Key regulatory Developments in Italy

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EU Banking and Finance Regulatory Newsletter Autumn 2021
Key regulatory developments in Italy

Key regulatory Developments in Italy

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November 2, 2021

Source/Date	Brief description
Consob and IVASS October 22, 2021	IVASS and Consob sign framework agreement to strengthen mutual collaboration and coordination of activities Consob and IVASS signed a framework agreement for collaboration and coordination in their respective supervising activities. The agreement strengthens, in concert with constantly evolving European legislation, cooperation to improve effectiveness and efficiency of the two authorities in guaranteeing investor protection and adequate protection of policyholders as well as stability of the financial and insurance system. Specific measures to be taken under this agreement are detailed in the press release of Consob (in English), available here.
Bank of Italy October 14, 2021	Bank of Italy publishes update to Central Credit Register instructions The Bank of Italy published the 20th update to its Circular of February 11, 1991, no. 139—“Central Credit Register: Instructions for credit intermediaries.” For further information (in Italian), click here.
Bank of Italy October 14, 2021	COVID-19—consultation launched on amendments to IAS/IFRS The Bank of Italy launched a consultation with the market in connection with the following documents relating to the effect of COVID-19 on the economy and related support measures and amendments to IAS/IFRS: Communication dated December 15, 2020 “Supplements to the provisions of Circular no. 262—Banking Financial Statements: formats and compilation rules” Communication dated January 27, 2021 “Supplements to provisions of the provision—Financial statements of IFRS intermediaries other than banking intermediaries”. For further information (in Italian), click here.
Consob October 8, 2021	Guidance published on prospectus approval process Consob published a guidance on the scrutiny and approval process for prospectuses. The guidance is intended to facilitate efficient and timely approval of prospectuses as well as to provide support to external parties throughout the necessary formalities of filing. For further information, click here.
Consob October 8, 2021	Market consult begins for prospectus regulation Consob launched a consultation with the market in connection with changes to be made to the Issuers’ Regulation (Consob Regulation no. 11971/1999). The changes are to implement European prospectus regulations that were recently amended by certain provisions of Regulation (EU) 2017/1129, relating to the publishing of prospectuses for a public offer or for the admission to trading of securities on a regulated market. For further information, click here.
IVASS October 6, 2021	IVASS publishes measure on supervisory fee IVASS published measure no. 113 concerning the methods and terms for payment of a supervisory fee to be paid by EEA insurance undertakings operating in Italy under the right of establishment or the freedom to provide services. For further information (in Italian), click here.
Bank of Italy, Consob, IVASS September 30, 2021	FinTech Sandbox first window for submission announced Following the entry into force of the decree of the Ministry of Economy and Finance of April 30, 2021, no. 100, which governs the procedures for carrying out in Italy experimentation with techno-finance activities (FinTech), the Bank of Italy, Consob and IVASS established that the first-time window for the submission of applications for admission to the regulatory sandbox will be open from November 15, 2021 to January 15, 2022. For further information, click here.
IVASS September 29, 2021	IVASS publishes letter to market on Infostat OTP postponement IVASS published a letter to the market on postponing the introduction of the Infostat One-Time Password (OTP), specifying that it had become necessary to extend until November 9, 2021 the period of use of the simplified procedure for verifying and procedure for checking and updating mobile phone numbers. For further information (in Italian), click here.
Consob September 23, 2021	Consob to comply with ESMA guidelines—financial reporting Consob announced its intention to comply with ESMA’s “Guidelines for the implementation of financial reporting rules” and to integrate them into its supervisory practices. For further information (in Italian), click here.
IVASS September 23, 2021	IVASS clarifies self-assessment and AML risk mitigation procedures IVASS provided clarification on the application of the Order of July 13, 2021, no. 111, laying down provisions on self-assessment and on anti-money laundering risk mitigation procedures. For further information (in Italian), click here.

Source/Date

Brief description

Consob and IVASS

October 22, 2021

IVASS and Consob sign framework agreement to strengthen mutual collaboration and coordination of activities

Consob and IVASS signed a framework agreement for collaboration and coordination in their respective supervising activities.

The agreement strengthens, in concert with constantly evolving European legislation, cooperation to improve effectiveness and efficiency of the two authorities in guaranteeing investor protection and adequate protection of policyholders as well as stability of the financial and insurance system.

Specific measures to be taken under this agreement are detailed in the press release of Consob (in English), available here.

Bank of Italy

October 14, 2021

Bank of Italy publishes update to Central Credit Register instructions

The Bank of Italy published the 20th update to its Circular of February 11, 1991, no. 139—“Central Credit Register: Instructions for credit intermediaries.”

For further information (in Italian), click here.

Bank of Italy

October 14, 2021

COVID-19—consultation launched on amendments to IAS/IFRS

The Bank of Italy launched a consultation with the market in connection with the following documents relating to the effect of COVID-19 on the economy and related support measures and amendments to IAS/IFRS:

Communication dated December 15, 2020 “Supplements to the provisions of Circular no. 262—Banking Financial Statements: formats and compilation rules”
Communication dated January 27, 2021 “Supplements to provisions of the provision—Financial statements of IFRS intermediaries other than banking intermediaries”.

For further information (in Italian), click here.

Consob

October 8, 2021

Guidance published on prospectus approval process

Consob published a guidance on the scrutiny and approval process for prospectuses. The guidance is intended to facilitate efficient and timely approval of prospectuses as well as to provide support to external parties throughout the necessary formalities of filing.

For further information, click here.

Consob

October 8, 2021

Market consult begins for prospectus regulation

Consob launched a consultation with the market in connection with changes to be made to the Issuers’ Regulation (Consob Regulation no. 11971/1999). The changes are to implement European prospectus regulations that were recently amended by certain provisions of Regulation (EU) 2017/1129, relating to the publishing of prospectuses for a public offer or for the admission to trading of securities on a regulated market.

For further information, click here.

IVASS

October 6, 2021

IVASS publishes measure on supervisory fee

IVASS published measure no. 113 concerning the methods and terms for payment of a supervisory fee to be paid by EEA insurance undertakings operating in Italy under the right of establishment or the freedom to provide services.

For further information (in Italian), click here.

Bank of Italy, Consob, IVASS

September 30, 2021

FinTech Sandbox first window for submission announced

Following the entry into force of the decree of the Ministry of Economy and Finance of April 30, 2021, no. 100, which governs the procedures for carrying out in Italy experimentation with techno-finance activities (FinTech), the Bank of Italy, Consob and IVASS established that the first-time window for the submission of applications for admission to the regulatory sandbox will be open from November 15, 2021 to January 15, 2022.

For further information, click here.

IVASS

September 29, 2021

IVASS publishes letter to market on Infostat OTP postponement

IVASS published a letter to the market on postponing the introduction of the Infostat One-Time Password (OTP), specifying that it had become necessary to extend until November 9, 2021 the period of use of the simplified procedure for verifying and procedure for checking and updating mobile phone numbers.

For further information (in Italian), click here.

Consob

September 23, 2021

Consob to comply with ESMA guidelines—financial reporting

Consob announced its intention to comply with ESMA’s “Guidelines for the implementation of financial reporting rules” and to integrate them into its supervisory practices.

For further information (in Italian), click here.

IVASS

September 23, 2021

IVASS clarifies self-assessment and AML risk mitigation procedures

IVASS provided clarification on the application of the Order of July 13, 2021, no. 111, laying down provisions on self-assessment and on anti-money laundering risk mitigation procedures.

For further information (in Italian), click here.