The European Securities and Markets Authority (ESMA) has launched a joint supervisory action with the national competent authorities (NCAs) to monitor the implementation of the MiFID II disclosure rules on marketing communications in the European Union. This evaluation will take place during 2023. ESMA is aware of the key role that marketing communications and advertising […]
Introduction The continuing evolution of technology over the past decades has brought about momentous changes in every area of life. From the economy, to culture, to personal relationships everything seems to have been absorbed by it, and crime is no exception to this change, indeed it evolves by adapting. In fact, criminal infiltration emerges in […]
IVASS has initiated the public consultation procedure with regard to the some proposed amendments to IVASS Regulation no. 18 of 15 March 2016 concerning the rules for the determination of technical provisions referred to in Article 36-bis of the Private Insurance Code.The purpose of the amendments is to align the national rules with the EIOPA […]
<strong>As of January 1, 2023, the rules on the key information that investment funds have to provide to savers have changed. </strong> According to the latest amendments to the <strong>Issuers</strong>'<strong> Regulation </strong>(Resolution No. 22551 of December 21, 2022) approved by Consob in implementation of EU regulations, the Key Information Document (KID) already adopted for financial-insurance […]
On 22 November, EBA published its Guidelines on remote customer due diligence requirements related to AML, in the context of the so-called remote onboarding solutions. The Guidelines implement the request addressed, on September 2020, by the European Commission to EBA related to Digital Finance Strategy for the EU. They focus on the measures that credit […]
On 4 January 2023, the Irish Data Protection Authority (Data Protection Commission) announced that it had imposed two sanctions on Meta Ireland, of EUR 210 million for GDPR violations relating to Facebook and EUR 180 million for violations relating to Instagram, respectively. The inquiry carried out by the Irish Authority had been initiated following two […]
On 31 October 2022, the European Insurance and Occupational Pensions Authority (EIOPA) published a new methodolgy for assessing value for money in the unit-linked market. The methodology outlines a common European approach concerning the identification of unit-linked products that may offer poor or no value for money and require monitoring by national competent authorities (NCAs) […]
The three European supervisory authorities (EBA, EIOPA, ESMA – the so-called ESAs) launched a public consultation to gather information on greenwashing risks and practices in the banking, insurance and financial sector. The Call for Evidence stems from the need to better understand which sectors might become more susceptible to greenwashing, due to the increasing demand for […]
Consob published in the Discussion Paper series a study titled “Customer profiling for suitability assessment purposes. Follow up of the 2012 study on a sample of Italian intermediaries“. The paper starts from the analysis of a previous 2012 Discussion Paper, expands its contents and follows its methodologtical approach with reference to the formats for the […]
On 8 November 2022, the Director of IVASS Riccardo Cesari, taking part during the Insurance Summit, organised by Il Sole 24 Ore in Milan, presented an overview of innovations in life products between regulation and the market. The evolution of the savings attitude since the 1980s shows values falling from 20% to 8% in the […]
