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Banca d'Italia: nuove modalità di attuazione degli Orientamenti e delle Raccomandazioni delle Autorità europee di vigilanza

La Banca d'Italia ha pubblicato una Comunicazione per rendere note le modalità con le quali d'ora in poi darà attuazione, per gli intermediari da essa vigilati, agli Orientamenti e alle Raccomandazioni delle Autorità europee di vigilanza (Autorità bancaria europea - EBA, Autorità europea degli strumenti finanziari e dei mercati - ESMA, Autorità europea delle assicurazioni e delle pensioni aziendali e professionali - EIOPA).

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UIF - SOS primo semestre 2019

Secondo il report nel primo semestre del 2019 la UIF ha ricevuto 51.201 segnalazioni di operazioni sospette (SOS), il 3,8% in più rispetto al periodo corrispondente del precedente anno. Le operazioni segnalate hanno superato i 47 miliardi di euro, contro i circa 45 miliardi nel primo semestre del 2018.

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ESMA - Draft guidelines on certain aspects of the compliance function requirements under MiFID II

The Consultation Paper includes proposals on the draft guidelines which confirm and broaden the existing guidelines in order to: (i) consider the changes to the compliance function requirements brought by MiFID II; (ii) give relevance to the results of supervisory activities conducted by national competent authorities on the compliance function requirements; and (iii) provide additional details on some aspects that were already covered under ESMA's 2012 guidelines. The closing date for responses from stakeholders is 15 October 2019

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ESMA - Draft Guidelines on disclosure requirements under the Prospectus Regulation

ESMA has launched a public consultation concerning its draft Guidelines, whose purpose is to ensure that market participants have a uniform understanding of the relevant disclosure requirements and assist national competent authorities when they assess the completeness, comprehensibility and consistency of information in prospectuses. The draft Guidelines cover topics, such as:historical financial information; interim financial information; profit forecasts and estimates; working capital statements; and capitalisation and indebtedness. The consultation period closes on 4 October 2019.

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ESMA - Updated Q&As on Prospectus Regulation

Three Q&As provide clarification on (i) the application of Article 23(3) of the Prospectus Regulation in relation to issuers that qualify as financial intermediaries and (ii) continuing an offer which has initially been made using a base prospectus approved under the Prospectus Directive after the entry into application of the Prospectus Regulation. Additionally, ESMA is publishing twenty-two Q&As that have been updated in relation to the Prospectus Regulation. These Q&As were originally published in relation to Directive 2003/71/EC. ESMA has also decided not to update twenty-eight Q&As that were published in relation to the Prospectus Directive. These are Q&As 1, 2, 4, 8, 15, 22, 25, 30, 35, 37, 44, 45, 60, 62, 65, 70, 71, 73, 75, 80, 82, 86, 87, 88, 89, 90, 93, 101.

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ESMA - Consultation on cost of market data and consolidated tape

ESMA launched a public consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape (CT) for equity instruments. MiFID II/MiFIR aims at ensuring fair access to and lowering the cost of market data and has established the legal framework for the provision of a CT. However, to date, no CT has emerged and, based on ESMA's analysis, it appears that MiFID II has so far not delivered on its objective to lower the prices of market data. ESMA's consultation forms part of the reviews required by MiFID II/MiFIR. It aims to gather further information on the factors behind the cost of market data and the CT ahead of ESMA's final report to the European Commission. The consultation closes on 6 September 2019 and, based on stakeholder feedback, ESMA will develop a final review report, which it intends to submit to the EC in December 2019.

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ESMA - Updated Q&As on MiFID II and MiFIR market structure and transparency topics

ESMA has updated its Questions and Answers regarding market structures and transparency issues under MiFID II and MiFIR. The new Q&As provide clarification on the following topics: The use of pre-arranged transactions for non-equity instruments (Amendment to an existing Q&A); The hedging exemption of Article 8 of MiFIR; The treatment of constant maturity swaps; and The application of the tick size regime to periodic auction systems.

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ESMA - Warning for CFDs providers on application of product intervention measures

The statement is in response to various practices and situations observed in the market, which raise concerns of non-compliance with the legal requirements applicable when providing services to retail clients. ESMA is aware that (i) some CFD providers are advertising to retail clients the possibility to become professional client on request and (ii) some third-country firms are marketing CFDs that do not comply with ESMA's measures to retail clients in the EU, particularly through online advertising, and  EU firms are engaged in activities that are intended to circumvent ESMA's temporary product intervention measures. ESMA and NCAs will continue to monitor compliance of CFD providers with the product intervention decisions. ESMA and NCAs will continue to monitor compliance of CFD providers with the product intervention decisions.

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ESMA - Updated CSDR Q&As

The updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime. The latest CSDR Q&As clarify aspects regarding the scope of internalised settlement reporting, namely: \u2022 investment firms are not required to report in case they do not execute transfer orders themselves, which they forward in their entirety to a custodian, irrespective of whether the custodian is established in the EEA or not; and \u2022 trade netting as such does not qualify as internalised settlement.

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UIF - Rapporto Annuale 2018

In Italia il rischio di riciclaggio, secondo il recente National Risk Assessment, continua a essere molto significativo a causa della rilevanza delle minacce e delle criticità nel sistema economico-sociale; al contempo i presidi volti a fronteggiare tale rischio sono giudicati complessivamente adeguati. I dati del 2018 testimoniano la vitalità del sistema: le segnalazioni di operazioni sospette sono ulteriormente aumentate nel numero e mediamente migliorate nella qualità. Permangono carenze nella partecipazione al sistema da parte di alcune categorie di operatori e nella collaborazione offerta da non pochi paesi esteri. Ulteriori miglioramenti sono conseguibili negli scambi tra autorità..

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ESAs - Recommendations on the supervision of retail financial services provided across borders

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a Report on the cross-border supervision of retail financial services. In this report, the ESAs identified the main issues that national competent authorities (NCAs) face when supervising financial institutions that provide cross-border retail financial services within the EU and make recommendations to both NCAs and EU institutions on how to address them. In particular, the Report calls for more clarity on when activities carried out through digital means fall under passporting rules, and for considering the identified high-level principles on cooperation as the basis for any new legislation or possible amendment to current legislation.

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FAFT Report: Terrorist Financing Risk Assessment Guidance

The guidance aims to assist practitioners, and particularly those in lower capacity countries, in assessing terrorist financing risk at the jurisdiction level by providing good approaches, relevant information sources and practical examples based on country experience. The report addresses: (i) Key considerations when determining the relevant scope and governance of a terrorist financing risk assessment, and practical examples to overcome information sharing challenges related to terrorism and its financing, (ii) Examples of information sources when identifying terrorist financing threats and vulnerabilities, and considerations for specific country contexts (e.g. financial and trade centres, lower capacity jurisdictions, jurisdictions bordering a conflict zone etc.); (iii) Relevant information sources for practitioners when identifying cross-border terrorist financing risks but also terrorist financing risks within the banking and money or value transfer sectors, and facing those non-profit organisations that fall within the FATF definition and (iv) Good approaches for maintaining an up-to-date assessment of risk, and areas for further focus going forward.

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ESMA - Update of annual equity transparency calculations - application of the tick size regime for third-country shares

On 21 June 2019 ESMA has published the updated results of the annual equity transparency calculations. The updated results are due to apply from 8 July 2019.

This update has among other things an impact on the average daily number of transactions on the most relevant market in the EU determining the tick size to be applied for trading on European markets. ESMA has very recently been made aware of an issue with the updated calculations which appears to affect the results for shares whose main pool of liquidity is in a third country while having less than one transaction a day on average on the most relevant market in the EU. ESMA is investigating this issue and will revert in due course with a revised set of results for the relevant shares. In order not to impose a potentially incorrect tick size in the meantime, ESMA wishes to clarify that European trading venues are until further notice not bound by the tick sizes deriving from the ESMA publication of 21 June 2019 for third-country shares with an average daily number of transactions lower than one on the most relevant market in the EU. All those shares should be considered third-country shares for which the trading venue with the highest turnover is located in a country outside the EEA. ESMA acknowledges that this change at short notice is not ideal, but believes this announcement avoids market disruption due to potentially incorrect tick sizes for third-country shares. ESMA will aim to quickly rectify the issue.

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