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IOSCO final report on thematic review of implementation of client asset protection

The International Organization of Securities Commissions (IOSCO) has published a final report that sets out the findings from its thematic review into the progress jurisdictions have made in adopting legislation, regulation and other policies in relation to IOSCO’s Recommendations Regarding the Protection of Client Assets (the Principles). The review found that a majority of jurisdictions … Continue Reading

ESMA proposes simplifications for prospectuses

The European Securities and Markets Authority (ESMA) has published three consultation papers on the Prospectus Regulation: consultation paper on the format and content of the prospectus. On 28 February 2017, ESMA received a request for technical advice from the European Commission (Commission), including in relation to the format and content of the prospectus, base prospectus … Continue Reading

Council adopts new rules on prospectuses

The Council of the EU has adopted the proposed Regulation that repeals and replaces the Prospectus Directive and the Prospectus Regulation.  The new Regulation on prospectuses enters into force on the 20th day after its publication in the Official Journal of the European Union. The majority of its provisions apply from 24 months after the … Continue Reading

ESMA advises Commission on fees for trade repositories

On 15 January 2016, the European Securities and Markets Authority (ESMA) received a formal request from the European Commission (Commission) to provide technical advice to assist the Commission in formulating an EU Regulation on fees for trade repositories (TRs) under the Regulation on transparency of securities financing transactions and of reuse (the SFTR). The technical … Continue Reading

ESMA provides implementing details for SFTR

The European Securities and Markets Authority (ESMA) has published a final report on standards implementing the Securities Financing Transaction Regulation (SFTR) and certain amendments to the European Markets Infrastructure Regulation (EMIR). The final report includes: a summary of feedback on ESMA’s proposals on the procedure and criteria for registration or extension of registration as a … Continue Reading

Transparency Directive: ESMA guide to EEA national rules on major holdings notifications

The European Securities and Markets Authority (ESMA) has published a practical guide that summarises the main rules and practices applicable across the EEA in relation to notifications of major holdings under national law in accordance with the Transparency Directive. Part I of the guide contains a fact sheet for each EEA state, setting out the national requirements … Continue Reading

IOSCO consultation report on order routing incentives

The International Organization of Securities Commissions (IOSCO) has published a consultation report on order routing incentives. In the report IOSCO surveys regulatory conduct requirements on brokers to manage conflicts of interest associated with order routing and obtaining best execution, where applicable, and assesses how this interacts with market practices around order routing incentives. It does … Continue Reading

ESMA Q&As on the application of the Prospectus Directive

The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Prospectuses Directive. The Q&As include one new question and answer on the application of the ESMA guidelines on alternative performance measures to prospectuses. View Prospectuses: ESMA Q&As version 26, 20 December 2016… Continue Reading

Delegated Regulation on European Electronic Access Point

There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2016/1437 of 19 May 2016 supplementing the Transparency Directive with regard to regulatory technical standards on access to regulated information at the Union level. The Delegated Regulation  enters into force on 20 September 2016, but Article 1 (unique identifier … Continue Reading

ESMA updates its Q&A document on prospectus related issues

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&A) on prospectus related issues. The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures. The Q&A includes two new questions Q&A on the dissemination of … Continue Reading

IOSCO Securities Markets Risk Outlook 2016

The International Organization of Securities Commissions (IOSCO) has published the 2016 edition of its Securities Market Risk Outlook, which identifies and examines key trends in global financial markets and the potential risks to financial stability. The Outlook identifies and examines four potential risk areas: corporate bond market liquidity; risks associated with the use of collateral … Continue Reading

IOSCO reports on developments facing global securities markets

The International Organisation of Securities Commissions (IOSCO) has published a press release following a meeting to discuss and respond to the ongoing and emerging challenges facing global securities markets. Discussions centred around the recent market developments and volatility in world capital markets and the challenges and opportunities posed by fintech and more particularly – distributed … Continue Reading

ESMA assesses Turkish laws and regulations on prospectuses

The European Securities and Markets Authority (ESMA) has published an opinion on Turkish laws and regulations on the minimum disclosure requirements for share prospectuses. ESMA considers that a prospectus drawn up according to Turkish laws and regulations can constitute a valid prospectus under the Prospectus Directive (PD) for the purposes of its approval by the … Continue Reading

ESMA updates its Q&A document on prospectus related issues

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A document on prospectus related issues. ESMA notes that a new question, number 96, has been added regarding the level of disclosure that should be included in a prospectus related to securities which may be subject to write-down or conversion powers … Continue Reading

Commission proposal for a new Prospectus Regulation

The European Commission has adopted a legislative proposal for a new Prospectus Regulation (the Proposed Regulation) which would repeal and replace the existing Prospectus Directive and the accompanying Prospectus Regulation prescribing the form and content of the required prospectuses. The Proposed Regulation was announced as a key element of the Capital Markets Union which intends … Continue Reading

Council of EU Presidency compromise proposals on draft Securitisation and CRR Amendment Regulations

The Presidency of the Council of the EU has published its latest compromise proposals on the proposed: Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation; and Regulation amending the Capital Requirements Regulation on prudential requirements for credit institutions and investment firms. As against the previous … Continue Reading

Council of EU Presidency compromise proposals on draft Securitisation and CRR Amendment Regulations

The Presidency of the Council of the EU has published its latest compromise proposals on the proposed: Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation; and Regulation amending the Capital Requirements Regulation on prudential requirements for credit institutions and investment firms. As against the previous … Continue Reading

ESMA prepares for the amended Transparency Directive

The European Securities and Markets Authority (ESMA) has published four documents in preparation of the coming into force of the amended Transparency Directive (TD): an updated Q&A document which addresses new and existing TD requirements and terminology and provides clarification on the definition of a home Member State, the division of responsibilities between home and … Continue Reading

Ministry of Finance launches public consultation on the implementation of the revised Transparency Directive

On 12 October 2015, the Ministry of Finance published a consultation document containing proposals for new provisions for Legislative Decree n. 58 of 24 February 1998 (the Consolidated Law on Finance) which implement the revised Transparency Directive. Amongst the most significant changes to the current transparency regime on which the Ministry of Finance seeks responses … Continue Reading

IOSCO reinforces position as key reference point for market regulation

The Board of the International Organization of Securities Commissions (IOSCO) met in Toronto to reinforce IOSCO’s position as the key global reference point for financial services and markets regulation. The Board discussion focused on three sets of activities in key priority areas as identified in the IOSCO 2020 Strategic Direction: (i) identifying and responding through … Continue Reading

Clearing the way towards an OTC derivatives union

The European Securities and Markets Authority (ESMA) has published a speech by Steven Maijoor (ESMA Chair) entitled Clearing the way towards an OTC derivatives union. At the beginning of his speech Mr Maijoor discusses some general ESMA developments noting that the European Supervisory Authority celebrates its 5th birthday in 2016 and that by then the … Continue Reading

IOSCO reviews implementation progress of regulation of derivative market intermediaries

Following the publication of derivatives market intermediaries (DMI) standards by the International Organization of Securities Commission (IOSCO) in June 2012, IOSCO has published a report on its review of implementation progress jurisdictions have made in adopting legislation, regulation and policies in relation to DMIs. The report notes that in general, jurisdictions have indicated significant progress … Continue Reading
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