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D.Lgs. 13 febbraio 2019 n. 19 - Norme di adeguamento della disciplina nazionale al Regolamento Benchmark

Pubblicato in GU il D.Lgs. n. 19/2019 che adegua la normativa nazionale al Regolamento (UE) 2016/1011 sugli indici utilizzati come benchmark negli strumenti finanziari e nei contratti finanziari o per misurare la performance di fondi di investimento  e il Regolamento (UE) 2015/2365 sulla trasparenza delle operazioni di finanziamento tramite titoli

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ESAs - Proposal of amendment to PRIIPs Key Information Document to clarify application to investment funds

The European Supervisory Authorities (ESAs) submitted to the European Commission draft regulatory technical standards to amend the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The amendment clarifies the application of the KID to investment funds where these are offered as underlying investment options to a PRIIP (so-called "multi-option products" or "MOPs"). The amendment follows a recent decision by the European co-legislators to defer the application of the KID to these investment funds by two years from the end of this year until the start of 2022. The aim of the ESAs' proposal is to provide, in good time, legal certainty to market participants before the expiry of the current provision in the PRIIPs Delegated Regulation at the end of 2019. Before the draft Regulatory Technical Standards (RTS) become binding, they need to be endorsed by the European Commission followed by a period of scrutiny by the European Parliament and the Council.

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ESMA - Approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit

ESMA published a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the United Kingdom leave the European Union under a no-deal Brexit. ESMA's statement aims to inform stakeholders on the approach it will take in relation to these provisions. It sets out details on the following MiFID II and BMR aspects under a no-deal Brexit: - The MiFID II C(6) carve-out; - Trading obligation for derivatives; - ESMA opinions on post-trade transparency and position limits; - Post-trade transparency for OTC transactions between EU investment firms and UK counterparties; and - BMR: ESMA register of administrators and 3rd country benchmarks. There is still uncertainty as to the final timing and conditions of Brexit. Should the timing and conditions of Brexit change, ESMA may adjust its approach and will inform the public of any changes in its approach as soon as possible.

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Gazzetta Ufficiale Unione Europea - Regolamento delegato 2019/348 del 25 ottobre 2018

E' stato pubblicato sulla GUUE il Regolamento Delegato (UE) 2019/348 della Commissione del 25 ottobre 2018 che integra la direttiva 2014/59/UE del Parlamento europeo e del Consiglio per quanto riguarda le norme tecniche di regolamentazione che precisano i criteri di valutazione dell'impatto del dissesto di un ente sui mercati finanziari, su altri enti e sulle condizioni di finanziamento

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ESMA - Results of the annual transparency calculations for equity and equity-like instruments

ESMA started to make the annual transparency calculations for equity and equity-like instruments available. Those calculations include: -       the liquidity assessment as per Articles 1 to 5 of CDR 2017/567; -       the determination of the most relevant market in terms of liquidity (MRM) as per Article 4 of CDR 2017/587 (RTS 1); -       the determination of the average daily turnover (ADT) relevant for the determination of the pre-trade and post-trade large in scale (LIS) thresholds; -       the determination of the average value of the transactions (AVT) and the related the standard market size (SMS); -       the determination of the average daily number of transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime. Currently, there are 1,344 liquid shares and 389 liquid equity-like instruments other than shares, subject to MiFID II/MiFIR transparency requirements. Please be aware that due to late data submissions by some reporting entities and adaptations necessary should the UK leave the Union on 29 March, under a no-deal scenario, ESMA will likely have to update the results after 29 March.

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ESMA - Postponement of the publication of the annual calculation of LIS and SSTI thresholds for bonds

ESMA decided to delay the publication of the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. This was due to the IT systems requiring more time than expected to complete the required calculations. This publication was originally planned for March 1, in advance of the deadline of 30 April provided by Article 13(17) of the Commission Delegated Regulation (EU) 2017/583 (RTS 2), and as communicated in the statement on the use of UK data in ESMA databases and the performance of MiFID II calculations under a no-deal Brexit, published on 5 February 2019. ESMA aims to ensure that this publication will now take place later in March.

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Consob - Richiamo di attenzione: informazioni sui costi e gli oneri connessi alla prestazione di servizi di investimento e accessori e agli strumenti finanziari

La Consob ha pubblicato un richiamo di attenzione relativo alle informazioni sui costi e gli oneri connessi alla prestazione di servizi di investimento e accessori e agli strumenti finanziari con cui richiama l'attenzione degli intermediari sull'osservanza della normativa vigente in materia. Tra le altre cose, l'Autorità comunica che i presidi adottati per la trasparenza ex ante ed ex post, aggregata e disaggregata, sui costi e gli oneri connessi alla prestazione di servizi di investimento e accessori e agli strumenti finanziari dovranno essere compiutamente illustrati nella prossima "Relazione sui servizi" da trasmettere alla Consob entro il 31 marzo p.v.

La Relazione della Funzione di controllo di conformità alle norme, accompagnata dalle osservazioni e determinazioni degli organi aziendali, inviata ai sensi della delibera Consob n. 17297 del 28 aprile 2010, dovrà contenere gli esiti dei controlli effettuati sul tema.

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ESMA - Recognition of UK Central Securities Depository as third country CSD

ESMA announced that, in the event of a no-deal Brexit, the Central Securities Depository established in the United Kingdom - Euroclear UK and Ireland Limited - will be recognised as a third country CSD to provide its services in the European Union. ESMA has adopted this recognition decision in order to allow the UK CSD to serve Irish securities and to avoid any negative impact on the Irish securities market. ESMA has previously communicated that its Board of Supervisors supports continued access to the UK CSD. Having assessed the application and the information submitted by the UK CSD, and consulted the relevant authorities in accordance with the Central Securities Depositories Regulation (CSDR), ESMA considers that the conditions for recognition under Articles 25 of CSDR are met by the UK CSD in case of a no-deal Brexit. Therefore, it has adopted a decision to recognise the UK CSD as a third-country CSD under the CSDR. The recognition decision would take effect on the date following Brexit date, under a no-deal Brexit scenario.

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