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 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
La Banca d’Italia ha pubblicato un aggiornamento della Circolare 285 e un aggiornamento della Circolare 288 con cui sono stati modificati i rispettivi capitoli relativi alle operazioni di cartolarizzazione. Con tali...more
The Bank of Italy published an update to Circular 285 and an update to Circular 288, amending the chapter on securitisation transactions. With these updates, on the one hand, the content of the Bank of Italy's Communication...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 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 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
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
CELF Talks: Il credito cooperativo a poco più di un anno dalla costituzione dei gruppi....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
On 23 December 2016, the Bank of Italy supplemented the regulation on the collective investment management (the "Regulation") which, inter alia, implements article 46-ter of Legislative Decree. n. 58/1998 ("Consolidated...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
On 10 February 2016, the government approved decree no. 18/2016 (the "Decree") which, after months of discussions and speculation, introduces some important reforming measures for the Italian credit cooperative banks (the...more
The Bank of Italy post-trade reporting requirements are likely to impact the issuance and offering of bonds and other debt securities in Italy. The Bank of Italy has the power to require entities issuing or offering...more