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
The Bank of Italy and Consob, as competent authorities for Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT, declared compliance with the ESMA Guidelines on standard forms, formats and...more
Il presente contributo analizza la consultazione Banca d’Italia sulle proposte di modifica alle disposizioni di vigilanza sulle obbligazioni bancarie garantite (covered bond) contenute nella Circolare n. 285 del 17 dicembre...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
Italian secondary legislation about to be adapted to EU standards - On 15 July 2021, the Italian Council of Ministers approved, in preliminary examination, a legislative decree introducing rules to adapt national legislation...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 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
The latest Consultations launched by the European Banking Authority (EBA) and the Bank of Italy on regulatory capital requirements for banks may lead to opportunities for alternative lenders, as traditional financiers may...more
La proposta - In data 30 luglio 2020, la Banca d’Italia ha avviato una consultazione pubblica sulle modifiche da apportare al “Regolamento sulla gestione collettiva del risparmio”....more
On Thursday 30th July 2020, the Bank of Italy released a consultation paper containing some proposed amendments to the Regulation on Collective Asset Management. It is worth noting that the Bank of Italy is proposing to...more
On 17 March 2020, IVASS and the Bank of Italy issued a joint communication regarding the cross-selling of insurance products and financing (the "Communication") to be delivered to the members of the management and supervisory...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
BACKGROUND - The Covid-19 pandemic will likely affect the business of Italian companies in the short and medium term. Accordingly, Board of Directors are currently reviewing their dividend distribution policies....more
“Nel contratto di mutuo non è giuridicamente configurabile un tasso di interesse negativo che incida sul capitale mutuato. Conseguentemente, quando il tasso d’interesse sia stato pattuito in misura variabile, esso non può...more
The Situation: The EU General Court annulled the European Commission's ("Commission") decision that Fondo Interbancario's support payment to financially distressed Banca Tercas breached EU State aid rules. Fondo Interbancario...more
International investment funds are set to benefit from measures issued by the Bank of Italy, aimed at facilitating direct investment into the country by EU alternative investment funds....more
In data 23 dicembre 2016, Banca d'Italia ha integrato il regolamento sulla gestione collettiva del risparmio (il "Regolamento") con cui, inter alia, viene data attuazione all'art. 46-ter del d.lgs. n. 58/1998 ("TUF"),...more
On 23 December 2016 law decree 237 (the "Decree") was published in the Official Gazette no. 299 and entered into force on the same day. The Decree was adopted in light of events that have affected Banca Monte dei Paschi...more
How do private equity funds typically obtain their funding? Private equity funds continued to have a diverse investor base in 2015. Although with a significant decrease from the 2014 figure of 68%, about 48% of the...more