{"id":239,"date":"2020-10-22T21:14:18","date_gmt":"2020-10-22T19:14:18","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=239"},"modified":"2021-04-05T21:59:27","modified_gmt":"2021-04-05T19:59:27","slug":"the-client-update-no-9-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/","title":{"rendered":"The Client Update no. 9\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-9-october-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-6aa92fb7b6b1b\" 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-6aa92fb7b6b1b\"  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-9-2020\/#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-9-2020\/#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-3\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#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-4\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#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-5\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#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-6\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#Data_protection\" >Data protection<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#Corporate_criminal_law\" >Corporate criminal law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#Procedural_law\" >Procedural law<\/a><\/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-9-2020\/#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>Conversion into law of the so-called \u201cAugust Decree\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">The so-called \u201cAugust Decree\u201d (<a href=\"https:\/\/www.carotenutolex.com\/downloads\/newsletter\/The_Client_Update_CSL_-_no_7_August_2020_Year_2.pdf\" target=\"_blank\" rel=\"noopener\">see our NL of August 2020<\/a>) has been recently converted into law, with amendments, providing as measures to support and relaunch the Italian economy:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the possibility for enterprises that have been admitted to the arrangement procedure with creditors on a going concern basis or have entered into debt restructuring agreements to access the State guarantee fund for SMEs, as long as at the time of application their exposures are not classified as non-performing and do not have any amounts in arrears; and<\/li>\n<li>bureaucratic and administrative simplifications for the establishment of start-ups by entrepreneurs under 30 years old.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-10-13&amp;atto.codiceRedazionale=20G00145&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Law no. 126 of 13<sup>th<\/sup> October 2020, \u201cConversion into law, with amendments, of the Law Decree <\/em><em>no. 104 of 14<sup>th<\/sup> August 2020, n. 104, containing urgent measures to support and relaunch the economy\u201d (published in the Ordinary Supplement no. 37 to the Official Gazette no. 253 of 13<sup>th<\/sup> October 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>EBA\u2018s public consultation concerning guidelines on major incidents reporting under PSD2<\/strong><\/p>\n<p style=\"text-align: justify;\">EBA has recently launched a public consultation (which will end on 14<sup>th<\/sup> December 2020), which has as object a proposed revision of its own guidelines on major incidents reporting under PSD2, aimed at optimising and simplifying such reporting process. The main proposals concern:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the introduction of a new incidents classification criterion with regard to the breach of security measures;<\/li>\n<li>the use of a standardised reporting file;<\/li>\n<li>the reduction of the reporting burden currently envisaged for PSPs; and<\/li>\n<li>the elimination of the regular updates on the intermediate report, as well as the extension of the deadline for submitting the final report.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Publications\/Consultations\/2020\/CP%20on%20draft%20revised%20Guidelines%20on%20major%20incident%20reporting%20under%20PSD2\/933876\/EBA%20CP%20on%20the%20draft%20revised%20GL%20on%20major%20incident%20reporting%20under%20PSD2.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Consultation Paper of 14<sup>th<\/sup> October 2020, on the revision of the Guidelines on major incident reporting under PSD 2.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Commission Notice on the transposition of BRRD<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to assist NCAs in the transposition of BRRD (by 28<sup>th<\/sup> December 2020), the European Commission has recently issued a notice so as to answer to the questions raised by such authorities with regard to the interpretation of certain BRRD provisions, as well as on the interactions of the latter with the SRMR, CRR and CRD.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:52020XC0929(01)&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>European Commission Notice relating to the interpretation of certain legal provisions of the revised bank resolution framework in reply to questions raised by Member States\u2019 authorities (published in the Official Journal no. C 321 of 29<sup>th<\/sup> September 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>ECB\u2019s guide on the assessment of banks\u2019 internal models<\/strong><\/p>\n<p style=\"text-align: justify;\">ECB has recently published a guide on the methodology it uses to assess how European banks calculate their exposure to counterparty credit risk (CCR) and advanced credit valuation adjustment (CVA) risk, by focusing on the compliance of internal models used by the banks with regulatory requirements. ECB points out that the guide does not intended to anyhow replace, overrule or affect currently applicable EU and national laws.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bankingsupervision.europa.eu\/ecb\/pub\/pdf\/ssm.ECBguideassessmentmethodologyEGAM092020~5fa2fc1323.en.pdf\" target=\"_blank\" rel=\"noopener\"><em>ECB\u2019s Guide on assessment methodology (EGAM) of 18<sup>th<\/sup> September 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Updated BoI\u2019s Supervisory Provisions for Banks<\/strong> <strong>on outsourcing<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently updated its Supervisory Provisions for Banks so as to implement EBA\u2019s guidelines on outsourcing. Among the main novelties, it should be noted:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the obligation for intermediaries to keep an up-to-date register of outsourced transactions;<\/li>\n<li>the inclusion in outsourcing contracts of detailed clauses on access and audit rights and data security and integrity; and<\/li>\n<li>the obligation of prior notification in case of outsourcing of essential or important functions.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">In implementing EBA\u2019s guidelines on internal governance, the BoI has also clarified some the approval procedures for new products, employee communications, and whistelblowing.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c285\/aggiornamenti\/Atto-emanazione-34-agg-285.pdf\" target=\"_blank\" rel=\"noopener\"><em>BdI, Circular no. 285 of 17<sup>th<\/sup> December 2013 &#8220;Supervisory Provisions for Banks&#8221; \u2013 34<sup>th<\/sup> update \u2013 Full Reprint of 23th September 2020 \u2013 Implementation of EBA Guidelines and other actions (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the interpretation of the European Court of Justice&#8217;s \u201cLexitor\u201d judgment by an Italian judge<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Civil Court of Turin, when applying article 125-<em>sexies<\/em> of the Consolidated Banking Act on early repayment to consumer credit agreements, the same must be interpreted in accordance with the reading that the European Court of Justice has given to Directive no. 48\/2008\/EU in the well-known \u201cLexitor\u201d judgment (issued on 11<sup>th<\/sup> September 2019 in case C 383\/18), due to the immediate effects of the European Court of Justice\u2019s decisions in all EU Member States.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Torino, decision of 22<sup>nd<\/sup> September 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Surety agreement containing IBA\u2019s clauses: only claims for damages are admitted<\/strong><\/p>\n<p style=\"text-align: justify;\">The declaration of nullity as anticompetitive of a clause of an agreement entered into between companies does not automatically imply the nullity of a surety agreement entered into by the same companies involved in the cartel and containing clauses taken from the Uniform Banking Rules issued by IBA. Indeed, despite the fact that the latter were declared null and void for violation of Antitrust Law, the above agreement continues to be valid, with the consequence that the interested party is entitled solely for damages.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Roma, decision no. 12588 of 21<sup>st<\/sup> September 2020.<\/u><\/em><\/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>Published the Commission\u2019s technical standards for the implementation of MAR<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Commission has recently laid down the technical standards necessary to implement MAR\u2019s provisions, which require NCAs to cooperate and exchange information among each-other and with ESMA, as well as with the Commission itself (in relation to agricultural products), with ACER and national regulatory authorities (for the wholesale energy products), and, finally, with the relevant national and non-EU regulatory authorities supervising spot markets.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32020R1406&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Commission implementing Regulation (EU) 2020\/1406 of 2<sup>nd<\/sup> October 2020 laying down implementing technical standards with regard to procedures and forms for exchange of information and cooperation between competent authorities, ESMA, the Commission and other entities under Articles 24(2) and 25 of Regulation (EU) No 596\/2014 of the European Parliament and of the Council on market abuse (published in the Official Journal no. L. 325 of 7<sup>th<\/sup> October 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Published ESMA\u2019s guidelines on CRAs\u2019 internal control system<\/strong><\/p>\n<p style=\"text-align: justify;\">ESMA has recently published some guidelines on CRAs\u2019 internal controls (applicable from 1<sup>st<\/sup> July 2021), which have as object the components and characteristics necessary to demonstrate a strong framework for internal controls, and the effectiveness of internal control functions within such framework.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esma-publishes-final-report-guidelines-internal-control\" target=\"_blank\" rel=\"noopener\"><em>ESMA\u2019s Final Report of 30<sup>th<\/sup> September 2020, \u201cGuidelines on internal control for CRAs\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Amendments to Issuers Regulations<\/strong><\/p>\n<p style=\"text-align: justify;\">Some provisions of the Issuers Regulations regarding the admission to trading and marketing of open-ended reserved AIFs have been recently amended, in respect of:<\/p>\n<ol style=\"text-align: justify;\">\n<li>cases in which Consob can recognise a listing prospectus drawn up in accordance with the provisions of another EU Member State by additionally requiring the publication of a document for listing;<\/li>\n<li>cases where marketing and admission to trading are simultaneous;<\/li>\n<li>the review of the content of the prospectus and listing document schedule;<\/li>\n<li>the provisions on information that open-ended UCITS admitted to trading on a regulated market must publish on the same fund\u2019s website, as well as on the market managers\u2019 one; and<\/li>\n<li>products other than securities.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-10-05&amp;atto.codiceRedazionale=20A05376&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Resolution no. 21508 of 22<sup>nd<\/sup> September 2020 (published in the Official Gazette no. 246 of 5<sup>th<\/sup> October 2020; text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob\u2019s parameters to identify issuers subject to supervision<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to identify listed issuers whose documents are to be made subject to its own control, Consob has recently determined the risk parameters necessary to check correctness and completeness of the financial information to be communicated on financial markets. In addition, Consob will review the above parameters each year, taking into account, among others:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the economic and financial data of the interested issuers;<\/li>\n<li>the reports received from each issuer&#8217;s control body and statutory auditor;<\/li>\n<li>the activity on securities; and<\/li>\n<li>significant information received from other directors or stakeholders of the same issuer.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">As far as 2020 is concerned, the risk representative parameters have been identified in light of the impact of the health emergency on the listed issuers\u2019 financial reporting.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/d21507.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Resolution no. 21507 of 22<sup>nd<\/sup> September 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Interest rate swap agreement:<\/strong> <strong>nullity for lack of indication of the initial MtM<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Civil Court of Pavia, an interest rate swap contract, entered into by a municipality with a qualified financial intermediary, which does not specify the MtM, probabilistic scenarios, and hidden costs, is to be held null and void due to the indeterminateness of its object.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Pavia, decision of 16<sup>th<\/sup> September 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>On the intermediary&#8217;s obligations towards the client in the provision of investment services<\/strong><\/p>\n<p style=\"text-align: justify;\">Before providing an investment service, the intermediary must obtain from the client all information relating to his\/her personal characteristics and financial situation in order to assess the suitability of the proposed transaction with regard to such client. Accordingly, the intermediary cannot carry out transactions deemed unsuitable for that client, unless it receives a specific order from the latter, which explicitly refers to the information received.<\/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=.\/20200831\/snciv@s10@a2020@n18121@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, decision no. 18121 of 31<sup>st<\/sup> August 2020 (text available in Italian only).<\/em><\/a><\/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>ECB\u2019s report on a \u201cdigital euro\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">ECB has recently published a report on the possible issuance of a digital currency (the so-called \u201cdigital euro\u201d), which would complement cash and deposits currently available, and could be used by retail clients and entrepreneurs for their retail payments. In addition, a \u201cdigital euro\u201d could provide for state-of-the-art payment services and increase choice, competition and accessibility of digital payments, thereby supporting financial inclusion within the whole EU.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.ecb.europa.eu\/pub\/pdf\/other\/Report_on_a_digital_euro~4d7268b458.en.pdf\" target=\"_blank\" rel=\"noopener\"><em>ECB&#8217;s Report on a digital euro of 2<sup>nd<\/sup> October 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Towards a digital Europe<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Commission has recently adopted a Digital Finance Package, aimed at boostering EU\u2019s competitiveness and innovation in the financial sector, as well as giving European consumers more opportunities in financial services and virtual payments, while ensuring investor protection and financial stability within EU.<\/p>\n<p style=\"text-align: justify;\">The Package consists of:<\/p>\n<ol style=\"text-align: justify;\">\n<li>a digital finance strategy, aimed at removing fragmentation in the digital single market, thereby favouring consumers and entrepreneurs;<\/li>\n<li>a retail payments virtual strategy, in order to make them safe and reliable;<\/li>\n<li>legislative proposals on crypto-assets, providing that the latter \u2013 already governed by European financial legislation \u2013 be subject to a so-called &#8220;pilot&#8221; regime, while those unregulated would have to comply with stringent capital, supervision and investor rights\u2019 requirements; and<\/li>\n<li>a proposal for a regulation on digital operational resilience, aimed at protecting financial operators from cyber attacks.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/publications\/200924-digital-finance-proposals_en\" target=\"_blank\" rel=\"noopener\"><em>European Commission&#8217;s Communication of 24<sup>th<\/sup> September 2020, &#8220;Digital finance package&#8221;.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BIS\u2019 data on alternative financing<\/strong><\/p>\n<p style=\"text-align: justify;\">BIS has recently published a working paper, which puts together and updates available data on fintech and big tech credit volumes for 79 countries around the world, in the period 2013-2019. According to BIS, such credit is more developed where the ease of doing business is greater and the investor protection and the efficiency of the judicial system are more advanced, as well as where bond and equity markets are more developed. Moreover, BIS points put that alternative financing is progressively complementing other forms of credit, rather than substituting itself for them.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bis.org\/publ\/work887.pdf\" target=\"_blank\" rel=\"noopener\"><em>BIS Working Papers no. 887 of 22<sup>nd<\/sup> September 2020, &#8220;Fintech and big tech credit: a new database&#8221;.<\/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>EDPB\u2019s guidelines on the concept of relevant and reasoned objection <\/strong><\/p>\n<p style=\"text-align: justify;\">With reference to the cooperation mechanism between the \u201clead\u201d supervisory privacy authority and the other authorities concerned, whereby all privacy supervisory authorities have a duty to exchange information and cooperate among each-other to reach a joint decision, EDPB has recently issued some guidelines on the concept of relevant and reasoned objection. By means of them, EDPB provides for a common interpretation of the above concept, which can be raised, within a certain time-limit, by each authority involved in drafting decision.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/edpb.europa.eu\/news\/news\/2020\/thirty-ninth-plenary-session-edpb-adopts-guidelines-concept-relevant-and-reasoned_en\" target=\"_blank\" rel=\"noopener\"><em>39<sup>th<\/sup> EDPB meeting of 7<sup>th<\/sup> October 2020.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Corporate_criminal_law\"><\/span>Corporate criminal law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>The sale of bitcoin may amount to an unauthorised financial trading offence<\/strong><\/p>\n<p style=\"text-align: justify;\">The sale of bitcoin advertised as an investment proposal on a website, containing information that enable the target audience to assess whether or not to adhere thereto, may amount to an unauthorised financial trading offence, in case it does not comply with the applicable provisions governing the solicitation to public savings.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snpen&amp;id=.\/20200925\/snpen@s20@a2020@n26807@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Criminal Court of cassation, decision no. 26807 of 17<sup>th<\/sup> September 2020 (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Procedural_law\"><\/span>Procedural law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Bank condemned for vexatious action<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Civil Court of Venezia, the bank, that has opposed to an action with gross negligence, by submitting documentation relating to the client\u2019s current account for the balance of which it had claimed an injunction, must be condemned for vexatious action. Indeed, the lack of a complete set of statements of account (to be provided by the bank) implies the application of the so-called &#8220;zero balance&#8221; principle in favour of the current account holder.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Vicenza, decision of 6<sup>th<\/sup> October 2020.<\/u><\/em><\/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>ACER<\/strong>: Agency for the Cooperation of Energy Regulators.<br \/>\n<strong>AIFs<\/strong>: Alternative Investment Funds.<br \/>\n<strong>Antitrust Law<\/strong>: Law no. 287\/90.<br \/>\n<strong>August Decree<\/strong>: Law Decree no. 104 of 14<sup>th<\/sup> August 2020.<br \/>\n<strong>BIS<\/strong>: Bank of International Settlements.<br \/>\n<strong>BoI<\/strong>: Bank of Italy.<br \/>\n<strong>Consob<\/strong>: The national financial markets Authority.<br \/>\n<strong>Consolidate Banking Act<\/strong>: Legislative Decree no. 385 of 1<sup>st<\/sup> September 1993.<br \/>\n<strong>CRAs<\/strong>: Credit rating agencies.<br \/>\n<strong>CRD<\/strong>: Directive 2013\/36\/EU of the European Parliament and of the Council, as amended by Directive (EU) 2019\/878 of the European Parliament and of the Council on capital requirements.<br \/>\n<strong>CRR<\/strong>: Regulation (EU) no. 575\/2013 of the European Parliament and of the Council, as amended by Regulation (EU) no. 2019\/876 of the European Parliament and of the Council on capital requirements.<br \/>\n<strong>EBA<\/strong>: European Banking Authority.<br \/>\n<strong>ECB<\/strong>: European Central Bank.<br \/>\n<strong>EDPB<\/strong>: European Data Protection Board.<br \/>\n<strong>ESMA<\/strong>: European Securities and Markets Authority.<br \/>\n<strong>EU<\/strong>: European Union<br \/>\n<strong>IBA<\/strong>: Italian Banking Association.<br \/>\n<strong>Issuers Regulation<\/strong>: Consob Regulation no. 11971\/1999.<br \/>\n<strong>MAR<\/strong>: Regulation (EU) no. 596\/2014 of the European Parliament and of the Council on market abuse.<br \/>\n<strong>MtM<\/strong>: Market to market. This is the discounted summation of expected future differentials based on the conditions of the benchmark index at the time of its quantification.<br \/>\n<strong>NCAs<\/strong>: National Competent Authorities.<br \/>\n<strong>PSD2<\/strong>: Directive (EU) 2015\/2366 of the European Parliament and of the Council of 25th 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>PSPs<\/strong>: Payment Service Providers.<br \/>\n<strong>SMEs<\/strong>: Small and Medium Enterprises.<br \/>\n<strong>Supervisory Provisions for Banks<\/strong>: BoI Circular no. 285 of 17<sup>th<\/sup> December 2013.<br \/>\n<strong>UCITS<\/strong>: Undertakings for Collective Investment Schemes<em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Conversion into law of the so-called \u201cAugust 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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Client Update no. 9\/2020 - Carotenuto Studio Legale<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Client Update no. 9\/2020\" \/>\n<meta property=\"og:description\" content=\"Conversion into law of the so-called \u201cAugust Decree\u201d.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Carotenuto Studio Legale\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-22T19:14:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-05T19:59:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Carotenuto Studio Legale\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Carotenuto Studio Legale\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\"},\"author\":{\"name\":\"Carotenuto Studio Legale\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc\"},\"headline\":\"The Client Update no. 9\/2020\",\"datePublished\":\"2020-10-22T19:14:18+00:00\",\"dateModified\":\"2021-04-05T19:59:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\"},\"wordCount\":2326,\"publisher\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"keywords\":[\"newsletter\"],\"articleSection\":[\"The Client Update\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\",\"url\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\",\"name\":\"The Client Update no. 9\/2020 - Carotenuto Studio Legale\",\"isPartOf\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"datePublished\":\"2020-10-22T19:14:18+00:00\",\"dateModified\":\"2021-04-05T19:59:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage\",\"url\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"contentUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"width\":1280,\"height\":640},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/carotenutolex.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Client Update no. 9\/2020\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#website\",\"url\":\"https:\/\/carotenutolex.com\/en\/\",\"name\":\"Carotenuto Studio Legale\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/carotenutolex.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\",\"name\":\"Carotenuto Studio Legale\",\"url\":\"https:\/\/carotenutolex.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png\",\"contentUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png\",\"width\":638,\"height\":639,\"caption\":\"Carotenuto Studio Legale\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/carotenuto-studio-legale\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc\",\"name\":\"Carotenuto Studio Legale\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g\",\"caption\":\"Carotenuto Studio Legale\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Client Update no. 9\/2020 - Carotenuto Studio Legale","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/","og_locale":"en_US","og_type":"article","og_title":"The Client Update no. 9\/2020","og_description":"Conversion into law of the so-called \u201cAugust Decree\u201d.","og_url":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/","og_site_name":"Carotenuto Studio Legale","article_published_time":"2020-10-22T19:14:18+00:00","article_modified_time":"2021-04-05T19:59:27+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","type":"image\/png"}],"author":"Carotenuto Studio Legale","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Carotenuto Studio Legale","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#article","isPartOf":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/"},"author":{"name":"Carotenuto Studio Legale","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc"},"headline":"The Client Update no. 9\/2020","datePublished":"2020-10-22T19:14:18+00:00","dateModified":"2021-04-05T19:59:27+00:00","mainEntityOfPage":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/"},"wordCount":2326,"publisher":{"@id":"https:\/\/carotenutolex.com\/en\/#organization"},"image":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","keywords":["newsletter"],"articleSection":["The Client Update"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/","url":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/","name":"The Client Update no. 9\/2020 - Carotenuto Studio Legale","isPartOf":{"@id":"https:\/\/carotenutolex.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage"},"image":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","datePublished":"2020-10-22T19:14:18+00:00","dateModified":"2021-04-05T19:59:27+00:00","breadcrumb":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#primaryimage","url":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","contentUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","width":1280,"height":640},{"@type":"BreadcrumbList","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-9-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/carotenutolex.com\/en\/"},{"@type":"ListItem","position":2,"name":"The Client Update no. 9\/2020"}]},{"@type":"WebSite","@id":"https:\/\/carotenutolex.com\/en\/#website","url":"https:\/\/carotenutolex.com\/en\/","name":"Carotenuto Studio Legale","description":"","publisher":{"@id":"https:\/\/carotenutolex.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/carotenutolex.com\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/carotenutolex.com\/en\/#organization","name":"Carotenuto Studio Legale","url":"https:\/\/carotenutolex.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png","contentUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png","width":638,"height":639,"caption":"Carotenuto Studio Legale"},"image":{"@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/carotenuto-studio-legale\/"]},{"@type":"Person","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc","name":"Carotenuto Studio Legale","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g","caption":"Carotenuto Studio Legale"}}]}},"_links":{"self":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/posts\/239"}],"collection":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/comments?post=239"}],"version-history":[{"count":0,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/posts\/239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/media\/162"}],"wp:attachment":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/media?parent=239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/categories?post=239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/tags?post=239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}