In connection with the opening of the first window for the presentation of FinTech projects in order to participate to the FinTech regulatory sandbox, which started on 15 November 2021 and will last until 15 January 2022 , the three Italian supervisory authorities in charge of running the experimentation, the Bank of Italy, the Consob, and the IVASS, issued a set of regulations that implement the administrative procedures required in connection with the admission to the FinTech regulatory sandbox and the other procedural phases of the experimentation.
On 8 October 2021, the Consob launched a public consultation concerning proposed amendments to the Consob Regulation No. 11971 of 14 May 1999 (the “Italian Issuers’ Regulation”). The amendments to the Italian Issuers’ Regulation aim at aligning the domestic regulations with the latest legislative developments on prospectus requirements at Italian and EU level.
On 24 November 2021, the Bank of Italy issued an order concerning amendments to the Bank of Italy’s Circular No. 285 of 17 December 2013 on “Supervisory provisions for banks” (the “Circular No. 285”). The amendments to the Bank of Italy’s Circular No. 285 aim at aligning the Italian regulations with the latest EU legislative developments on sound remuneration policies and practices, in particular exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures.
On 20 October 2021, the Financial Intelligence Unit communicated that as of January 2022 the following data will no longer be accepted by the systems used to make the suspicious transactions reporting and the objective communications: G5 credit instrument and cash deposit (residual), U3 cash deposit < EUR 15,000, U4 cash withdrawal < EUR 15,000.
On 2 July 2021, the Decree of the Ministry of Economy and Finance No. 100 of 30 April 2021 (“MEF Implementing Decree”) was published on the Official Journal of the Republic of Italy (Gazzetta Ufficiale). The MEF Implementing Decree (i) regulates the tasks attributed to the newly-established FinTech Committee, its functioning and composition, and (ii) provides a comprehensive framework for the FinTech experimentation, including setting out the requirements for participating to the Sandbox, the operational perimeter during the participation, and the regime for the termination of the experimentation.
The Italy: Financial Services Regulatory Newsletter contains an updated summary of the most recent regulatory developments for Italy. It covers topics such as FinTech, corporate governance, and supervisory requirements.
On 30 June 2021, the Bank of Italy issued amendments to Circular No. 285 of 17 December 2013 on “Supervisory provisions for banks”. In particular, these amendments replace Part First, Title IV, Chapter 1, of Circular No. 285, on corporate governance requirements, and aim at aligning Circular No. 285 with the provisions of Directive (EU) 2019/878 of 20 May 2019.
On 18 December 2020, the EIOPA (European Insurance and Occupational Pensions Authority) released a communication recommending insurance undertakings to maintain extreme caution in dividend distributions, share buy-backs or variable remunerations. These operations should not exceed thresholds of prudency and institutions should ensure that the resulting reduction in the quantity or quality of their own funds remains at levels appropriate to the current levels of risk.
1) Recommendations on dividend distribution.
2) Extension of the deadline for the fulfillment of the ongoing education requirements for insurance intermediaries.
Following the entry into force of Article 42 of decree-law 17 March 2020 no. 18 (Cura Italia decree), converted into law 24 April 2020 no. 27, that clarified that ascertained cases of infection caused by COVID-19 during work should be qualified as injuries, a discussion took place with regards to the possibility to transfer such qualification also with regards to private injury policies.