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UIF - Pubblicato il primo numero della newsletter UIF

La newsletter propone un riepilogo delle principali notizie sull'attività della UIF e una sintesi dei dati sulle SOS ricevute nel secondo semestre 2018, che hanno visto un significativo aumento rispetto a quelle pervenute nel periodo corrispondente del precedente anno (9,1 per cento). Nel corso del 2018 si rileva anche un incremento significativo delle segnalazioni riconducibili al finanziamento del terrorismo che per la prima volta hanno superato le 1.000 unità.

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European Commission - Banking supervisors agree on a cooperation mechanism for combatting money laundering

The European Central Bank and national authorities supervising financial institutions' compliance with EU anti-money laundering obligations, in close cooperation with the European Commission and the European Supervisory Authorities, have reached an agreement on the new cooperation mechanism. The agreement clarifies the actions that need to be taken when a weak link is discovered in the system and how exactly information will be exchanged, so that cooperation in the fight against money laundering takes place in an efficient and timely way.

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ESMA - Annual Statistical Report on the cost and performance of retail investment products

ESMA published its first Annual Statistical Report on the cost and performance of retail investment products. The Report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds sold to retail investors (retail AIFs) and Structured Retail Products (SRPs) and documents the significant impact of costs on the final returns that retail investors make on their investments: - the charges for UCITS funds, taken all together, reduce their gross returns by one quarter on average; - the cost impact varies widely, especially depending on the choice of product, asset class, fund type; and - management fees and other on-going costs constitute over 80% of investors costs, whilst entry and exit fees have a less significant impact.

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ESMA - Crypto-assets need common EU-wide approach to ensure investor protection

ESMA has been working with NCAs on analysing the different business models of crypto-assets, the risks and potential benefits that they may introduce, and how they fit within the existing regulatory framework. Based on this work, ESMA has identified a number of concerns in the current financial regulatory framework regarding crypto-assets. At a minimum, ESMA believes that AML requirements should apply to all cryptoassets and activities involving crypto-assets. There should also be appropriate risk disclosure in place, so that consumers can be made aware of the potential risks prior to committing funds to crypto-assets.

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ESMA - Statement recognition of UK CCPs and CSDs in no-deal Brexit

ESMA published a public statement to clarify its plans for the recognition of Central Counterparties established in the United Kingdom (UK CCPs) as Third Country CCPs (TC-CCPs) under Regulation (EU) No 648/2012 (European Markets Infrastructure Regulation - EMIR) for a no-deal Brexit scenario, where UK CCPs will become TC-CCPs as of 30 March 2019. As previously communicated in its public statement of 23 November 2018, the ESMA Board of Supervisors supports continued access to UK CCPs, in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU. Therefore, ESMA aims to recognise UK CCPs in a timely manner, where the four recognition conditions under Article 25 of EMIR are met.

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ESMA - Update on assessment of third-country trading venues for the purpose of post-trade transparency and position limits

Following the publication of two opinions for post trade transparency and position limits, ESMA received requests to assess more than 200 third-country trading venues (TCTVs) against the criteria set out in these opinions. ESMA, to date, has not reviewed a sufficient number of  TCTVs to publish a comprehensive list. ESMA considers it important that all TCTVs receive the same treatment in order to maintain a level playing field, so will delay publication of the lists until a more significant number of TCTVs have been assessed. Consequently, pending the publication of the lists, investment firms do not have to make public their transactions concluded on TCTVs via an approved publication arrangement (APA). Commodity derivatives contracts traded on TCTVs are not considered as economically equivalent over-the-counter (EEOTC) contracts for the purpose of the position limit regime.

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ESMA - Consultation paper on integrating sustainability risks and factors in MiFID II

The public consultation is launched by ESMA in order to support the European Commission's Sustainability Action Plan in the area of securities trading. It covers the topics on which the Commission has requested ESMA to provide technical advice, namely: organisational requirements; risk management; product governance. It also includes suggested amendments to the ESMA guidelines on MiFID II product governance requirements and the ESMA guidelines on certain aspects of the MiFID II suitability requirements.

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ESMA - Final report amending the tick size regime

ESMA published its Final report amending the tick size regime (Commission Delegated Regulation (EU) 2017/588 (RTS 11)). The proposed draft amendments to RTS 11 will allow National Competent Authorities (NCAs) of European Union trading venues, where third-country shares are traded, to decide on an adjusted average daily number of transactions (ADNT) on a case-by-case basis in order to take into account the liquidity available on third country venues in the calibration of tick sizes

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EBA - Final guidelines on the STS criteria in securitisation

The Guidelines will provide a harmonised interpretation of the criteria for the securitisation to be eligible as simple, transparent and standardised (STS) on a cross-sectoral basis throughout the Union. The Guidelines will apply from 15 May 2019. In order to support a consistent interpretation of the STS framework across the EU, it is expected that the competent authorities and other addressees of the Guidelines will generally apply the approach set out in the guidelines as from the application date of the EU securitisation framework on 1 January 2019.

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Garante Privacy - Linee guida sull'applicazione dell'ambito territoriale del Gdpr

Approvate nel corso della quarta riunione plenaria del Comitato europeo per la protezione dei dati (Edpb), di cui fa parte anche il Garante privacy italiano, le Linee guida sull'applicazione dell'ambito territoriale del Gdpr. In considerazione del forte impatto che le linee guida potrebbero produrre sull'attività di istituzioni e imprese - sia europee, sia straniere - il Board europeo dei Garanti privacy ha deciso di sottoporre il testo a consultazione pubblica fino al 18 gennaio 2019.

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