{"id":238,"date":"2020-09-25T12:50:59","date_gmt":"2020-09-25T10:50:59","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=238"},"modified":"2021-04-05T22:00:41","modified_gmt":"2021-04-05T20:00:41","slug":"the-client-update-no-8-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/","title":{"rendered":"The Client Update no. 8\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-8-september-2020-year-2.pdf\" target=\"_blank\" rel=\"noopener\">Download the PDF version<\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6aa92a9b0a07d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6aa92a9b0a07d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Top_stories\" >Top stories<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#CorporateLaws_of_contract\" >Corporate\/Laws of contract<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Banking_law\" >Banking law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Financial_law\" >Financial law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Financial_servicesFinTech\" >Financial services\/FinTech<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Compliance\" >Compliance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Data_protection\" >Data protection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#Anti-money_laundering\" >Anti-money laundering<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-8-2020\/#List_of_abbreviations\" >List of abbreviations<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Top_stories\"><\/span>Top stories<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Converted into law the so called \u201cSimplifications Decree\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">The so-called \u201cSimplifications Decree\u201d has been recently converted into law, introducing important novelties in the areas of public procurement, construction, procedural simplifications, digital administration, business activities, environment and green economy. Particularly noteworthy for the world of enterprises is (i) the raising to 200 thousand Euro of the financing threshold that allows SMEs to obtain the public facility known as &#8220;<em>Nuova Sabatini<\/em>&#8221; as a one-off solution, (ii) the cancellation from the Register of Companies in the absence of shareholders\u2019 complaints against the balance sheet of final liquidation, (iii) the possibility for private individuals investing in Italy to stay there for more than 3 months even if they act on behalf of a legal entity, (iv) the approval by absolute majority of capital increase resolutions of joint-stock and limited liability companies, as well as the possibility for listed companies or those with shares traded in multilateral trading facilities to approve capital increases by means of new contributions, with the exclusion of the right of option (provision in force until 30<sup>th<\/sup> June 2021), and (iv) simplified criteria for the qualification of listed SMEs.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-09-14&amp;atto.codiceRedazionale=20G00139&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Law no. 120 of 11<sup>th<\/sup> September 2020, &#8220;Conversion into law, with amendments, of Law Decree no. 76 of 16<sup>th<\/sup> July 2020, containing urgent measures for simplification and digital innovation&#8221; (published in the Ordinary Supplement no. 33 to the Official Gazette no. 228 of 14<sup>th<\/sup> August 2020; text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The European Court of Justice rules for the first time on the &#8220;net neutrality&#8221;<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Court of Justice, deciding upon a preliminary ruling filed by a Hungarian company, has recently established that EU Regulation 2015\/2120 does not allow an internet provider to enter into agreements with end-users, under which the latter may (i) purchase a tariff entitling them to use a specific volume of data without restriction, without any deduction being made from that data volume for using certain specific applications and services covered by \u2018a zero tariff\u2019, and (ii) once that data volume has been used up, continue to use those specific applications and services without restriction, while measures blocking or slowing down traffic are applied to the other applications and services available.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/curia.europa.eu\/juris\/document\/document.jsf?docid=231042&amp;mode=req&amp;pageIndex=1&amp;dir=&amp;occ=first&amp;part=1&amp;text=&amp;doclang=EN&amp;cid=2451953\" target=\"_blank\" rel=\"noopener\"><em>Judgment of the European Court of Justice (Grand Chamber) of 15<sup>th<\/sup> September 2020, in joined Cases C<\/em><em>\u2011<\/em><em>807\/18 and C<\/em><em>\u2011<\/em><em>39\/19.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CorporateLaws_of_contract\"><\/span>Corporate\/Laws of contract<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>New ANAC Regulation on whistleblowing enters into force<\/strong><\/p>\n<p style=\"text-align: justify;\">To allow ANAC to exercise its sanctionary authority more effectively, a new Regulation on whistleblowing has been recently issued, which governs the procedure for managing reports, assessing retaliatory behaviors adopted against the whistleblower (if any), as well as for applying sanctions in case of failure to verify and analyse reports, and prepare suitable procedures for the submission and management of the same.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.anticorruzione.it\/portal\/rest\/jcr\/repository\/collaboration\/Digital%20Assets\/anacdocs\/Attivita\/Atti\/Regolamenti\/2020\/Reg.WB.01.07.2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>ANAC, Regulations for the management of reports and for the exercise of the sanctionary authority regarding the protection of the authors of reports of torts or irregularities of which they have become aware in the context of an employment relationship, approved by Resolution no. 690 of 1<sup>st<\/sup> July 2020 (published in the Official Gazette no. 205 of 18<sup>th<\/sup> August 2020; text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Banking_law\"><\/span>Banking law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>New regulatory and implementing technical standards for STS securitisations <\/strong><\/p>\n<p style=\"text-align: justify;\">The European Commission has recently issued a package of regulations supplementing the Securitisation Regulation, which lays down technical standards having as object (i) information and details of STS Securitisations to be disclosed by the originator, sponsor and SSPE, (ii) modalities of transmission of such information to investors, (iii) information to be provided in accordance with the STS notification requirements and necessary forms, and (iv) application for registration of securitisation repositories.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=OJ:L:2020:289:FULL&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Official Journal of the European Union no. L. 289 of 3<sup>rd<\/sup> September 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Disapplication of EBA guidelines on loan repayments moratoria <\/strong><\/p>\n<p style=\"text-align: justify;\">Effective 30<sup>th<\/sup> September 2020, EBA will phase out its own guidelines on legislative and non-legislative loan repayments moratoria.<\/p>\n<p style=\"text-align: justify;\">The latter will however continue to apply, as far as its regulatory treatment is concerned, to all payment holidays granted under eligible payment moratoria prior to 30<sup>th<\/sup> September 2020. Conversely, banks may continue to grant payment moratoria also after 30<sup>th<\/sup> September 2020, although the related loans must be classified, on a case-by-case basis, according to the usual prudential framework.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/eba-phases-out-its-guidelines-legislative-and-non-legislative-loan-repayments-moratoria\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Communication of 21<sup>st<\/sup> September 2020 on phasing Guidelines on legislative and non-legislative loan repayments moratoria.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Implementation of EBA guidelines on public reporting and disclosure requirements<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently implemented EBA guidelines having as object the filling-in of supervisory reporting schemes and public disclosure, in light of the changes introduced by the \u201cQuick-fix\u201d CRR. In particular, the above guidelines provide information on the calculation of the leverage <em>ratio<\/em> and the capital requirements against credit risk, reports relating to own funds, as well as the introduction of new disclosure requirements.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/comunicazioni\/com-20200908\/Com_8settembre2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Communication of 8<sup>th<\/sup> September 2020, \u201cEBA\u2019s Guidelines on reporting and public disclosure requirements under Regulation 873\/2020 (the so-called CRR Quick-fix)\u201d (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New requirements for corporate officers of pension funds<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of a recently published decree of the Ministry of Labour and Social Policies, there have been issued requirements of professionalism and integrity, grounds for ineligibility and incompatibility, impediments and suspension grounds concerning legal representative, general manager, corporate officers, persons holding key functions, as well as managers of opened pension funds and individual pension forms.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-09-04&amp;atto.codiceRedazionale=20G00127&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Ministry of Labour and Social Policies, Decree no. 108 of June 11<sup>th<\/sup> 2020 on requirements of professionalism and integrity, grounds for ineligibility and incompatibility, impediments and suspension <\/em> <em>grounds of who have power of administration, direction and control in supplementary pension forms (published in the Official Gazette no. 220 of September 4<sup>th<\/sup> 2020; text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New BoI provisions on recovery plans<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently issued new rules on the recovery plans of the so-called less significant banks and SIMs, laying down implementing provisions aimed at defining the minimum content of such plans, as well as at identifying simplified ways of drafting the latter.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/disposizioni\/2020.09.01-piani-risanamento\/Provvedimento-BI-01.09.2020-piani-risanamento.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Provision of 1<sup>st<\/sup> September 2020 on New Provisions on recovery plans (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Default interests are subjected to the anti-usury discipline<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Supreme Court (Joint Chambers), the anti-usury discipline applies also to default interests, since the related provisions are aimed at sanctioning not only the application of excessive interests agreed upon when the loan agreement was entered into, but also the promise of any usurious sum due in relation to such agreement.<\/p>\n<p style=\"text-align: justify;\"><em><u>Joint Chambers of the Court of Cassation, sentence no. 19597 of 18<sup>th<\/sup> September 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Nullity of the indexation clause linked to Euribor <\/strong><\/p>\n<p style=\"text-align: justify;\">In a loan agreement, the interest rate\u2019s indexation clause is null and void for indeterminacy of its object, as well as for breach of mandatory rules, should it be referred to Euribor, registered between 29<sup>th<\/sup> September 2005 and 30<sup>th<\/sup> May 2008, which was sanctioned by the European Commission (in its decision of 4<sup>th<\/sup> December 2013). This applies even if the lending bank is not among those that have taken part to the ascertain manipulation of Euribor.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Ancona, decision no. 1056 of 18<sup>th<\/sup> August 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>How relevant is as evidence the BoI&#8217;s inspection report?<\/strong><\/p>\n<p style=\"text-align: justify;\">In proceedings for opposition against administrative sanctions, the BoI&#8217;s inspection report constitutes full evidence, (i) until action for fraud, of the facts acknowledged therein, as well as of the origin of the document itself, and (ii) until rebuttal evidence, of the substantive truthfulness of the content of the documents drawn up among the interested and\/or third parties, as well as of the statements made therein. Therefore, the results of the inspection constitute an evidence to be assessed by the Court, as they can only be disregarded in the event of unreliability or contrast with other elements acquired during the proceedings.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snciv&amp;id=.\/20200615\/snciv@s20@a2020@n11481@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, decision no. 11481 of 15<sup>th<\/sup> June 2020 (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Financial_law\"><\/span>Financial law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Amendments to the Prospectus Regulation<\/strong><\/p>\n<p style=\"text-align: justify;\">A set of provisions have been published in the Official Journal, which amend:<\/p>\n<ol style=\"text-align: justify;\">\n<li>EU Delegated Regulation 2019\/979, removing the obligation of issuers of securities convertible or exchangeable into third party shares to publish a supplement to their prospectus; and<\/li>\n<li>EU Delegated Regulation 2019\/980, providing, among other, that issuers of convertible, exchangeable and derivative securities are subject to less stringent disclosure requirements applicable to issuers of non-equity securities, and clarifying the order of disclosure of information items relating to derivative securities and to the underlying share in the EU Growth prospectus.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32020R1272&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Commission Delegated Regulation (EU) 2020\/1272 of 4<sup>th<\/sup> June 2020 amending and correcting Delegated Regulation (EU) 2019\/979 supplementing Regulation (EU) 2017\/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal (published in the Official Journal of the European Union no. L 300 of 14<sup>th<\/sup> September 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32020R1273&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Commission Delegated Regulation (EU) 2020\/1273 of 4<sup>th<\/sup> June 2020 amending and correcting Delegated Regulation (EU) 2019\/980 supplementing Regulation (EU) 2017\/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (published in the Official Journal of the European Union no. L 300 of 14<sup>th<\/sup> September 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Implementation of ESMA\u2019s guidelines on supervisory reporting on MMFs<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently implemented ESMA\u2019s guidelines containing instructions and technical standards for filing quarterly reports by MMF managers with the BoI if the assets under management are equal at least to 100 million Euro, or annually should such assets be lower that the latter threshold. In any case, reports relating to the first two quarters of 2020 must be sent to the BoI by 30<sup>th<\/sup> September 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c189\/Com_3settembre2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Communication of 3<sup>rd<\/sup> September 2020 on the implementation of ESMA Guidelines on Reporting on Money Market Funds (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Bank\u2019s liability in the sale of diamonds to clients<\/strong><\/p>\n<p style=\"text-align: justify;\">If a bank\u2019s client enters into an agreement with a third party for the purchase of diamonds, upon proposal of his\/her bank acting as an intermediary, the latter may be held liable for the damages incurred by its client if the actual value of the diamonds purchased is far below the price paid. Indeed, the bank&#8217;s obligation to properly manage clients&#8217; assets and inform them properly about recommended or merely introduced investments prevails over any other element.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Lucca, decision no. 750 of 4<sup>th<\/sup> September 2020.<\/u><\/em><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Financial_servicesFinTech\"><\/span>Financial services\/FinTech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>EY \u2013 Fintech District\u2019s Report on Italian Fintech ecosystem just published<\/strong><\/p>\n<p style=\"text-align: justify;\">The Italian Fintech ecosystem, although still small, is potentially suitable to attracting foreign investment. This is one of the conclusion reached by the consulting firm EY and the Fintech District of Milan (<em>i.e<\/em>., the hub of Italian companies active in the sector). According to them, in the next few years (i) the alternative sources of financing will fastly develop because of the incumbents\u2019 credit crunch, (ii) following the implementation of PSD2 in Italy, open banking is likely to become the new development paradigm of such sector, and (iii) RegTech will rapidly expand.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/assets.ey.com\/content\/dam\/ey-sites\/ey-com\/it_it\/news\/2020\/ey-l-ecosistema-italiano-del-fintech-oltre-il-covid19.pdf\" target=\"_blank\" rel=\"noopener\"><em>EY \u2013 Fintech District, Report of September 2020 on Fintech Italian ecosystem.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob\u2019s report on roboadvice just published<\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently published on its website the 7<sup>th<\/sup> document of the Fintech series, which focuses on roboadvice. Among others, it is pointed out therein that the probability that an individual follows or not a recommendation from an investment advisor does not depend on the source of the recommendation (whether human or virtual), but rather on the alignment between the self-directed choice made even before receiving the advice in question and the advice itself. Indeed, the propensity to follow the investment advisor increases if the advice confirms the client\u2019s own beliefs about her\/his investor profile.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/FinTech_7.pdf\/6c1115c7-280f-471c-a332-5a43d78bbd0e\" target=\"_blank\" rel=\"noopener\"><em>Consob, 7<sup>th<\/sup> Fintech Notebook of September 2020 on confidence about roboadvice.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Compliance\"><\/span>Compliance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Data_protection\"><\/span>Data protection<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Public consultations launched by EDPB <\/strong><\/p>\n<p style=\"text-align: justify;\">Two public consultations (that will end on 19<sup>th<\/sup> October next) are currently pending before EDPB, which concern guidelines on:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the concepts of controller and processor in the GDPR, aimed at clarifying their definition, rule and relationship; and<\/li>\n<li>the targeting of social media users, aimed at clarifying targeters and social media providers\u2019 rule and responsibilities.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">In addition, two task forces have been set up to within the EDPB, with the task of examining complaints brought after the European Court of Justice\u2019s \u201c<em>Schrems II<\/em>\u201d Judgment (see our NL of July 2020), and developing recommendations for controllers and processors on identifying and implementing further measures to ensure adequate data protection when data are transferred to third countries, respectively.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/edpb.europa.eu\/our-work-tools\/public-consultations-art-704\/2020\/guidelines-072020-concepts-controller-and-processor_it\" target=\"_blank\" rel=\"noopener\"><em>EDPB\u2019 Guidelines 7\/2020 of 2nd September 2020 on the concepts of controller and processor in the GDPR.<\/em><\/a><em><u><br \/>\n<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/edpb.europa.eu\/our-work-tools\/public-consultations-art-704\/2020\/guidelines-082020-targeting-social-media-users_it\" target=\"_blank\" rel=\"noopener\"><em>EDPB\u2019 Guidelines 8\/2020 on the targeting of social media users of 2<sup>nd<\/sup> September 2020<\/em><\/a><em><u>. <\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>The unlawful data processing constitutes a permanent tort<\/strong><\/p>\n<p style=\"text-align: justify;\">The processing of personal data carried out without prior information and acquisition of consent from the data subject constitutes a permanent tort, which lasts until it is ascertained by the Data Protection Authority. As a result, the defensive argument brought by the sanctioned person whereby the alleged unlawful behavior was subject to the statute of limitation period, provided by the law for tort due to the expiry of five years from the processing of data subject to the Authority\u2019s finding, cannot be upheld by the Court.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snciv&amp;id=.\/20200903\/snciv@s20@a2020@n18288@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, order no. 18288 of 3<sup>rd<\/sup> September 2020 (text available in Italian only).<\/em><\/a><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Anti-money_laundering\"><\/span>Anti-money laundering<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Just published FAFT Report on virtual assets red flag indicators of money laundering <\/strong><\/p>\n<p style=\"text-align: justify;\">FAFT has recently published a report on virtual asset red flag indicators, whose anonymity is an attraction for criminals.<\/p>\n<p style=\"text-align: justify;\">In this context, the report (i) is a support tool for NCAs in order to detect whether or not virtual assets are being used for criminal activity, as well as for the addressees of AML obligations upon analyzing suspicious transactions to be reported, and (ii) provides useful information for the national financial intelligence units, law enforcement agencies, prosecutors and regulators when assessing suspicious transaction reports or monitoring compliance with AML controls.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fatf-gafi.org\/publications\/fatfrecommendations\/documents\/virtual-assets-red-flag-indicators.html\" target=\"_blank\" rel=\"noopener\"><em>FAFT, Report of September 2020 on virtual asset red flag indicators of money maundering and terrorist financing.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>EBA calls on the EU Commission to establish a single rulebook on fighting money laundering<\/strong><\/p>\n<p style=\"text-align: justify;\">EBA has recommended to the European Commission to issue a regulation in order to harmonise the EU legal framework and strengthen some aspects of the Fifth AML Directive with regard to the latter\u2019s provisions not sufficiently robust or specific, while reviewing the list of addressees of such provisions, and clarifying the impact thereof on financial services.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Publications\/Opinions\/2020\/931092\/Opinion%20on%20the%20future%20AML%20CFT%20framework%20in%20the%20EU.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA&#8217;s Opinion on the future AML\/CFT framework in the EU of 10<sup>th<\/sup> September 2020.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"List_of_abbreviations\"><\/span>List of abbreviations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>AML<\/strong>: Anti-Money Laundering.<br \/>\n<strong>ANAC<\/strong>: The Italian Anti-Corruption Authority.<br \/>\n<strong>BoI<\/strong>: Bank of Italy.<br \/>\n<strong>Data Protection Authority<\/strong>: The Italian Data Protection Authority.<br \/>\n<strong>EBA<\/strong>: European Banking Authority.<br \/>\n<strong>EDPB<\/strong>: European Data Protection Board.<br \/>\n<strong>EU<\/strong>: European Union.<br \/>\n<strong>EU Regulation 2015\/2120<\/strong>: Regulation (EU) 2015\/2120 of the European Parliament and of the Council of 25<sup>th<\/sup> November 2015 laying down measures concerning open internet access.<br \/>\n<strong>EU Delegated Regulation 2019\/979<\/strong>: Commission Delegated Regulation (EU) 2019\/979 of 14<sup>th<\/sup> March 2019 supplementing Regulation (EU) 2017\/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) no. 382\/2014 and Commission Delegated Regulation (EU) 2016\/301.<br \/>\n<strong>EU Delegated Regulation 2019\/980<\/strong>: Commission Delegated Regulation (EU) 2019\/980 of 14<sup>th<\/sup> March 2019 supplementing Regulation (EU) 2017\/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) no. 809\/2004.<br \/>\n<strong>FAFT<\/strong>: Financial Action Task Force (the global money laundering and terrorist financing watchdog).<br \/>\n<strong>Fifth AML Directive<\/strong>: Directive (EU) 2018\/843 of the European Parliament and of the Council of 30<sup>th<\/sup> May 2018 amending Directive (EU) 2015\/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009\/138\/EC and 2013\/36\/EU.<br \/>\n<strong>GDPR<\/strong>: Regulation (EU) 2016\/679 of the European Parliament and of the Council of 27<sup>th<\/sup> April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95\/46\/EC.<br \/>\n<strong>MMFs<\/strong>: Money Market Funds.<br \/>\n<strong>NCAs<\/strong>: National competent authority.<br \/>\n<strong><em>Nuova Sabatini<\/em><\/strong>: The measure of instrumental goods, introduced by Law no. 1329 of 28<sup>th<\/sup> November 1985 (also known as the \u201cSabatini Law\u201d), recently amended by Law no. 160 of 27<sup>th<\/sup> December 2019 (the so-called \u201c2020 Budget Law\u201d). It is a facility made available by the Ministry of Economic Development with the aim of enhancing access to credit for micro, small and medium sized enterprises and increasing the competitiveness of Italy&#8217;s production system.<br \/>\n<strong>Prospectus Regulation<\/strong>: Regulation (EU) 2017\/1129 of the European Parliament and of the Council of 14<sup>th<\/sup> June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003\/71\/EC.<br \/>\n<strong>PSD2<\/strong>: Directive (EU) 2015\/2366 of the European Parliament and of the Council of 25<sup>th<\/sup> November 2015 on payment services in the internal market, amending Directives 2002\/65\/EC, 2009\/110\/EC and 2013\/36\/EU and Regulation (EU) No 1093\/2010, and repealing Directive 2007\/64\/EC.<br \/>\n<strong>\u201cQuick-fix\u201d<\/strong> <strong>CRR<\/strong>: Regulation (EU) 2020\/873 of the European Parliament and of the Council of 24<sup>th<\/sup> June 2020 amending Regulations (EU) No 575\/2013 and (EU) 2019\/876 as regards certain adjustments in response to the COVID-19 pandemic.<br \/>\n<strong>\u201c<em>Schrems II<\/em>\u201d Judgment<\/strong>: European Court of Justice (Grand Chamber)\u2019s judgement of 16<sup>th<\/sup> July 2020 in Case C-311\/18.<br \/>\n<strong>Securitisation Regulation<\/strong>: Regulation (EU) 2017\/2402 of the European Parliament and of the Council of 12<sup>th<\/sup> December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009\/65\/EC, 2009\/138\/EC and 2011\/61\/EU and Regulations (EC) no. 1060\/2009 and (EU) no. 648\/2012.<br \/>\n<strong>SIMs<\/strong>: Investment firm<strong> (<\/strong>Italian acronym for \u201c<em>Societ\u00e0 di intermediazione finanziaria\u201d<\/em>).<br \/>\n<strong>Simplifications Decree<\/strong>: Law Decree no. 76 of 16<sup>th<\/sup> July 2020.<br \/>\n<strong>SMEs<\/strong>: Small and Medium Enterprises.<br \/>\n<strong>SSPE<\/strong>: Securitisation Special Purpose Entity.<br \/>\n<strong>STS<\/strong>: Simple, Transparent and Standardised.<br \/>\n<strong>STS Securitisations<\/strong>: Simple, Transparent and Standardised Securitisations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Converted into law the so called \u201cSimplifications Decree\u201d.<\/p>\n","protected":false},"author":2,"featured_media":162,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[30],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.1 (Yoast SEO v23.1) - 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