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09 October 2018
On 23 August 2018 the Bank of Italy opened a public consultation(1) on certain regulatory provisions to be enacted in order to bring forward the implementation of the EU Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) and the EU Markets in Financial Instruments Regulation (2014/64) (MiFIR). The proposed provisions aim to supplement the Italian legal framework regarding the organisational duties of regulated intermediaries that provide investment services and activities, including banks.
In particular, the proposed provisions, which will apply in accordance with the principle of proportionality,(2) aim to:
The proposed provisions also took into account the European Banking Authority's recommendations on outsourcing to cloud services.
The Bank of Italy's proposed provisions are as follows:
The draft regulation contains provisions regarding:
The relevant provisions will also apply to asset management companies that manage both undertakings for collective investment in transferable securities and alternative investments funds. Although asset management companies are not directly subject to MiFID II or MiFIR, the Italian legislature has deemed it appropriate to provide a single regulation which will apply to all regulated intermediaries to the extent that they provide investment services and activities.
Part II of the proposed provisions concern the authorisation process for the provision of financial services and activities by:
Circular 285 has been amended with regard to Italian and non-EU banks in order to:
As regards EU banks, Circular 285 has been amended to include a reference to the EU Delegated Regulation (2017/565),(3) which indicates the content and procedures for submitting a preliminary information report concerning the provision of investment services and activities in Italy to the competent authorities.
For further information on this topic please contact Andrea Giannelli or Marco Penna at Legance Avvocati Associati by telephone (+39 02 89 63 071) or email (email@example.com or firstname.lastname@example.org ). The Legance Avvocati Associati website can be accessed at www.legance.com.
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