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EBA - Amendments to the Guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers

EBA launched a public consultation on amendments to its Guidelines on money laundering and terrorist financing (ML/TF) risk factors. The proposed changes extend the scope of these Guidelines to crypto-asset service providers (CASPs). The consultation runs until 31 August 2023. CASPs as well as other credit and financial institutions are exposed to ML/TF risks. For CASPs, these risks can be increased, due to, for example, the use of innovative technologies, instant transfers of crypto assets across the world and services that contain privacy-enhancing features. The EBA is proposing to amend its ML/TF risk factors guidelines to set common, regulatory expectations of the steps CASPs should take to identify and mitigate these risks effectively. The amendments introduce new sector-specific guidance for CASPs, which highlights factors that may indicate the CASP’s exposure to the higher or lower ML/TF risk. CASPs should consider these factors when carrying out the ML/TF risk assessments of their business and customers at the outset and during the business relationship. The Guidelines also explain how they should adjust their customer due diligence (CDD) in line with those risks. Furthermore, the amendments include guidance to other credit and financial institutions on risks to consider when engaging in a business relationship with a CASP or when they are otherwise exposed to crypto assets

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Consob - AI e abusi di mercato: le leggi della robotica si applicano alle operazioni finanziarie?

Sul sito Consob è stato pubblicato il Quaderno giuridico n. 29, che delinea una distinzione tra sistemi di AI deboli e forti: i primi dipendono dalle istruzioni prestabilite di produttori, programmatori o utenti, mentre i secondi sono dotati di capacità di auto-apprendimento e producono output autonomi e imprevedibili rispetto agli input iniziali. Con la diffusione di queste tecnologie nel mercato finanziario emergono inedite esigenze di tutela a fronte di un apparato normativo orientato unicamente sulla condotta (commissiva o omissiva) dell'uomo: la tenuta del quadro normativo e l'imputazione degli illeciti finanziari compiuti con l'intervento di questi sistemi. In particolare, i sistemi di AI forti richiedono la predisposizione di innovativi criteri di imputazione della responsabilità e incrinano l'applicazione del principio di neutralità tecnologica nella regolamentazione del settore finanziario. Il lavoro individua tre possibili ed alternative soluzioni dirette a reprimere le condotte dannose dei sistemi di AI forti, ma ciascuna di queste soluzioni presenta peculiari elementi di criticità

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ESMA - Final Report: RTS on the information to be provided in an application for authorisation and registration under BMR

The RTS on the information to be provided in an application for authorisation and registration under the Benchmarks Regulation, published in 2018, needs to be amended to ensure alignment with the changes proposed in its final report on the review of the RTS on recognition published on 28 November 2022. Such alignment will ensure an equal treatment between EU based and third country-based administrators when they submit their application under BMR to the respective competent authorities. ESMA is suggesting requesting additional information or further specifying some of the information already requested in the existing RTS in order to allow NCAs and ESMA to properly assess whether the applicant has established all the necessary arrangements to meet the requirements of BMR. The final report consists of three chapters, covering (i) the background information on ESMA’s legal mandate to develop the draft technical standards, (ii) the feedback received to the open public consultation, and (iii) the final proposal for the draft technical standards. The amended draft regulatory technical standards will be submitted to the European Commission. The Commission has three months to decide whether to endorse the regulatory technical standards  

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Banca d'Italia - Contribuzione 2023 al Fondo di Risoluzione Unico: avvio del processo di raccolta dei contributi

Con riferimento al processo di contribuzione al Fondo di Risoluzione Unico (Single Resolution Fund - SRF) per il 2023, la Banca d'Italia - con comunicazione del 26 maggio ha reso noto che, in esito all'attività di rilevazione e di analisi dei dati raccolti, il Comitato di Risoluzione Unico (Single Resolution Board - SRB) ha approvato l'ammontare dei contributi ex-ante dovuti da ciascun intermediario. Nella fase corrente del processo di contribuzione, alla Banca d'Italia sono demandati, in qualità di Autorità di Risoluzione Nazionale, i compiti relativi alla comunicazione agli intermediari dei contributi dovuti e alla raccolta delle contribuzioni da versare al SRF. In relazione a ciò, ciascun intermediario è tenuto ad effettuare il pagamento del contributo dovuto in favore della Banca d'Italia che procederà successivamente a trasferire le somme raccolte al SRB. Il pagamento dovrà essere effettuato a partire dal 12.6.2023 e non oltre il 16.6.2023

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Agenzia delle Entrate. Interpello su nuovi investimenti. Sintesi n. 1 del 25 maggio 2023: accordi di investimento fiscalmente assimilabili alle azioni

Con la sintesi n. 1 del 25 maggio 2023, l'Agenzia delle Entrate ha chiarito che il regime tributario degli accordi di investimento è assimilabili a quello delle azioni. Nel caso di specie, la partecipazione immediata alle perdite e prospettica agli utili della società emittente esprime chiaramente la natura partecipativa degli strumenti "convertendi" esaminati nell'istanza e, dunque, la loro assimilabilità alle azioni ai fini dell'individuazione del regime tributario applicabile.  

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BCE - Annual Report 2022

The report covers the ECB's monetary policy and economic and financial developments in 2022 and presents the activities of the Eurosystem in its various areas of competence during the year under review

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ESMA - Risks arising from investment firms providing unregulated products and services

ESMA issued a public statement to warn investors of risks that arise when investment firms offer both regulated and unregulated products and/or services. Retail investors often rely solely on the reputation of an investment firm which makes them susceptible to overlooking potential risks of the unregulated products and/or services offered by investment firms (‘halo effect’). This is especially so where the unregulated products have a purpose similar to financial instruments regulated under MiFID II (investment or hedge). ESMA’s statement therefore aims to remind firms of the behaviours they are expected to adopt in such circumstances (e.g. disclosure, appropriate documentation) to make investors fully aware of the unregulated status of these products and services and of the fact that they may not benefit from the regulatory protections that apply to investments in a regulated product. In addition, ESMA recommends investment firms take into consideration the impact that their unregulated activities may have on the firm’s business activity as a whole when it comes to risk management systems and policies

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Consob - Aggiornamento degli Orientamenti ESMA su alcuni aspetti dei requisiti di adeguatezza della MiFID II

Con avviso del 25 maggio scorso, la Consob ha reso che sono disponibili sul proprio sito nella versione italiana gli Orientamenti pubblicati dall'ESMA in data 3 aprile 2023, unitamente al testo integrale del “Final report” in lingua inglese, che contiene in allegato una “List of good and poor practices observed from the supervision of the MiFID II requirements on suitability” volta a favorire l'armonizzazione delle prassi operative a livello europeo. Gli Orientamenti forniscono nuove indicazioni agli operatori alla luce dell'evoluzione normativa, con particolare riguardo all'integrazione dei profili di sostenibilità nei processi per la valutazione di adeguatezza nella prestazione dei servizi di consulenza in materia d'investimenti e di gestione di portafogli. La Consob ha comunicato all'Autorità europea di conformarsi agli Orientamenti, integrandoli nelle proprie prassi di vigilanza. Gli intermediari sottoposti alla vigilanza della Consob sono pertanto tenuti a rispettare gli indirizzi applicativi resi dall'ESMA attraverso gli Orientamenti a partire dal 3 ottobre 2023, in sostituzione dei precedenti, emanati nel luglio 2018

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ESMA - Risks arising from investment firms providing unregulated products and services

ESMA issued a public statement to warn investors of risks that arise when investment firms offer both regulated and unregulated products and/or services. Retail investors often rely solely on the reputation of an investment firm which makes them susceptible to overlooking potential risks of the unregulated products and/or services offered by investment firms (‘halo effect’). This is especially so where the unregulated products have a purpose similar to financial instruments regulated under MiFID II (investment or hedge). ESMA’s statement therefore aims to remind firms of the behaviours they are expected to adopt in such circumstances (e.g. disclosure, appropriate documentation) to make investors fully aware of the unregulated status of these products and services and of the fact that they may not benefit from the regulatory protections that apply to investments in a regulated product. In addition, ESMA recommends investment firms take into consideration the impact that their unregulated activities may have on the firm’s business activity as a whole when it comes to risk management systems and policies.

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ESMA - Joint Committee: Annual Report 2022

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published its 2022 Annual Report, which provides an account of its joint work completed over the past year. The Joint Committee focused on issues of cross-sectoral relevance, such as joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. The Committee’s main deliverables concerned the Sustainable Finance Disclosure Regulation (SFDR) and the Digital Operational Resilience Act (DORA)

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IOSCO - Consultation Report: Policy Recommendations for Crypto and Digital Asset Markets

IOSCO has issued for consultation detailed recommendations to jurisdictions across the globe as to how to regulate crypto assets. In a major initiative designed to improve global standards of regulation of crypto-assets, IOSCO has set out how clients should be protected and how crypto trading should meet the standards that apply in public markets. The Recommendations cover six key areas, consistent with the IOSCO Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations, and good practices: 1) Conflicts of interest arising from vertical integration of activities and functions, 2) Market manipulation, insider trading and fraud, 3) Cross-border risks and regulatory cooperation; 4) Custody and client asset protection, 5) Operational and technological risk, and 6) Retail access, suitability, and distribution. IOSCO aims to finalise its recommendations by the end of the year. Thereafter, it expects that jurisdictions will review their current regulatory frameworks to ensure that they comply with the standards and fix any gaps promptly. Comments on the consultation paper should be sent to cryptoassetsconsultation@iosco.org on or before 31 July 2023

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ESMA - Consultation on draft RTS under the revised ELTIF Regulation

ESMA is consulting on draft regulatory technical standards (RTS) under the revised ELTIF Regulation. Interested stakeholders are invited to provide input by 24 August 2023. The RTS will specify the way the new requirements of the revised ELTIF regulation, in particular on the redemption policy and matching mechanism, will apply. In the consultation paper ESMA is seeking stakeholders’ views on: - the circumstances in which the life of a European long-term investment fund (“ELTIF”) is considered compatible with the life-cycles of each of the individual assets, as well as different features of the redemption policy of the ELTIF; - the circumstances for the use of the matching mechanism, i.e. the possibility of full or partial matching (before the end of the life of the ELTIF) of transfer requests of units or shares of the ELTIF by exiting ELTIF investors with transfer requests by potential investors; - the costs disclosure.

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Banca d'Italia - Consultazione sugli orientamenti di vigilanza in materia di fornitori specializzati di servizi di crowdfunding

La consultazione pubblica riguarda gli Orientamenti di vigilanza della Banca d’Italia per i fornitori specializzati di servizi di crowdfunding per le imprese. Essi indicano le aspettative della Banca d’Italia sulle modalità con cui questi soggetti dovrebbero uniformarsi alle previsioni in materia di governo societario, controlli interni, valutazione dell’idoneità degli esponenti e due diligence sui titolari dei progetti contenute nel Regolamento (UE) 2020/1503 e nei relativi regolamenti delegati (attuato a livello nazionale con il d.lgs. 10 marzo 2023, n. 30, di modifica del TUF). La consultazione sarà aperta fino al prossimo 16 giugno

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ESMA - Consolidated Q&As on the PRIIPs Key Information Document (KID)

The Q&As concern Regulation (EU) No 1286/2014 (the PRIIPs Regulation) and its Delegated Acts (the PRIIPs Delegated Regulation). This consolidated document combines responses given by the European Commission to questions requiring the interpretation of Union Law according to Article 16b(5) of the ESA Regulations, which are colour coded in blue, and responses generated by the ESAs relating to the practical application or implementation of the PRIIPs Regulation and its Delegated Acts under Article 16b(1) of the ESA Regulations, which are not colour coded

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