MiFID II: launch of the public consultation on wisthleblowing

Consob has launched the public consultation on the amendments concerning the Intermediaries, Markets, and equity crowdfunding Regulations, in the implementation of article 4-undecies of the Legislative Decree no. 58/1998 (so-called TUF) on internal whistleblowing systems (so-called whistleblowing).

The transposal of the European Directive adopted on 15 May 2014 (MiFID II), via the adoption of Legislative Decree 3 August 2017, no. 129, was an occasion to introduce a unitary system on whistleblowing in the context of Legislative Decree no. 58/1998.

CONSOB and Bank of Italy

Consultation document on disclosure obligations to be borne by the managers  

On 1 June 2017, CONSOB and Bank of Italy have submitted a document for public consultation with the market containing the proposals for regulatory amendments relating to the following:

– Banca of Italy Circulars: no. 189 of 21 October 1993 – Manual for statistical and surveillance reporting for Undertakings for Collective Investment (OICR); no.286 of 17 December  2013 – Instructions for compilation of prudential reporting for supervised entities; no.154 of 22 November 1991 – Supervisory reports of credit and financial institutions – Reporting framework and instructions for submission of information flows of the Banca of Italy  (limited to the reporting frameworks of Asset Management Companies – SGRs – and OICRs);

– CONSOB Resolution no. 17297 of 28 April 2010 – Manual on the disclosure obligations of supervised entities.

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ESMA – Q&A on AIFMD and UCITS

On 25 May 2015, ESMA has published an update to its own Q&A related to the application of the provisions under Directive 2011/61/EU (“AIFMD”), and the Q&A within the Directive 2009/65/EC (“UCITS Directive”), also with reference to the application of the obligations under Regulation 648/2012/EU (“EMIR”).

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The Anti-money Laundering IV Directive

On 24 May 2017, the scheme of the legislative decree implementing Directive 2015/849/(EU), so called Anti-money Laundering IV Directive, has been approved by the council of ministers.

As of today, only the official press release has been rendered available.

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