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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…
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…