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Expectations of a surge in non-performing loans in Italy have failed to materialize, with the country’s banking system and economy holding firm in the face of macroeconomic volatility - Despite annual inflation still...more
On 15 June 2023, the Bank of Italy published on its website a series of acts aimed at reviewing the domestic AML rules to comply with EBA Guidelines on the use of remote customer onboarding solutions....more
The attention of financial regulators on environmental, social and governance factors is significantly and rapidly increasing. A proper integration of ESG features in the business model of financial and non-financial entities...more
On 25 May 2023, the FIU Regulation containing anomaly indicators to be used by obliged entities for suspicious transactions reporting was published in the Official Gazette....more
The Bank of Italy, COVIP, IVASS and the Italian Ministry of Economy and Finance have jointly launched a public consultation on draft instructions for the exercise of enhanced controls on the business of a wide range of...more
Law Decree implementing EU Regulation 2022/858, containing urgent provisions on issuance and circulation of financial instruments in digital form, was published in the Official Gazette on 17 March 2023. It provides for the...more
The second issue of our newsletter focuses on some recent developments that have affected different areas of the EU and Italian regulatory framework over the last few months. ...more
In data 21 ottobre 2022 è stata pubblicata la comunicazione della Commissione Europea del 21 ottobre 2022 concernente gli orientamenti relativi alla procedura di vendita alle condizioni migliori di crediti deteriorati sui...more
Key developments of interest over the last month include plans to consider increasing regulation on crypto firms in several countries; the Bank of Thailand publishing a payment development strategy for 2022-2024; and "The...more
What does the future hold for NPLs? There's still plenty of business to be done, but buyers and sellers alike will need to change tack to get the most from the available opportunities....more
In 2016 Italy introduced new forms of security, including a pledge on movable goods which would not require physical delivery to the creditor, but would take effect by way of registration in a central repository held by the...more
L’OAM ha lanciato una consultazione relativamente al testo di una propria comunicazione (la “Comunicazione”) avente ad oggetto: “Chiarimenti in merito al funzionamento delle piattaforme on-line che offrono servizi di...more
Nexus 6 is an android. Smarter, stronger and faster than any human being. At least in the film version, which Philip Dick was not entirely happy with. The cinematic adaptation of his novel Do Androids Dream of Electric...more
A company that specialized in the design and production of optical instruments (hereafter: the Company) hired an accounting firm and a tax consultancy firm (hereinafter: the Accountants) to prepare its annual accounts between...more
The 2021 Italian class action law reform may entail increased litigation involving financial institutions in traditional areas as well as in cybersecurity and data breach instances and cryptocurrency-related disputes. The...more
On 1 July 2021, the Bank of Italy transposed into the Italian legal framework Article 106 of PSD2 regarding the obligation for payment service providers to inform consumers of their rights in the context of the provision of...more
Since March 2020, the Italian Government has enacted a package of measures designed to help Italian businesses survive the dramatic effects of the coronavirus ("COVID-19") pandemic. The measures include guarantee schemes from...more
In Short The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ("Withdrawal Date"), UK banks, UK investment firms, and UK electronic money institutions ("UK Financial Institutions") can...more
In the specific case submitted for its consideration, the Court of Florence established the following question of law: "whether a judge, who is asked generically to order the defendant to pay interest, without any other...more
The Italian Government repealed the tax, introduced in 2018, on money remittances outside EU executed through payment institutions....more
Please see Chart below for more information. ...more
The Situation: For years, the Italian tax system has provided for certain tax deductions from income taxes in case of building restoration works. The Result: The tax deduction from income taxes has now been increased to...more
Italian news on on-line KYC for AML purposes, including the possibility to rely on SCA when certain conditions are met, have been confirmed. On 14 September, Law Decree No. 76/2020 regarding urgent measures for...more
On 16 April 2020 the Italian Financial Intelligence Unit (FIU) published a communication stressing the need for intermediaries, professionals, other qualified entities and public administrations to calibrate AML measures in...more
On the basis of the measures recently adopted by the Italian Government to face the current COVID-19 emergency, on 10 April 2020, the Bank of Italy issued its recommendations to financial intermediaries on (i) anti-money...more