The Bank of Italy recently opened a public consultation on certain regulatory provisions to be enacted in order to bring forward the implementation of the EU Markets in Financial Instruments Directive and the EU Markets in Financial Instruments Regulation. 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.
A recently launched market, AIM Italia, gives small and medium-sized enterprises with strong growth potential the opportunity to access international venture capital. However, its success will ultimately depend on the company's determination to attract investment, the efficiency of the market's rules and the independence and impartiality of its nominated advisers.
CONSOB, the Italian securities market regulator, has completed the transposition of the EU Market Abuse Directive. Its new regulatory provisions codify its increased powers of intervention and introduce new disciplinary measures on corporate information and crime, particularly with respect to insider dealing and market manipulation.
A new resolution has been unveiled which aims to govern regulated markets. The law harmonizes market regulations with recent corporate law reforms and takes into consideration the implementation of the EU Financial Collateral Directive. It will be of particular interest to market operators, who were consulted on the new law.