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FSB - Progress Report on LIBOR and Other Benchmarks Transition Issues: Reaching the finishing line of LIBOR transition and securing robust reference rates for the future

The transition from LIBOR to overnight risk-free rates (RFRs) and efforts made to improve the robustness of interest rate benchmarks have increased market stability and integrity. Most LIBOR settings have now ceased and, while certain panel-based US dollar settings are continuing until end-June 2023 to support the transition of legacy contracts, the market has already shifted new activity away from LIBOR and toward RFRs. The progress report on LIBOR and other benchmark transition issues: (i) provides an overview of LIBOR transition efforts, covering success to date and remaining transition steps, including anchoring the financial system in overnight RFRs; (ii) provides updates from member jurisdictions on other benchmark transition efforts; (iii) presents findings from the FSB's follow-up questionnaire on supervisory issues related to LIBOR transition; (iv) sets out conclusions and next steps. The FSB encourages authorities and market participants alike to keep momentum for the last stage of transition and going forward to rely on benchmark rates that have a strong reference foundation, which means anchoring the financial system in overnight RFRs. Extensively used benchmarks should be especially robust and reflect credible, liquid underlying markets. This will avoid the need to repeat the transition effort experienced by the global financial community in transitioning away from LIBOR

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EBA - Closure report of Covid-19 measures

EBA published its closure report of Covid-19 measures, which provides an overview of the wide range of policy measures taken on the back of the pandemic, their state of play and the path out of policy support.  Although the EU banking system proved overall resilient, the ample support provided does not give room to complacency, and the framework is to be further strengthened with a loyal and prompt implementation of Basel III. The publication is accompanied by an update to the list of public guarantee schemes (PGS) and general payment moratoria schemes issued in response to the pandemic. Finally, the EBA Guidelines on Covid-19 reporting and disclosure have been repealed in response to the decreasing relevance of the related public support measures, and the overall EBA proportionate approach to reporting

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EBA - Consultation on new Guidelines to tackle de-risking

EBA launched a public consultation on new Guidelines on the effective management of money laundering and terrorist financing (ML/TF) risks when providing access to financial services. Through these Guidelines, the EBA aims to ensure that customers, especially the most vulnerable ones, are not denied access to financial services without valid reason. Access to at least basic financial products and services is a prerequisite for organisations and individuals to participate in modern economic and social life. It can also save the lives of vulnerable customers, such as refugees or homeless people. However, such access is not always ensured. To address this, the EBA launched a public consultation on two new sets of Guidelines. The first set is adding a new section to the EBA's ML/TF risk factors Guidelines, which set out what financial institutions should do to identify and tackle ML/TF risk. This new section will help financial institutions understand how NPOs are organised, how they can be different from other customers and what they can do to manage ML/TF risks associated with such customers effectively instead of denying them access to financial services. The second set tackles the issue of effective management of ML/TF risks by financial institutions when providing access to financial services. These Guidelines clarify the interaction between the access to financial services and institutions' AML/CFT obligations, including in situation where customers, including the most vulnerable, have legitimate reasons to be unable to provide traditional forms of identity documentation. In addition, they set out the steps institutions should take when considering whether to refuse or terminate a business relationship with a customer based on ML/TF risk or AML/CFT compliance grounds. The deadline for the submission of comments is 6 February 2023. A public hearing will take place via conference call on Tuesday 10 of January from 14:00 to 15:30

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Unione Europea. Minimum Tax: approvata la proposta di Direttiva della Commissione che diventerà operativa nel 2024

Il 12 dicembre 2022 il Consiglio europeo ha annunciato, tramite pubblicazione sul suo sito internet di un comunicato stampa, che è stata approvata all'unanimità la proposta di Direttiva della Commissione che garantisce a livello europeo una aliquota d'imposta effettiva minima, pari al 15%, per i gruppi multinazionali con ricavi superiori a 750 milioni di euro.  

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ESMA - Statistical report on EU Prospectuses 2022

The statistical report follows the ESMA prospectus activity reports of 2021 and earlier, and covers data for prospectuses approved in 2021. The first chapter of the Statistical Report provides an overview of prospectus activity across EEA30 Member States. It also provides an overview of the usage of EU Growth and EU Recovery prospectuses. The second chapter presents the database and sets out the methodologies that were used to help understand the statistics included in the report. The statistical annex includes the set of charts that were prepared based on data from the Prospectus Register at prospectus, document and instrument level

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Banca d'Italia - FinTech Milano Hub, Call for Proposals 2022: dal 15 dicembre si possono presentare i progetti Fintech

A partire dal 15 dicembre 2022 al 31 gennaio 2023 sarà possibile presentare le domande di partecipazione alla Call for Proposals 2022. Sono stati pubblicati il Regolamento quadro per accedere ai servizi di Milano Hub, il centro di innovazione della Banca d'Italia, e l'avviso della Call for Proposals 2022. Saranno selezionati 10 progetti Fintech che potranno accedere al supporto offerto dall'Hub, con team di esperti che affiancheranno i partecipanti fornendo consulenze specialistiche nei settori di interesse delle iniziative (es. regolamentazione bancaria e assicurativa, servizi finanziari e di pagamento etc.). Il tema della Call for Proposals 2022 è "Applicazione della tecnologia basata su registri distribuiti (Distributed Ledger Technology - DLT) ai servizi bancari, finanziari, assicurativi e di pagamento, con particolare riguardo al presidio delle esigenze di: affidabilità della governance ed in conformità alle disposizioni applicabili e agli orientamenti espressi dalle Autorità; robustezza dei meccanismi di regolamento, con particolare riferimento alle soluzioni in grado di assicurare il regolamento finale dei pagamenti in moneta di banca centrale; interoperabilità con altre piattaforme DLT ovvero basate su modelli alternativi (es. API); certezza e sicurezza dell'operatività sotto i profili tecnici e legali (ad esempio in termini di definitività delle transazioni); tutela della clientela"

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ESMA - Guidance to applicants under the DLT Pilot Regime

ESMA published a Final Report including Guidelines on standard templates, forms and formats to apply for permission to operate a DLT market infrastructure. The Guidelines include templates to be used by market participants to apply for specific permission to operate any type of DLT market infrastructure (DLT MI) under the DLT Pilot Regulation (DLTR), namely: a DLT MTF, a DLT settlement system or a DLT trading and settlement system. They also include templates for the applicants DLT MIs to request limited exemptions from specific requirements under MiFIR, MiFID II or CSDR, provided they comply with certain conditions. Instructions on how to submit this information should be published by the national competent authorities on their website. The Guidelines will be published on the ESMA website in the EU official languages in the coming weeks. The comply or explain procedure for authorities will follow, in accordance with Article 16(3) of ESMA Regulation. The Guidelines will enter into force on 23 March 2023

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ESMA -Guidance for supervision of cross-border activities of investment firms

ESMA published a Supervisory Briefing to ensure convergence across the European Union in the supervision of the cross-border activities of investment firms. The free provision of services in the EU rests on the supervision of the home NCA and on the cooperation between home and host supervisors. To this end, this briefing covers the following areas: (i) authorisation of firms with cross-border plans; (ii) processing of passport notifications and their impact on the supervisory approach applied to firms; (iii) arrangements in place to carry out ongoing supervisory activities; (iv) carrying out of ongoing supervision; and (v) carrying out of investigations and inspections

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ESMA - Statement on best execution reporting

ESMA issued a Public Statement to promote coordinated action by National Competent Authorities (NCAs) under MiFID II. ESMA expects NCAs not to prioritise supervisory actions towards execution venues relating to the periodic reporting obligation on them to publish the RTS 27 reports, from 1 March 2023 until the forthcoming legislative amendment to the relevant Article of MiFID II applies.

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Banca d'Italia: FAQ su questionario AML

La Banca d'Italia ha pubblicato alcune FAQ in risposta alle richieste di chiarimento ricevute in relazione alla survey campionaria, avviata lo scorso 25 ottobre nell'ambito del progetto di ampliamento delle informazioni a supporto delle attività di vigilanza AML. L'Autorità, con riguardo alle richieste ricevute - alcune delle quali formulate da Assosim - ha dichiarato che le FAQ pubblicate "si limitano a fornire chiarimenti su aspetti operativi a supplemento delle istruzioni del questionario. Non si dà invece riscontro in questa sede a quelle richieste di chiarimento che implicano più ampie valutazioni interpretative della normativa AML. Per tutto quanto non chiarito dalle presenti FAQ e dalle istruzioni, gli intermediari compilano il questionario secondo proprie valutazioni. Tutte le richieste di chiarimento pervenute saranno in ogni caso esaminate per meglio calibrare la versione definitiva del questionario, in vista del suo utilizzo su base strutturale da parte dei soggetti vigilati."  

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Regolamento di esecuzione (UE) 2022/2365 della Commissione del 2 dicembre 2022

Il Regolamento di esecuzione (UE) 2022/2365 della Commissione modifica le norme tecniche di attuazione di cui al regolamento di esecuzione (UE) 2016/1801 per quanto riguarda le tabelle di corrispondenza tra le valutazioni del merito di credito delle agenzie esterne di valutazione del merito di credito per le cartolarizzazioni e le classi di merito di credito conformemente al regolamento (UE) n. 575/2013 del Parlamento europeo e del Consiglio

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