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Eugenio Muschio

Eugenio Muschio handles the regulatory and debt capital market work in Italy. He has extensive experience in the financial, banking and insurance sectors, as well as in capital markets transactions, with a particular focus on the debt sector (EMTN, standalone bonds, liability management, both domestic and Euro market).

On 28 June 2023, the EU Commission published its long-awaited package of reforms to the EU payments regulatory regime. Deeming the package an “evolution not a revolution” of the EU payments framework, the Commission has published proposals for:
• A third Payment Services Directive repealing and replacing the Payment Services Directive and Electronic Money Directive
• A new Payment Services Regulation, which will harmonize and directly apply most of the conduct obligations imposed on payments firms
• A new Regulation on a framework for financial data access, relating to open finance
• A new Regulation on the establishment of a digital euro

In October 2022, the Council of the EU published the long-awaited compromise text of the proposed Regulation on Markets in Cryptoassets (MiCA), a “landmark regulation” that, according to the Council, will “put an end to the crypto wild west”. Once in force, MiCA will establish the first comprehensive, pan-EU regulatory regime for the regulation of cryptoassets, including the regulation of (i) cryptoassets issuance activities and (ii) cryptoasset service providers (who will be held to similar regulatory standards to those imposed on investment firms).

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 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.