On the Official Gazette no. 198 of 25 August 2017, has been published the Legislative Decree no. 129 of 3 August 2017, implementing European Directive 2014/65/EU adopted by the European Parliament and Council on 15 May 2014 concerning financial instruments markets (so-called MiFID II). Mifid II Directive amends the Directive 2002/92/EC and the Directive 2011/61/EU, already amended by the Directive 2016/1034/EU adopted by the European Parliament and Council on 23 June 2016, and aligning local regulations with the provisions of the European Regulation no. 648/2012 (so-called MiFIR), as amended by dal the European Regulation 2016/1033 adopted by the European Parliament and Council on 23 June 2016.
The European Supervisory Auctorities (ESAs) have published their guidelines in relation to KID (Key Information Document) requirements, as envisaged by European Regulation no. 2017/653 on Packaged Retail and Insurance-based Investment Products – PRIIPs.
On the Official Gazette no. 195 of 22 August 2017 has been published Bank of Italy’ Regulation dated 3 August 2017 containing additions and amendments in relation to the provisions on “Transparency of operations and banking and financial services. Fairness of the relationships between Intermediaries and Clients” adopted on 29 July 2009.
The amendments implement articles 126-quinquiesdecies, para. 10, and 126-vicies-quinquies of the Legislative Decree n. 385 of 1 September 1993, (so-called TUB), by which has been transposed in Italy the Directive 2014/92/EU (“Payment account directive” – PAD).
At the end of last year, the EU Commission has published a reform package (so-called BRRD2) aimed at amending the Bank Recovery and Resolution Directive, and which foresees important news on the Grace period Powers to be exercised by the resolution Autorithies.
Following these amendments, The International Swaps and Derivatives Association (ISDA) has published a Position Paper regarding the problems of such amendments, among others, the risk of setting European financial institutions in a disadvantaged position at a global level, in addition to the introduction of further uncertainties in the terms of financial instability.
On the Official European Gazette/ Journal of 30 June 2017, has been published the EU Directive no. 1132/2017 of the European Council and Parliament concerning companies law and which coordinates the collateral for shareholders and third parties, ensures application of equivalent measures in the Member States and lays down rules on the advertising of branches established in the Member States, on Companies mergers and de-mergers and on limited liability Companies cross-border mergers. The Directive entered into force on 20 July 2017.