirements Regulation foresees that certain exposures to entities located in non-EU countries can be treated, in terms … Continue Reading

FSB Chair outlines work priorities for 2022 to G20 Finance Ministers and Central Bank Governors

On 17 February 2022, the Financial Stability Board (FSB) published a letter from its chair detailing its policy work during 2022. The letter was submitted to G20 Finance Ministers and Central Bank Governors ahead of their 17-18 February meeting. The letter highlights the current challenges of promoting global financial resilience during the transition to a … Continue Reading

Delegated Regulation on procedural rules for penalties imposed on DRSPs

On 16 February 2022, the European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (MiFIR) by specifying rules of procedure for the exercise of the European Securities and Markets Authority’s power to impose fines or periodic penalty payments on data reporting service providers. Article 38k(10) of MiFIR, empowers the Commission to … Continue Reading

Commission Implementing Regulation (EU) 2022/193 of 17 November 2021 amending the ITS laid down in Implementing Regulation (EU) No 926/2014

On 14 February 2022, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2022/193  amending the implementing technical standards laid down in Implementing Regulation (EU) No 926/2014 laying down standard forms, templates and procedures as regards the information to be notified when exercising the right of establishment and the … Continue Reading

European Parliament publish draft report on the proposal for a directive of the European Parliament and of the Council on consumer credits

On 7 February 2022, the European Parliament’s Committee on the Internal Market and Consumer Protection published a draft report on the proposals for the directive on consumer credits. Since the current Consumer Credit Directive was published in 2008, digitalisation has led to an increased availability of credits for consumers and the possibility to obtain credit … Continue Reading

ESMA launches a Common Supervisory Action with NCAs on MiFID II costs and charges

On 8 February 2022, the European Securities and Markets Authority (EMSA) announced that it is launching a common supervisory action (CSA) with Member State competent authorities (NCAs) on the application of MiFID II costs and charges disclosure rules across the European Union. This action will allow ESMA and the NCAs to assess the application by … Continue Reading

New briefing note – The 2022 EU and UK Financial Services Regulation and Policy Outlook for Market

We have published a new client briefing note, ‘The 2022 EU and UK Financial Services Regulation and Policy Outlook for Markets’. The note highlights the key themes in 2022 that EU and UK market participants should be aware of in the market infrastructure, trading and clearing space.… Continue Reading

ESMA supervisory briefing on firms using tied agents in the MiFID II framework

On 2 February 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing to ensure convergence across the EU in the supervision of firms using tied agents, in particular those based outside the EU. ESMA states that following the UK withdrawal from the EU, it has been monitoring the behaviour of firms in … Continue Reading

TPR: Meeting the FCA’s expectations

When passporting rights ended on 31 December 2020, European firms conducting regulated activities in the UK had to either stop doing business in the UK; or apply to remain under the ‘Temporary Permissions Regime’ (TPR). The TPR is in place to allow European firms to go through an orderly transition after Brexit, and continue their … Continue Reading

Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings

On 31 January 2022, the European Securities and Markets Authority (ESMA) published its Final Report  which sets out guidelines on disclosure requirements for initial reviews and preliminary ratings. The guidelines apply to CRAs established in the EU and registered with ESMA and concern matters relating to the public disclosures of CRAs in accordance with Article … Continue Reading

ESMA consults on the revision of the Guidelines and Recommendations on the Scope of the CRA Regulation (28 January 2022)

On 28 January, the European Securities and Markets Authority (ESMA) issued a consultation paper on the Credit Ratings Agency Regulation (CRA) for private credit ratings. In the consultation paper ESMA is proposing to revise paragraphs 14 and 15 of the existing ESMA Guidelines and Recommendations on the Scope of the CRA in order to provide … Continue Reading

ESMA consults on its opinion of the trading venue perimeter (28 January 2022)

On 28 January, the European Securities and Markets Authority (ESMA) issued a consultation paper on its opinion on the trading venue perimeter. The consultation paper follows ESMA’s final report on the functioning of Organised Trading Facilities (OTFs) under MiFID II, in which ESMA committed to publishing an opinion clarifying the definition of multilateral systems and … Continue Reading

New ESMA Q&As available

On 28 January 2022, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator updated the following Questions and Answers (Q&As): Benchmarks Regulation (BMR) European crowdfunding service providers for business Regulation MiFID II and MiFIR transparency topics SFTR data reporting To visit the ESMA webpage, please click here.… Continue Reading

ESMA consults on the review of MiFID II suitability guidelines

On 27 January 2022, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines on certain aspects of the MiFID II suitability requirements. In particular the draft guidelines build on the text of the 2018 ESMA guidelines which are now being reviewed following the adoption by the European Commission of the … Continue Reading
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