On 19 March 2019, Consob (the Italian competent authority for the supervision on markets and listed companies) published a discussion document about initial coin offerings (ICOs) and crypto-assets exchanges (the “Document”), that may lead to the introduction of specific regulation in this field. The Document summarises the main items Consob is considering in the development of a regulatory response to ICOs. During the consultation period, which will remain open until 19 May 2019, Consob intends…

On 19 February 2019, the Bank of Italy published a communication (the “Communication”) addressed to UK-based banks, payment institutions and e-money institutions operating in Italy under a branch or services passport as well as by availing themselves of a network of agents (the “UK Intermediaries”).   The Communication – transmitted individually to UK Intermediaries on 15 January – moves from: (i) the initial indications provided by the European Banking Authority (“EBA”) calling on…

On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in Italian). The measures, which have been drafted after consulting with competent supervisory authorities and hearing relevant sectoral association, are aimed…

The Italian financial services regulator, the Commissione Nazionale per le Società e la Borsa (Consob), has recently been in the news for suspending an initial coin offering (ICO) to the Italian public. The full text of the Consob resolution (no. 20660 dated 31 October 2018) is available in Italian here. Essentially, Consob held that the ICO satisfied the criteria for an offer of a financial investment (i.e. it involved the use of capital, an…

Consob, the Italian financial sector regulator, has launched a consultation on the abrogation of the obligation to publish a prospectus for unit-linked and index-linked insurance products. The proposed change is intended to end the peculiar Italian regime requiring insurers to draft a prospectus for unit-linked and index-linked insurance products, introduced in 2005 when the EU legal framework on pre-contractual information for insurance products was far from harmonized. The consultation follows the introduction throughout the EU…

The Italian Ministry of Economy and Finance recently conducted a consultation on a draft decree, aimed at imposing registration requirements on virtual currency operators. These measures reflect a decree passed last year, in the context of implementation of Fourth Anti-Money Laundering Directive, whereby Italian lawmakers anticipated some of the topics that were still under discussion at EU level, by extending the application of anti-money laundering obligations to the crypto-currency sector, at least in connection with…

Last week Consob, the Italian financial services regulator, took a further step in implementing MiFID II, by launching a public consultation in relation to the implementation of MiFID II regime for third-country firms. This consultation focuses on proposed amendments to second-level regulatory measures, in particular in respect of requirements and procedures for access to the Italian markets. In brief, third country firms shall be able to provide investment services on the Italian market under several…