Key regulatory Developments in Italy

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EU Banking and Finance Regulatory Newsletter - October 2019
Key regulatory developments in Italy

Key regulatory Developments in Italy

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October 31, 2019

Source/Date	Brief description
IVASS 23/09/2019	Public consultation − Insurance Distribution Directive implementation IVASS published the following consultation papers related to the implementation in Italy of the European Directive 2016/97 (i.e. Insurance Distribution Directive): Draft Regulation related to product oversight and governance requirements for insurance undertakings and insurance distributors; Consultation papers concerning the amendments to be made to the IVASS Regulations No. 23/2008, 24/2008, 38/2018, 40/2018 and 41/2018. For further information in Italian, click here and here.
Consob 23/09/2019	Public consultation − Insurance Distribution Directive implementation Consob published a consultation paper related to the amendments on Consob Intermediaries’ Regulation: the amendments proposed concern the information duties and rules of conduct to be adopted in the activity of distribution of insurance-based investment products. For further information in Italian, click here.
Ministry of Economy and Finance 21/09/2019	Indemnity Fund for savers - claims submission instructions The Ministry of Economy and Finance published a consultation paper concerning the secondary legislation implementing Article 111-bis of the Legislative Decree No. 385 1 September 1993 (i.e. the Italian Consolidated Law on Banking) related to banking entities operating in ethical and sustainable finance. For further information in Italian, click here.
Bank of Italy 18/09/2019	Supervisory provisions for banks – update The Bank of Italy published the 29th update to the Circular of 17 December 2013 no. 285 “Supervisory Provisions on Banks”. The update deletes some guidelines on several matters (i.e. own funds, securitization transactions, counterparty risk and credit valuation adjustment risk) contained in Section II of the circular. For further information in Italian, click here and here.
Bank of Italy 18/09/2019	Supervisory reports − financial and credit institutions − update The Bank of Italy published the 71th update to Circular of 22 November 1991 no. 154 ‟Supervisory reports of the financial and credit institutions. Reporting schemes and instructions for the submission of information flows”. For further information in Italian, click here and here.
Consob 18/09/2019	ESMA Guidelines on risk factors − Warning Notice Consob published Warning Notice No. 4/2019 informing market participants of its intention to comply with ESMA Guidelines on risk factors pursuant to the new prospectus regulation (Regulation (UE) No. 1129/2017) that came into effect on 21 July 2019. For further information in Italian, click here.
Bank of Italy 17/09/2019	Supervisory Reports – update The Bank of Italy published: the 12th update to the Circular of 30 July 2008, no. 272 ‟Account Matrix” laying down provisions on the compiling of statistical and supervisory reports to be submitted by Italian banks and Italian branches of foreign banks to the Bank of Italy. For further information in Italian, click here and here. the 18th update to the Circular of 5 August 1996, no. 217 laying down provisions on the compiling of regulatory reports for Italian financial intermediaries, payment institutions and electronic money institutions; For further information in Italian, click here and here. the 20th update to the Circular of 21 October 1993, no. 189 laying down provisions on the compiling of statistical and supervisory reports for Italian collective investment undertakings; For further information in Italian, click here and here. the 22th update to the Circular of 2 July 1991, no. 148 laying down provisions on the compiling of statistical and supervisory reports for Italian securities market intermediaries; For further information in Italian, click here and here. the 25th update to the Circular of 7 August 1990, no. 115 laying down instructions on the compiling of regulatory reports on a consolidated basis. For further information in Italian, click here and here.
Bank of Italy – Financial Information Unit 05/09/2019	Anti-money laundering: User’s Manual on objective communications The Financial Information Unit of the Bank of Italy published the User’s Manual containing the sending modalities of objective communications. For further information in Italian, click here.
CONSOB 03/09/2019	Amendments on Consob markets’ regulation Consob published the resolution No. 21028 through which have been approved certain amendments on the regulation concerning markets and trading venues (Consob resolution No. 20249 dated 28 December 2017). For further information in Italian, click here.

Source/Date

Brief description

IVASS

23/09/2019

Public consultation − Insurance Distribution Directive implementation

IVASS published the following consultation papers related to the implementation in Italy of the European Directive 2016/97 (i.e. Insurance Distribution Directive):

Draft Regulation related to product oversight and governance requirements for insurance undertakings and insurance distributors;
Consultation papers concerning the amendments to be made to the IVASS Regulations No. 23/2008, 24/2008, 38/2018, 40/2018 and 41/2018.

For further information in Italian, click here and here.

Consob

23/09/2019

Public consultation − Insurance Distribution Directive implementation

Consob published a consultation paper related to the amendments on Consob Intermediaries’ Regulation: the amendments proposed concern the information duties and rules of conduct to be adopted in the activity of distribution of insurance-based investment products.

For further information in Italian, click here.

Ministry of Economy and Finance

21/09/2019

Indemnity Fund for savers - claims submission instructions

The Ministry of Economy and Finance published a consultation paper concerning the secondary legislation implementing Article 111-bis of the Legislative Decree No. 385 1 September 1993 (i.e. the Italian Consolidated Law on Banking) related to banking entities operating in ethical and sustainable finance.

For further information in Italian, click here.

Bank of Italy

18/09/2019

Supervisory provisions for banks – update

The Bank of Italy published the 29th update to the Circular of 17 December 2013 no. 285 “Supervisory Provisions on Banks”.

The update deletes some guidelines on several matters (i.e. own funds, securitization transactions, counterparty risk and credit valuation adjustment risk) contained in Section II of the circular.

For further information in Italian, click here and here.

Bank of Italy

18/09/2019

Supervisory reports − financial and credit institutions − update

The Bank of Italy published the 71th update to Circular of 22 November 1991 no. 154 ‟Supervisory reports of the financial and credit institutions. Reporting schemes and instructions for the submission of information flows”.

For further information in Italian, click here and here.

Consob

18/09/2019

ESMA Guidelines on risk factors − Warning Notice

Consob published Warning Notice No. 4/2019 informing market participants of its intention to comply with ESMA Guidelines on risk factors pursuant to the new prospectus regulation (Regulation (UE) No. 1129/2017) that came into effect on 21 July 2019.

For further information in Italian, click here.

Bank of Italy

17/09/2019

Supervisory Reports – update

The Bank of Italy published:

the 12th update to the Circular of 30 July 2008, no. 272 ‟Account Matrix” laying down provisions on the compiling of statistical and supervisory reports to be submitted by Italian banks and Italian branches of foreign banks to the Bank of Italy.

For further information in Italian, click here and here.

the 18th update to the Circular of 5 August 1996, no. 217 laying down provisions on the compiling of regulatory reports for Italian financial intermediaries, payment institutions and electronic money institutions;

For further information in Italian, click here and here.

the 20th update to the Circular of 21 October 1993, no. 189 laying down provisions on the compiling of statistical and supervisory reports for Italian collective investment undertakings;

For further information in Italian, click here and here.

the 22th update to the Circular of 2 July 1991, no. 148 laying down provisions on the compiling of statistical and supervisory reports for Italian securities market intermediaries;

For further information in Italian, click here and here.

the 25th update to the Circular of 7 August 1990, no. 115 laying down instructions on the compiling of regulatory reports on a consolidated basis.

For further information in Italian, click here and here.

Bank of Italy – Financial Information Unit

05/09/2019

Anti-money laundering: User’s Manual on objective communications

The Financial Information Unit of the Bank of Italy published the User’s Manual containing the sending modalities of objective communications.

For further information in Italian, click here.

CONSOB

03/09/2019

Amendments on Consob markets’ regulation

Consob published the resolution No. 21028 through which have been approved certain amendments on the regulation concerning markets and trading venues (Consob resolution No. 20249 dated 28 December 2017).

For further information in Italian, click here.