The current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions...more
4/28/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements ,
EU ,
European Central Bank ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
IOSCO ,
Loans ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Short Selling ,
UK
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
4/21/2020
/ Anti-Money Laundering ,
Coronavirus/COVID-19 ,
Electronic Payment Transactions ,
Financial Crimes ,
Financial Institutions ,
Financial Intelligence Unit (FIU) ,
Information Technology ,
Italy ,
Liquidity ,
Money Laundering ,
Reporting Requirements ,
Scams
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
In a recent judgment (No. 12777/2019 published on 22 March 2019, the "IBLOR Judgment"), the Fifth Criminal Section of Italy's Supreme Court of Cassation ruled the illegality of a fronting structure, where an Italian licensed...more
Last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit (the "Decree")....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 5 March the Italian Supreme Court issued a new important judgment on unit-linked policies and their nature....more
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
IVASS published on 5 June Regulation no. 38 concerning provisions on the corporate governance system (the “Regulation“) implementing EIOPA Guidelines pursuant to Solvency II Directive....more
7/11/2018
/ Corporate Governance ,
EIOPA ,
Insurance Industry ,
Internal Controls ,
Italy ,
IVASS ,
Regulatory Oversight ,
Regulatory Requirements ,
Reinsurance ,
Risk Management ,
Solvency II
On 28 June Consob (the Italian supervisory authority on financial markets) launched a public consultation regarding amendments to its Regulation adopted with Resolution No. 11971 of 14 May 1999 (“Consob Regulation on...more
On 16 June Legislative Decree No. 68/2018 aimed at implementing the IDD (the “Legislative Decree“) was published on the Italian Official Journal.
...more
6/20/2018
/ Consumer Insurance Products ,
Cross-Selling ,
Insurance Code ,
Intermediaries ,
Italy ,
IVASS ,
Mediation ,
New Legislation ,
Regulatory Oversight ,
Regulatory Standards ,
Reinsurance ,
Remuneration
On 8 June IVASS launched three public consultations on its draft regulations providing for secondary level legislation regarding insurance and reinsurance distribution, pre-contractual transparency requirements to be met in...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
On 11 April 2017, Steven Maijoor, the Chair of the European Securities and Markets Authority ("ESMA") addressed the potential regulatory issues which may affect EU Member States as a result of the Brexit effect on passporting...more
After one year from the last coordinated intervention of IVASS and the Bank of Italy in this sector aimed at better protecting policyholders/borrowers, IVASS issued a new letter to the market addressed to insurance...more