EBA - Consultation on RTS on supervisory colleges under MiCAR
EBA launched a consultation on draft RTS specifying the criteria for determining the composition of supervisory colleges for each issuer of a significant asset referenced token or of a significant e-money token. The draft RTS also specify the general conditions for the functioning of supervisory colleges under MiCAR. The proposals set out in these draft RTS specify: (i) the criteria to be used for determining “the most relevant” custodians of the reserve of assets, trading platforms, payment service providers providing payment services in relation to the significant EMTs and crypto-assets service providers providing custody and administration of crypto-assets on behalf of clients; and (ii) the conditions under which it is considered that ARTs and EMTs are “used at large scale” in a Member State for the purpose of determining the composition of a supervisory college under MiCAR. Also, the draft RTS specify the general conditions for the functioning of supervisory colleges under MiCAR, including aspects related to participation in the college meetings, the voting procedures for the adoption of a non-binding opinion by the college, and aspects related to the exchange of information and the entrustment of tasks among college members. This consultation forms part of the third batch of MiCAR policy products. The deadline for the submission of comments is 8 February 2024. The EBA will hold a virtual public hearing on different consultation papers under MiCAR on 17 January 2024 from 10:00 to 12:30 CET, with this consultation paper being discussed from 12:00 to 12:30 CET
EBA - Consultation on Guidelines liquidity stress testing under MiCAR
The draft EBA Guidelines on liquidity stress testing, lay out the risks identified by the EBA to be covered in the liquidity stress testing. They also pinpoint the methodology identifying the common reference parameters of the stress test scenarios to be included in the liquidity stress testing to be applied. Following application of the Guidelines, the supervisor may strengthen the liquidity requirements of the relevant issuer to cover those risks based on the outcome of the liquidity stress testing. This consultation forms part of the prudential package of MiCAR deliverables and make up the third batch of MiCAR policy products. The deadline for the submission of comments is 8 February 2024. EBA will hold a hybrid public hearing on 30 January from 10:00 to 16:00 CET
EBA - Consultation on RTS to specify the minimum contents of the liquidity management policy and procedures under MiCAR
The EBA proposes draft RTS specifying the liquidity management policy and procedures. These ensure that the relevant issuers of tokens properly assess and monitor their liquidity needs and that their reserve assets have a resilient liquidity profile to meet any redemption of the asset-referenced tokens that can be requested at any time by their holders. This consultation forms part of the prudential package of MiCAR deliverables and make up the third batch of MiCAR policy products. The deadline for the submission of comments is 8 February 2024. EBA will hold a hybrid public hearing on 30 January from 10:00 to 16:00 CET
EBA - Consultation on RTS to specify the highly liquid financial instruments in the reserve of assets under MiCAR
In the RTS on highly liquid financial instruments in the reserve of assets, the EBA specifies financial instruments that can be considered highly liquid and bearing minimal market risk, credit risk and concentration risk, where the reserve of assets may be invested in. In developing these RTS, the EBA is required to take into account the various types of assets that can be referenced by an asset-referenced token and their correlation with the highly liquid financial instruments that the issuer might invest in. This is to mitigate different market value volatilities between them. In turn, this ensures that the amount of the reserve of assets can meet, at all times, the market value of the asset referenced for any redemption request that can arise. Furthermore, in the specification of highly liquid financial instruments, the EBA needs to consider the Liquidity Coverage Ratio (LCR) framework and the Undertakings for the Collective Investment in Transferable Securities (UCITs) framework. This latter framework serves to determine the concentration limits in the investment of highly liquid financial instruments by the issuer, which is also part of the mandate to the EBA. This consultation forms part of the prudential package of MiCAR deliverables and make up the third batch of MiCAR policy products. The deadline for the submission of comments is 8 February 2024. EBA will hold a hybrid public hearing on 30 January from 10:00 to 16:00 CET
Euronext Securities Milan: Market Notice del 7 novembre 2023
Shareholder Rights Directive II: market practice per la compilazione dell’incarico MT 260SRD
Banca d'Italia - Indagine conoscitiva sull'interesse a svolgere in Italia attività rientranti nell'ambito applicativo di MiCAR
La Banca d'Italia e la Consob, in collaborazione con l'Organismo degli Agenti in attività finanziaria e dei Mediatori creditizi, hanno avviato un'indagine conoscitiva al fine di comprendere il potenziale livello di interesse a svolgere in Italia attività rientranti nell'ambito applicativo di MiCAR e supportare l'attività di preparazione all'applicazione del citato regolamento (il Regolamento (UE) 2023/1114 sarà applicabile dal 30 dicembre 2024, fatta eccezione per le previsioni di cui ai Titoli III e IV relative ai token collegati ad attività e ai token di moneta elettronica, che saranno applicabili dal 30 giugno 2024). L'indagine è rivolta, tra gli altri soggetti, anche a banche, istituti di moneta elettronica, istituti di pagamento, intermediari finanziari ex. art. 106 TUB, SIM, gestori di OICVM e FIA, depositari centrali di titoli e gestori di mercati regolamentati, i quali riceveranno un'apposita comunicazione, contenente il questionario e le relative istruzioni di compilazione. Le risposte dovranno essere restituite attraverso la piattaforma INFOSTAT; i depositari centrali di titoli e i gestori di mercati regolamentati, invece, trasmetteranno le risposte secondo differenti modalità che saranno comunicate dalle Autorità. Le risposte dovranno essere restituite entro il 24 novembre 2023
ESMA - Cyber risk as a new Union Strategic Supervisory Priority
ESMA is changing its Union Strategic Supervisory Priorities (USSPs) to focus on cyber risk and digital resilience alongside ESG disclosures. With this new priority, EU supervisors will put greater emphasis on reinforcing firms’ ICT risk management through close monitoring and supervisory actions, building new supervisory capacity and expertise. The aim is to keep pace with market and technological developments, and closely monitor potential contagion effects of attacks and disruptions across markets and firms. The new USSP will come into force in 2025, at the same time as the Digital Operational Resilience Act – DORA. This timeline is intended to provide supervisors and firms in Member States with sufficient time to prepare for compliance with the new regulatory requirements. The new USSP on cyber risk and digital resilience will replace the USSP on market data quality
Vorvel: Avviso del 6 novembre 2023
Modifiche al Tariffario del Mercato: Vorvel comunica che, a partire dal 6 dicembre 2023, entreranno in vigore le modifiche al Tariffario per gli Aderenti Diretti.
Decreto 24 ottobre 2023, n. 150
Pubblicato in G.U. n. 255 del 31 ottobre 2023 il Decreto 24 ottobre 2023, n. 150 "Regolamento recante la determinazione dei criteri e delle modalità di iscrizione e tenuta del registro degli organismi di mediazione e dell'elenco degli enti di formazione, nonchè l'approvazione delle indennità spettanti agli organismi, ai sensi dell'articolo 16 del decreto legislativo 4 marzo 2010, n. 28 e l'istituzione dell'elenco degli organismi ADR deputati a gestire le controversie nazionali e transfrontaliere, nonchè il procedimento per l'iscrizione degli organismi ADR ai sensi dell'articolo 141-decies del decreto legislativo 6 settembre 2005, n. 206 recante Codice del consumo, a norma dell'articolo 7 della legge 29 luglio 2003, n. 229". Il regolamento entrerà in vigore il prossimo 15 novembre
Borsa Italiana: Avviso n. 41291 del 2 novembre 2023
Modifiche al Regolamento dei Mercati e dei Regolamenti degli MTF GEM e TAH: Novazione dei contratti garantiti. In vigore dal 6 novembre 2023.
FAFT GAFI - Report on Crowdfunding for Terrorism Financing
FATF has published a report on "Crowdfunding for Terrorism Financing". The report’s primary objective is to build deeper knowledge of the methods and techniques used by individual terrorists, terrorist organisations and violent extremists, through crowdfunding, to finance all types of terrorist activity. In doing so, the report will also build a common understanding of the different types of crowdfunding activities, placing focus on the ones that pose the highest TF risk. The report aims to help competent authorities develop a better understanding of the nature of this activity. It also aims to assist the international community in finding the appropriate regulatory balance to encourage financial inclusion and innovation while effectively mitigating TF risks, without unintended consequences on this industry or on those who use these platforms for legitimate fundraising purposes, including Non-Profit Organisations. The report highlights policy gaps, new vulnerabilities and emerging typologies that should be considered by FATF Global Network members looking to strengthen their respective AML/CFT frameworks, as well as the FATF working groups
FAFT GAFI - Draft Amendments to FATF Guidance on Beneficial Ownership (R.25)
At the February 2023 Plenary, FATF adopted amendments to Recommendation 25, and agreed to immediately start the work to update guidance on Recommendation 25, with a view to help support the implementation of the new requirements. The FATF now welcomes comments to its updated Risk-Based Guidance to Recommendation 25 on Beneficial Ownership and Transparency of Legal Arrangements. In particular, comments are welcome on the following specific issues: (i) Are there any other purposes of express trusts beyond what have been set out in the Guidance?; (ii) Are there other potential scenarios concerning beneficiaries that should be included in this Guidance?; (iii) What other activities may be included in the definition of trust administration, if any?; (iv) Are there other additional mechanisms available to ensure access to beneficial ownership information in the context of trusts?; (v) What are the suggested approaches to identify, assess, and mitigate the ML/TF risks linked with different types of legal arrangements (trusts governed under domestic law, foreign trusts administered in the country, and foreign trusts having sufficient links with the country)?; (vi) What trends can be identified?; (vii) Under which circumstances would a non-professional trustee be chosen? Which types of trusts are typically administered by such non-professional trustees? and (viii) How can countries achieve the obligations on non-professional trustees more effectively? The consultation runs until 8 December (18h00 CET)
Euronext Clearing: market notice del 31 ottobre 2023
Basel III Reporting: Euronext Clearing will make available such parameters to all Clearing Members active on the Euronext Equity Section by the end of November 2023.
Consob - Comunicazione n. 0094380 del 25 ottobre 2023 in tema di voto maggiorato
La Consob ha pubblicato la Comunicazione n. 0094380 del 25 ottobre 2023, inviata allo studio legale [], in risposta al quesito confermativo in merito alla conservazione del diritto di voto maggiorato di cui all'articolo 127-quinquies, comma 3, del TUF, sulle azioni detenute da [...richiedente...] tramite [...società X...] a seguito della riorganizzazione della catena di controllo e in relazione a possibili vicende successorie
ESMA - Analysis on the evolution of EEA share market structure since application of MiFID II
ESMA publishes an article on the evolution of the European share market structure from 2019 to 2022, following the implementation of the markets in financial instruments directive (MiFID II). Specific focus is given to the impact of the UK’s withdrawal from the EU, given its pivotal role in equity markets. The European market structure has changed in an important manner during the observed period. The important decrease in trading volumes observed after 2021 linked to the impact of the UK withdrawal was accompanied by four main changes: a decrease in the number of trading infrastructures, even though their number remains elevated; a shift in share trading distribution, both in terms of market types and countries, a concentration of trading in a few EU countries and trading venues; a relocation of domestic trading activities; and a rise in the specialisation of trading venues.
Agenzia delle Entrate. Circolare n. 30/E del 27 ottobre 2023: Trattamento fiscale delle cripto-attività
Si rende nota la pubblicazione della circolare n. 30/E del 27 ottobre 2023 che fornisce indicazioni operative sul trattamento fiscale delle cripto-attività che tengono anche conto delle modifiche introdotte dall’articolo 1, commi da 126 a 147, della legge di bilancio 2023.
European Commission - Benchmarks Regulation: review of the scope and regime for non-EU benchmarks
European Commission adopted a Proposal for a Regulation amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements. This adopted act is open for feedback for a period of 8 week(s).The eight-week feedback period is being extended every day until this adopted proposal is available in all EU languages
European Commission - Consumer rights : adapting out-of-court dispute resolution to digital markets
The European Commission adopted a Proposal for a Regulation repealing Regulation (EU) No 524/2013 and amending Regulations (EU) 2017/2394 and (EU) 2018/1724 with regards to the discontinuation of the European ODR Platform. This adopted act is open for feedback for a period of 8 week(s).The eight-week feedback period is being extended every day until this adopted proposal is available in all EU languages
Governo. Approvati, in esame preliminare, due decreti di attuazione della delega fiscale: Revisione statuto contribuente e Semplificazioni 2023
Il Consiglio dei Ministri n. 55 del 23 ottobre scorso, su proposta del Ministro dell’economia e delle finanze Giancarlo Giorgetti, ha approvato, in esame preliminare, due decreti legislativi di attuazione della legge 9 agosto 2023, n. 111, con la quale è stata conferita delega al Governo per la revisione del sistema tributario:
MEF. Investment management exemption, bozza di decreto in consultazione fino al 27 ottobre 2023
Il Ministero dell’Economia e delle finanze ha aperto, dal 16 al 27 ottobre, la consultazione pubblica sullo schema di decreto ministeriale attuativo della legge di Bilancio 2023, recante individuazione dei requisiti di indipendenza dei veicoli di investimento non residenti nel territorio dello Stato.
