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
The Italian Legislative Decree implementing MiCAR has been published in the Official Gazette. Among other things, it designates CONSOB and the Bank of Italy as competent supervisory authorities and sets out a transitional...more
The Bank of Italy launched a public consultation regarding new AML reporting which would replace the AML questionnaire that has been sent out for the last two years. On 31 July 2024, the Bank of Italy launched a public...more
On 26 July 2024, the Bank of Italy, COVIP, IVASS and the Italian Ministry of Economy and Finance jointly published instructions for enhanced controls on a wide range of supervised entities pertaining to the financial,...more
On 22 July 2024, the Bank of Italy issued a communication on MiCAR illustrating its supervisory powers and outlining certain MiCAR aspects and the impact on market players. Bank of Italy announced it is open for dialogue with...more
On 17 June 2024, the Bank of Italy published a communication on unauthorised payment transactions. Inspections revealed shortcomings with several payment service providers (PSPs), such as groundless refund refusals,...more
The Italian Ministry of Economy and Finance (MEF) opened two public consultations to receive feedback on the draft decrees adapting Italian rules to Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) and Regulation...more
The Bank of Italy published instructions to be followed by PSPs in case refunds for unauthorised payment transactions are suspended for justified suspicion of fraud....more
Consob opened a public consultation to issue the secondary measures in relation to Law Decree No. 25 of 17 March 2023 (“Fintech Decree”), which implemented the EU Pilot Regime in Italy, introducing a new form and circulation...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
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
This booklet has been written specifically for business individuals and whilst it may be of interest to their local advisers, such as lawyers or accountants, the information is intended for a wider audience. We cover topics...more
On 17 May, the Bank of Italy published a public consultation on the supervisory guidelines for crowdfunding service providers to implement EU Regulation 2020/1503 on European crowdfunding service providers (“CSP”) for...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
On 21 January 2023, the Italian Ministry of Economics published on the Official Gazette a regulation setting out the requirements to obtain the status of ethical and sustainable banking operator. The institution satisfying...more
With the sentence No. 44378 of 22 November 2022, the Supreme Court ruled for the equivalence between cryptocurrencies and financial products....more
The Bank of Italy published a communication on Buy Now Pay Later (BNPL) products warning consumers about potential risks noting the applicable regulatory framework...more
Pending the completion of the process for adapting Italian rules to Regulation (EU) 2020/1503 on European crowdfunding service providers (“ECSP Regulation”), Consob and the Bank of Italy declared their availability for...more
The Italian Ministry of Economy and Finance issued the long-awaited decree regarding the Italian register of payment services agents, e-money distributors and central contact points for AML supervision....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
The Italian Ministry of Economy and Finance launched a public consultation on the long-awaited draft decree for the establishment of the Italian register of payment services agents, e-money distributors and central contact...more
Bank of Italy, Consob and IVASS launched the Italian Sandbox announcing the first call for submitting FinTech projects.
On 17 July 2021, the Decree of the Italian Ministry of Economy and Finance No. 100 of 30 April 2021...more
Italy is moving to adapt its legislative framework to the European Union standards and to remove fragmentation at national level for UCITS. On 15 July 2021, the Italian Council of Ministers approved, in preliminary...more
On 2 July 2021, the Decree of the Italian Ministry of Economy and Finance for the launch of a Sandbox in Italy and the establishment of a FinTech Committee was published in the Italian Official Gazette....more