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We would like to take this opportunity to wish all of our blog subscribers a Merry Christmas and a Happy New Year. Our next blog postings for the UK, Italy, Germany and the Netherlands will be on Wednesday 4 January 2017. Don’t forget that our January 40 minute briefing takes place at our London office on Wednesday 11 January 2017. Further information on the briefing can be found here
Our European financial services team will be hosting a series of seminars in November across our offices in France, Germany, Italy and the Netherlands. More information and booking details for each seminar can be found via the hyper-link on the relevant City below: Paris | November 21, 2016 Amsterdam | November 22, 2016 Milan | November 23, 2016 Frankfurt | November 24, 2016…
Our European financial services team will be hosting a series of seminars in November 2016 across our offices in France, Germany, Italy and the Netherlands. The seminars will focus on MIFID II and will cover: Update on the European legislative process including local implementation Highlights from the new conduct requirements Thoughts on the new market structures Other interesting issues around execution and post-trade More information and booking details for each seminar can be found via…
Italian insurance contract law provides that notice of a claim for damages by a third party to a liability insurer or notice of commencement of court action by a third party will suspend any limitation period specified under the insurance contract until the rights of the damaged party have become enforceable or become time-barred. …
On 12 October 2015, the Ministry of Finance published a consultation document containing proposals for new provisions for Legislative Decree n. 58 of 24 February 1998 (the Consolidated Law on Finance) which implement the revised Transparency Directive. Amongst the most significant changes to the current transparency regime on which the Ministry of Finance seeks responses from market operators are: an increase to the shareholding threshold in a listed company (from 2% to 3%), which would…
The Bank of Italy, recently published a consultation document, dated 16 September 2015, concerning some amendments to the provisions of the Bank of Italy Regulations on sanctions and on the sanctioning procedure of 18 December 2012. The proposed amendments are the consequence of the important changes that the CRD IV and the Single Supervisory Mechanism have introduced on sanctioning following their coming into force. Pursuant to these EU requirements, most of the prudential supervisory functions…
The Italian Financial Act provides that a contract for the provision of investment services, except for investment advice, must be made in writing and a copy of the agreement must be handed to the customer. Where these requirements are not complied with, the contract is void. A recent decision by Italy’s highest court, the Italian Supreme Court (Corte di Cassazione) confirms that the requirement that contracts for investment services must be made in writing is…
Following the recent investigations carried out with the Bank of Italy on Payment Protection Insurance (PPI) and the letter to the market issued by both the authorities on this matter at the end of August 2015, IVASS has now launched a survey in order to gain more detailed information on the structure of costs relating to this particular kind of insurance product. This latest action by the Italian regulator is indicative of the increased scrutiny…
Under Italian contract law, a contract must be directed to the realisation of interests deserving protection according to the law; that is, a contract must have a social and economic function which is worthy of legal protection. This is known as “causa”. Under an Interest Rate Swap (I.R.S.), each counterparty undertakes to exchange their own stream of future interest payments for another based on a specified principal amount. Normally the counterparties exchange a fixed payment…
The Bank of Italy (BoI) has published a set of guidelines in connection with the application of the new supervisory instructions for financial intermediaries. The supervisory instructions came into force in July with the aim of aligning the supervisory regime applicable to financial intermediaries to that applicable to banks under the CRD IV. The guidelines are intended to provide assistance to firms in the transition to the new regulatory regime and have been produced by…