As the evolution of payments continues at a rapid pace it is important that industry participants are up to date on the regulatory developments supporting and guiding these developments. This publication outlines the key...more
Bank of Italy issued a public consultation proposing to extend the Regulation on customer due diligence and the Regulation on organization, procedures and internal controls to crypto-asset service providers (“CASPs”)....more
With the Markets in Crypto-Assets Regulation (MiCAR) (Regulation (EU) 2023/1114) becoming fully applicable by the end of this year, crypto-asset service providers seeking to offer their services across the EU need to consider...more
The new Regulation (EU) 2024/1624 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLR”) extended for the first time the scope of application of anti-money...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 long-awaited decree regarding the establishment and regulation of the beneficial owner register in Italy was published in the Italian Official Gazette. Following a public consultation, on 25 May 2022 the long-awaited...more
The long-awaited decree regulating the business of VASPs in Italy was published in the Italian Official Gazette.
On 17 February 2022, following a public consultation, the decree of the Ministry of Economy and Finance...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
Pursuant to Directive 2014/92/EU (“PAD”), as implemented in Italy under the Italian Consolidated Banking Act (“CBA”), payment service providers (“PSPs”) offering payment accounts to consumers must participate on one or more...more
The 2021 Italian Budget Law aligns the tax treatment applicable to EU investment funds with the tax treatment applicable to Italian investment funds....more
1/18/2021
/ Capital Gains ,
Dividends ,
EU ,
Future Tax Treatment ,
Investment Funds ,
Italy ,
Non-Residents ,
Tax Exemptions ,
Tax Planning ,
UCITS ,
Withholding Tax
The Italian Government repealed the tax, introduced in 2018, on money remittances outside EU executed through payment institutions....more
New provisions have been introduced to the Italian law concerning the development of FinTech initiatives and the establishment of an Italian Fintech Sandbox. Secondary measures are expected to be enacted by 31 January 2021....more
The Italian Ministry of Economy and Finance launched a public consultation asking for the stakeholders' views on the envisaged amendment of the eligibility criteria investors have to meet for subscribing Italian reserved...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
Please find below a brief summary of two Italian developments on PSD2. More specifically:
on 6 April 2020, the Italian Government approved a draft Legislative Decree introducing corrective and supplementary provisions to...more
The Italian Ministry of Economy and Finance has launched a consultation on a Draft Decree on the criteria to test FinTech initiatives in a sandbox environment and to establish a FinTech Committee. The criteria include the...more
Following the Ministry of Economy and Finance press release of 24 January 2019, last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit...more
3/21/2019
/ Deposit Guarantee System ,
Derivatives ,
Dispute Resolution ,
EU ,
Financial Institutions ,
Italy ,
IVASS ,
Loan Agreements ,
Member State ,
Notification Requirements ,
Prior Authorization ,
Regulatory Agenda ,
Temporary Permissions Regime (TPR) ,
Trading Platforms ,
UK ,
UK Brexit
On 24 January, the Italian Ministry of Economy and Finance published a press release informing of having prepared, in full cooperation with the supervisory authorities and after having heard trade associations, the necessary...more
As we painfully inch forward toward what may be the Brexit finish line, national regulators are firing shots across the bow of UK financial institutions carrying out activities in Continental Europe. ...more
In a letter to the market published by IVASS yesterday, the Italian insurance regulator expressly clarified that the scope of application of the guidelines set out in a previous letter to the market also includes EU insurance...more
IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new...more
1/12/2018
/ Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
EU ,
Insurance Industry ,
Intermediaries ,
Italy ,
Popular ,
Regulatory Oversight ,
Regulatory Standards