{"id":241,"date":"2020-12-18T17:38:56","date_gmt":"2020-12-18T16:38:56","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=241"},"modified":"2021-04-05T21:54:08","modified_gmt":"2021-04-05T19:54:08","slug":"the-client-update-no-11-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-11-2020\/","title":{"rendered":"The Client Update no. 11\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-11-december-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-6aa79a641ce9c\" 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-6aa79a641ce9c\"  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-11-2020\/#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-11-2020\/#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-11-2020\/#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-11-2020\/#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-11-2020\/#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-11-2020\/#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-11-2020\/#Capital_Markets\" >Capital Markets<\/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-11-2020\/#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-11-2020\/#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>EU Commission adopts the Digital Services Act Package<\/strong><\/p>\n<p style=\"text-align: justify;\">EU Commission has just adopted a digital services package containing new rules whose goal is create a safer and more accountable digital space in the UE. It aims at safeguarding the fundamental rights of users of digital services, by introducing more rigorous transparency obligations for online platforms and strengthening the mechanisms for the removal of illegal contents. Moreover, it aims at protecting free competition within the digital market, in front of the massive presence of platforms acting as digital \u201cgatekeepers\u201d with respect to the market itself, by prohibiting unfair practices (such as that to blocking users from un-installing any pre-installed software) and requiring the above platforms to put in place certain measures which \u2013 in the event of non-compliance \u2013 will result in the application of sanctions by competent authorities.<\/p>\n<p style=\"text-align: justify;\"><em><u>EU Commission\u2019s Digital Services Package Act of 15<sup>th<\/sup> December 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Long-waited MEF\u2019s Decree concerning suitability requirements of banks&#8217; and financial institutions\u2019 corporate officers just published on the Official Gazette<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to strengthen the selection process of banks\u2019 and financial institutions\u2019 corporate officers, MEF has recently issued a Decree (entering into force on 30 December 2020), which adds to the existing suitability and professionalism requirements &#8211; made more rigorous &#8211; some fairness and competence criteria, the latter, to be applied in light of the proportionality principle. Moreover, independence of judgement, collective composition of the relevant bodies, time availability and limits on the number of offices that could be held (for significant banks) are qualified as new assessment profiles.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-12-15&amp;atto.codiceRedazionale=20G00190&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>MEF&#8217;s Decree no. 169 of 23<sup>th<\/sup> November 2020 on suitability requirements of banks and financial intermediaries&#8217;corporate officers (in the Official Gazette no. 310 of 15<sup>th<\/sup> December 2020; text available in Italian only)<\/em><em>.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New incentives in favour of innovative start-ups<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to promote the interaction between innovative start-ups and the innovation ecosystem\u2019s actors (e.g., business angels and innovation hubs), which provide for services aimed at facilitating the former\u2019s development, a decree has recently issued by MiSE, according to which start-ups that present an innovative development project may benefit from a non-repayable contribution (paid by \u201c<em>Invitalia<\/em>\u201d) equal to 80% of the expenses incurred for the implementation of their business plan, as well as a further contribution equal to 100% of the investment in start-ups\u2019 venture capital, provided that the latter (a) be neither less than EUR 10,000,000, (b) nor be carried out through equity crowdfunding platforms, (c) nor involve the acquisition of a majority share-holding in the start-up in question.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-12-14&amp;atto.codiceRedazionale=20A06847&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>MiSE&#8217;s Decree of 18<sup>th<\/sup> September 2020 on incentives in favour of start-ups (published in the Italian Official Gazette no. 309 of 14<sup>th<\/sup> December 2020; text available in Italian only).<\/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>How to strengthen economy according to G30<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to encourage national policies aimed at supporting long-term economic resilience, while minimizing costs for taxpayers, G30 suggests to tackle the upcoming foreseeable shortage of liquidity and enterprises\u2019 insolvency, by balancing the need to support such enterprises with the national macroeconomic goals, also leveraging on the expertise of private individuals\/firms for asset allocation purposes.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/group30.org\/publications\/detail\/4820\" target=\"_blank\" rel=\"noopener\"><em>G30&#8217;report of 14<sup>th <\/sup>December 2020 on policies aimed at restoring economy.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the legitimacy of the Italian jurisdiction over an action for damages for alleged breach of a shareholders\u2019 agreement <\/strong><\/p>\n<p style=\"text-align: justify;\">The jurisdiction of the Italian Court prevails over that of the EU Member State where the defendant has elected his\/her domicile in relation to an action for damages brought by a quota-holder of a <em>societ\u00e0 a responsabilit\u00e0 limitata <\/em>(equivalent to a limited liability company) against another one (also acting as a director of such company), based on an alleged breach of a quota-holders\u2019 agreement entered into by the same. On the contrary, with regard to actions brought against the company or its related to by-laws and articles of association, the jurisdiction where the defendant has his\/her domicile prevails.<\/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=.\/20201126\/snciv@sU0@a2020@n26984@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Court of Cassation\u2019s<\/em> <em>Civil Joined Chambers, decision no. 26984 of 26<sup>th<\/sup> November 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the lawfulness of the statutory clause concerning the resolutions of the board of directors<\/strong><\/p>\n<p style=\"text-align: justify;\">The Council of notaries of Milan has deemed lawful the statutory clause that subordinates the validity of the board of directors\u2019 resolutions to the favourable vote (or to the non opposing one) of one or more directors, identified by virtue of the office they hold or the cause of their appointment.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.consiglionotarilemilano.it\/documenti-comuni\/massime-commissione-societ%C3%A0\/195.aspx\" target=\"_blank\" rel=\"noopener\"><em>Council of notaries of Milan\u2019s rule no. 195 of 17<sup>th<\/sup> November 2020 on the lawfulness of the statutory clause concerning the resolutions of the board of directors (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Just published ECB\u2019s final guide on climate-related and environmental risks for banks<\/strong><\/p>\n<p style=\"text-align: justify;\">In response to banks\u2019 lag behind their own climate-related and environmental risks disclosure, the ECB has published a guide advising them to manage such risks prudently when drafting and implementing their business strategies, governance and risk management systems, as well as to provide for a transparent disclosure made of both quantitative and qualitative data. In the second half of 2021, the ECB will assess whether or not there is a need to fill any banks\u2019 gap identified in such sector.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bankingsupervision.europa.eu\/press\/pr\/date\/2020\/html\/ssm.pr201127~5642b6e68d.en.html\" target=\"_blank\" rel=\"noopener\"><em>ECB&#8217;s guide on climate and environmental risks<\/em> <em>of 2<sup>rd <\/sup>December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>ESAs rule on STS securitisation <\/strong><\/p>\n<p style=\"text-align: justify;\">ESAs have recently pointed out that a transaction designed as a STS securitisation loses such status in case one or more of the interested parties (i.e, originator, sponsor and\/or SSPE) will result established in the UK after the end of the transition period. As a result, will also come to an end the preferential capital treatment available for investments in such type of securitisations. EU institutional investors are thus required to assess the impact of the afore-said change in the preferential treatment on their balance sheet and investments by 31 December 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/esas-highlight-change-status-simple-transparent-and-standardised-sts-securitisation-transactions-end\" target=\"_blank\" rel=\"noopener\"><em>ESA&#8217;s joint statement of 7<sup>th <\/sup>December 2020 on the status of STS securitisation in view of Brexit.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>EBA\u2019s guidelines on moratoria loan repayments\u2019 reactivation<\/strong><\/p>\n<p style=\"text-align: justify;\">While monitoring the impact of the second pandemic wave, and in light of the restrictions imposed in many EU Member States, the EBA has reactivated \u2013 until 31 March 2021 \u2013 its guidelines on moratoria loan repayments. Moreover, in order to avoid that the possible enterprises\u2019 insolvency be negatively reflected in the banks\u2019 capital, it has established that:<\/p>\n<ol style=\"text-align: justify;\">\n<li>only loans suspended, postponed or reduced under general payment moratoria for not more than 9 months in total can benefit from the application of the afore-said reactivation; and<\/li>\n<li>banks must document their plans to the NCAs (in Italy, the BoI) so that the latter can assess whether exposures subject to general payment moratoria could turn into UTP.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/eba-reactivates-its-guidelines-legislative-and-non-legislative-moratoria\" target=\"_blank\" rel=\"noopener\"><em>EBA&#8217;s guidelines on moratoria loan repayments reactivation of 2<sup>rd<\/sup> December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the settlement of transfer orders carried out by Italian intermediaries within a payment or securities settlement system subject to the English law<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to preserve the current conditions for the participation of Italian intermediaries into payment and securities settlement systems governed by English law, the BoI has provided that \u2013 effective 1 January 2021 \u2013 national law governing the settlement of transfer orders will apply to Italian financial intermediaries participating in a multi-currency interbank payments system, as well as in that managed by central counterparties (such as \u201cLCH Limited\u201d and \u201cICE Clear Europe Limited\u201d), both governed by English law, provided that, in the latter case, such central counterparty is recognized in the EU by means of an <em>ad hoc<\/em> measure.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/notizia\/measures-adopted-by-the-bank-of-italy-pursuant-to-article-10-5-of-legislative-decree-210-2001-and-subsequent-amendments\/?com.dotmarketing.htmlpage.language=1\" target=\"_blank\" rel=\"noopener\"><em>BoI&#8217;s measures of 27<sup>th <\/sup>October and 24<sup>th<\/sup> November 2020 on the settlement of transfer orders.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s consultation on its <\/strong><strong>supervisory provisions on remuneration policies and practices<\/strong><\/p>\n<p style=\"text-align: justify;\">BoI\u2019s public consultation on its supervisory provisions on remuneration policies and practices, aimed at aligning them to the novelties introduced by CRD V regarding, in particular, banks\u2019 obligation to define and implement a gender-neutral remuneration policy and identify the staff who take on significant risks for the bank in question or the group the latter belongs to, will end on 18<sup>th<\/sup> January 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/consultazioni\/2020\/revisione-disposizioni-remun-incentiv\/index.html\" target=\"_blank\" rel=\"noopener\"><em>BoI&#8217;s consultation of 18<sup>th<\/sup> November 2020 on supervisory provisions on remuneration policies and practices (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the protective nature of the request for documentation concerning the current account contract<\/strong><\/p>\n<p style=\"text-align: justify;\">The client\u2019s right to obtain from his\/her bank copy of the documentation concerning the contract of current account cannot be restricted to the preliminary stage of a civil proceedings, nor can be made subject to compliance with formal constraints, since this would turn it from a protection tool into a potential harm for the bank\u2019s client.<\/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=.\/20201110\/snciv@s30@a2020@n25158@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. III, decision no. 25158 of 10<sup>th <\/sup>November 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>EU Regulations on the disclosure of the so-called \u201cESG factors\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to enable investors to compare benchmark on ESG factors and understand their scope, the EU Commission requires benchmark administrators to explain how ESG are reflected in each benchmark, and which of the afore-said factors have been taken into account in designing their benchmark methodology. Furthermore, with the aim to support the harmonisation of the methodology concerning climate benchmarks, the EU Commission suggests to lay down disclosure requirements to be satisfied by benchmark administrators when assessing the GHG emissions data they are going to apply.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/IT\/TXT\/?uri=OJ:L:2020:406:TOC\" target=\"_blank\" rel=\"noopener\"><em>EU Commission&#8217;s Delegated Regulations no. 2020\/1816, 2020\/1817, 2020\/1818 of 17<sup>th <\/sup>July 2020 on ESG factors (published in the UE Official Gazette L.406 of 3<sup>rd<\/sup> December 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>EIOPA\u2019s consultation on the so-called \u201cTaxonomy Regulation\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">EIOPA has recently launched a public consultation with the purpose of assessing whether the obligation to be respected by non-financial enterprises to publish information regarding the quota of their turnover, as well as capital and operating expenses, related to products, services, assets or procedures associated with economic activities qualified as environmentally sustainable, can also applies to insurance and reinsurance companies <em>tout court<\/em> or, should be adjusted, so as to make it appropriate and comparable with performance indicators specific of this kind of companies.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.eiopa.europa.eu\/content\/consultation-eiopa-advice-regarding-article-8-taxonomy-regulation_en\" target=\"_blank\" rel=\"noopener\"><em>EIOPA&#8217;s consultation on the Taxonomy Regulation of 30<sup>th<\/sup> November 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>ESAs suggest amendments to EMIR Regulation<\/strong><\/p>\n<p style=\"text-align: justify;\">ESAs have recently published a report containing some proposals to amend EMIR, through the introduction of a temporary exemption of 18 months for intragroup transactions, of three years with regard to single-stock equity options or index options, and a further exemption from the application of bilateral margins and clearing obligation requirements to the replacement of UK counterparties with EU counterparties, in view of the end of \u201cBrexit\u201d transitional period.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esas-propose-adapt-emir-implementation-timelines-intragroup-transactions-equity\" target=\"_blank\" rel=\"noopener\"><em>ESA\u2019s report a Regulation of 23<sup>th<\/sup> November 2020mending EMIR.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Recent amendments to Consob\u2019s TRP and Issuers Regulations<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to transpose SHRD 2 into national legislation, Consob has recently amended:<\/p>\n<ol style=\"text-align: justify;\">\n<li>TRP Regulation, by introducing (i) a new definition of related party, (ii) a definition of directors involved in a TRP who are required to abstain from voting, and (iii) the duty to verify and the reserve of competence to resolve upon the administrative body for the approval of transactions of greater importance; and<\/li>\n<li>Issuers Regulation, with regard to both publication and contents of the report on the remuneration policy and the remunerations actually paid, as well as the new parameter (i.e., turnover) related to the SME\u2019s definition applicable to listed companies also requiring issuers to notify to the public any change involving SME\u2019s status, within 5 trading days as from 31 December 2020.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/newsletter\/documenti\/news\/2020\/anno_xxvi_n-45_14_dicembre_2020.htm#notizia3\" target=\"_blank\" rel=\"noopener\"><em>Consob&#8217;s resolutions no. 21623, 21624, 21625 2020 of 10<sup>th <\/sup>December amending TRP and Issuers Regulations.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>COVIP\u2019s regulation on the disclosure of pension funds\u2019 commitment policy and investment strategy<\/strong><\/p>\n<p style=\"text-align: justify;\">Strengthening the investment policies of pension funds (qualified as institutional investors) is the main goal of the recently-issued COVIP\u2019s resolution, setting forth that information regarding the above policies must be communicated free of charge to the public on such funds\u2019 website or through equivalent tools, provided that, in the latter case, the communication is made in a way that can be easily identified and accessed.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/vediMenuHTML?atto.dataPubblicazioneGazzetta=2020-12-15&amp;atto.codiceRedazionale=20A06852&amp;tipoSerie=serie_generale&amp;tipoVigenza=originario\" target=\"_blank\" rel=\"noopener\"><em>COVIP&#8217;s resolution of 2<sup>nd<\/sup> December 2020 on disclosure regarding commitment policy and investment strategy of pension funds (published in the Italian Official Gazette no. 310 of 15<sup>th<\/sup> December 2020).<\/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>The BoI\u2019s launches the so-called \u201c<em>Milano Hub<\/em>\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">With the aim to close the technological gap in the Italian financial services sector, foster innovation for the development of the Italian economy, as well as to make Milan the centre for financial innovation within the EU, the BoI has announced the launch of a new technological centre (the so-called \u201c<em>Milano Hub<\/em>\u201d), which will promote a dialogue between institutions, enterprises and academia. So far, twenty eligible projects, which involve the use of machine learning and\/or big data for the automatic reading of provisions or macroeconomic analysis, have been already examined.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/notizia\/nasce-milano-hub-il-centro-di-innovazione-della-banca-d-italia\/\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s statement of 3<sup>rd <\/sup>December 2020 on the launch of the so-called \u201cMilano Hub\u201d (text available in Italian only). <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Entry into force of MEF\u2019s Decree on the so-called \u201ccaskback redemption\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">All persons above 18 years\u2019 old resident in Italy, who usually make purchases through electronic payment systems, outside the scope of their business or profession, are entitled to a percentage cash redemption in proportion to each transaction executed by means of the afore-said systems, provided that each transaction (a) has taken place within the time-frame set forth by the law (1 January \u2013 30 June 2021; 1 July \u2013 31 December 2021; 1 January \u2013 30 June 2022), and (b) they have voluntarily joined the interim program establishing the redemption itself through the so-called \u201cIO APP\u201d (set up and managed by <em>PagoPa S.p.A<\/em>.).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/gazzetta\/serie_generale\/caricaDettaglio?dataPubblicazioneGazzetta=2020-11-28&amp;numeroGazzetta=296&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>MEF&#8217;s Decree no. 156 of 24<sup>th <\/sup>November 2020 on conditions and criteria for the granting of reward measures for the use of electronic payment tools (published in the Italian Official Gazette no. 296 of 28<sup>th<\/sup> November 2020; text available in Italian only).<\/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>Just published G-7\u2019s \u201cFundamental Elements of Cyber Exercise Programmes\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to strengthen financial system\u2019s resilience, due to the growing number of cyber attacks, the G-7 has recently issued a document by which it advises NCAs and financial institutions to adopt an exercise program that takes account of stakeholders\u2019 engagement, multi-year exercises\u2019 planning, and, finally, identification of the key focus areas in order to adequately deal with such attacks.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/newsletter\/documenti\/news\/2020\/anno_xxvi_n-43_30_novembre_2020.htm#notizia10\" target=\"_blank\" rel=\"noopener\"><em>G-7&#8217;s document entitled \u201cFundamental Elements of Cyber Exercise Programmes\u201d of 25<sup>th<\/sup> November 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>DPA\u2019s public consultation on its guidelines on the use of cookies<\/strong><\/p>\n<p style=\"text-align: justify;\">A public consultation on DPA\u2019s guidelines on the use of cookies \u2013 updated in order to provide a stronger protection framework for end-users, by promoting and making effective the latters\u2019 control over personal data processed and thus enhancing their self-determination \u2013 is going to end on 11 January 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.garanteprivacy.it\/web\/guest\/home\/docweb\/-\/docweb-display\/docweb\/9501006\" target=\"_blank\" rel=\"noopener\"><em>DPA&#8217;s consultation of 10<sup>th <\/sup>December 2020 on guidelines on the use of cookies (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>DPA rules on \u201cthe right to be forgotten\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the DPA, the persistent availability on the web of news linked to persons\u2019 names, having as object judicial events dating back in time, to which such persons have then resulted to be extraneous, harms their personal and professional reputation. Therefore, such persons have the right to obtain the erase of the above data from web search engines.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.garanteprivacy.it\/web\/guest\/home\/docweb\/-\/docweb-display\/docweb\/9491078\" target=\"_blank\" rel=\"noopener\"><em>DPA&#8217;s measure of 15<sup>th <\/sup>October 2020 on \u201cthe right to be forgotten\u201d (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Capital_Markets\"><\/span>Capital Markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>IOSCO\u2019s consultation on access to market data<\/strong><\/p>\n<p style=\"text-align: justify;\">IOSCO has recently launched a public consultation (which will end on 26 February 2021), having as object the access to market data in secondary equity markets, by means of which it asks for the industry\u2019s views on (a) the scope of data required to facilitate trading and its use (taking into account the type of investor), (b) methods of access to such data (pointing out that only a fair, transparent and timely access can positively affect free choice of investment, as well as competition and market efficiency), and (c) factors for processing and applying fees associated to the above data (in so far as the current standards hinder their functionality).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.iosco.org\/\" target=\"_blank\" rel=\"noopener\"><em>IOSCO&#8217;s consultation of 3<sup>rd<\/sup> December 2020 on access to market data.<\/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>New EU class action available to <\/strong><strong>consumers <\/strong><\/p>\n<p style=\"text-align: justify;\">By means of Directive no. 2020\/1828, just published on the EU Official Gazette, the level of EU consumers protection has been increased, as qualified entities identified by EU Member States will be able to bring representative actions for injunctive measures, as well as damages against traders who \u2013 by infringing EU law provisions (concerning, among others, data protection and financial services) \u2013 may harm consumers\u2019 rights. However, the latter must declare whether or not they intend to benefit from the relevant outcome of such representative actions.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32020L1828&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>EU<\/em> <em>Directive no. 2020\/1828 of the EU Parliament and of Council of 25<sup>th<\/sup> November 2020 (published in the EU Official Gazette L 409\/1 of 4<sup>th<\/sup> December 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>BoI<\/strong>: Bank of Italy.<br \/>\n<strong>CRD V<\/strong>: Directive (EU) 2019\/878 of the European Parliament and of the Council of 20 May 2019, amending Directive 2013\/36\/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (\u201cCapital Requirements Directive\u201d).<br \/>\n<strong>DPA<\/strong>: Data Protection Authority.<br \/>\n<strong>EBA:<\/strong> European Banking Authority.<br \/>\n<strong>ECB<\/strong>: European Central Bank.<br \/>\n<strong>EIOPA<\/strong>: European Insurance and Occupational Pensions Authority.<br \/>\n<strong>EMIR<\/strong>: Regulation (EU) no. 648\/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.<br \/>\n<strong>ESAs<\/strong>: European Supervisory Authorities.<br \/>\n<strong>ESG<\/strong>: Environmental, Social and Governance.<br \/>\n<strong>ESMA<\/strong>: European and Securities Market Authority.<br \/>\n<strong>EU:<\/strong> European Union.<br \/>\n<strong>G30<\/strong>: Group of Thirty (an international organization of economists and academics which focuses on investigating economic and financial issues by examining the effects of policies taken in the public and private sectors).<br \/>\n<strong>Invitalia<\/strong>: The National Agency for Inward Investments and Economic Development, controlled by MEF.<br \/>\n<strong>IOSCO<\/strong>: International Organization of Securities Commission.<br \/>\n<strong>Issuer Regulation<\/strong>: Consob Regulation no.11971\/1999, as amended.<br \/>\n<strong>NCAs:<\/strong> National Competent Authorities.<br \/>\n<strong>SHRD 2:<\/strong> Directive (EU) no. 2017\/828 of the European Parliament and of the Council of 17 May 2017, amending Directive 2007\/36\/EC as regards the encouragement of long-term shareholder engagement (\u201cShareholder Rights Directive 2\u201d).<br \/>\n<strong>SMEs<\/strong>: Small and Medium Sized Enterprises.<br \/>\n<strong>SPPE:<\/strong> Securitisation Special Purpose Vehicle.<br \/>\n<strong>STS:<\/strong> Simple, Transparent and Standardised.<br \/>\n<strong>TRP Regulation<\/strong>: Consob Regulation no. 17221\/2010, having as object transactions with related parties, as amended.<br \/>\n<strong>UTP<\/strong>: Unlikely to Pay.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EU Commission adopts the Digital Services Act Package.<\/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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