The Financial Intelligence Unit for Italy (“FIU”) issued a public consultation on new instructions for the detection and reporting of suspicious transactions (“Suspicious Transactions Regulation”), which will replace the FIU...more
As the evolution of payments continues at a rapid pace it is important that industry participants are up to date on the regulatory developments supporting and guiding these developments. This publication outlines the key...more
The Italian Legislative Decree implementing MiCAR has been published in the Official Gazette. Among other things, it designates CONSOB and the Bank of Italy as competent supervisory authorities and sets out a transitional...more
On 26 July 2024, the Bank of Italy, COVIP, IVASS and the Italian Ministry of Economy and Finance jointly published instructions for enhanced controls on a wide range of supervised entities pertaining to the financial,...more
On 22 July 2024, the Bank of Italy issued a communication on MiCAR illustrating its supervisory powers and outlining certain MiCAR aspects and the impact on market players. Bank of Italy announced it is open for dialogue with...more
On 27 June, our cross border team held a dynamic discussion on CRD 6: Third Country Branches covering an overview of the key changes introduced by the directive.
We discussed the impact of the new authorisation requirements...more
On 17 June 2024, the Bank of Italy published a communication on unauthorised payment transactions. Inspections revealed shortcomings with several payment service providers (PSPs), such as groundless refund refusals,...more
On 15 June 2023, the Bank of Italy published on its website a series of acts aimed at reviewing the domestic AML rules to comply with EBA Guidelines on the use of remote customer onboarding solutions....more
The EU Directive (EU) 2021/2167 (NPL Directive), published in the Official Journal of the EU on 8 December 2021 and regulating the sale, purchase and servicing of both consumer and commercial non-performing loans (NPLs)...more
On 17 May, the Bank of Italy published a public consultation on the supervisory guidelines for crowdfunding service providers to implement EU Regulation 2020/1503 on European crowdfunding service providers (“CSP”) for...more
With the sentence No. 44378 of 22 November 2022, the Supreme Court ruled for the equivalence between cryptocurrencies and financial products....more
The Bank of Italy published a communication on Buy Now Pay Later (BNPL) products warning consumers about potential risks noting the applicable regulatory framework...more
The Italian Ministry of Economy and Finance issued the long-awaited decree regarding the Italian register of payment services agents, e-money distributors and central contact points for AML supervision....more
Italian secondary legislation about to be adapted to EU standards - On 15 July 2021, the Italian Council of Ministers approved, in preliminary examination, a legislative decree introducing rules to adapt national legislation...more
The long-awaited decree regulating the business of VASPs in Italy was published in the Italian Official Gazette.
On 17 February 2022, following a public consultation, the decree of the Ministry of Economy and Finance...more
At our recent global conference we held in partnership with Global Digital Finance, our keynote speaker suggested that the three major drivers for financial institution regulators and policy makers for the next few years...more
The Italian Ministry of Economy and Finance launched a public consultation on the long-awaited draft decree for the establishment of the Italian register of payment services agents, e-money distributors and central contact...more
Bank of Italy, Consob and IVASS launched the Italian Sandbox announcing the first call for submitting FinTech projects.
On 17 July 2021, the Decree of the Italian Ministry of Economy and Finance No. 100 of 30 April 2021...more
Bank of Italy launched initiatives regarding the use of Artificial Intelligence for innovating the banking, financial and payment sector and complaints handling....more
On 2 July 2021, the Decree of the Italian Ministry of Economy and Finance for the launch of a Sandbox in Italy and the establishment of a FinTech Committee was published in the Italian Official Gazette....more
On 1 July 2021, the Bank of Italy transposed into the Italian legal framework Article 106 of PSD2 regarding the obligation for payment service providers to inform consumers of their rights in the context of the provision of...more
Pursuant to Directive 2014/92/EU (“PAD”), as implemented in Italy under the Italian Consolidated Banking Act (“CBA”), payment service providers (“PSPs”) offering payment accounts to consumers must participate on one or more...more
Key developments of interest over the last month include: • United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on...more
New provisions have been introduced to the Italian law concerning the development of FinTech initiatives and the establishment of an Italian Fintech Sandbox. Secondary measures are expected to be enacted by 31 January 2021....more
The current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions...more
4/28/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements ,
EU ,
European Central Bank ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
IOSCO ,
Loans ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Short Selling ,
UK