{"id":317,"date":"2020-06-24T16:39:24","date_gmt":"2020-06-24T14:39:24","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=317"},"modified":"2021-04-05T21:15:23","modified_gmt":"2021-04-05T19:15:23","slug":"the-client-update-no-5-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-5-2020\/","title":{"rendered":"The Client Update no. 5\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-5-june-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-6aa91826875cb\" 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-6aa91826875cb\"  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-5-2020\/#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-5-2020\/#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-5-2020\/#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-5-2020\/#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-5-2020\/#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-5-2020\/#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-5-2020\/#Legislative_Decree_no_2312001\" >Legislative Decree no. 231\/2001<\/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-5-2020\/#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-9\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-5-2020\/#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-10\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-5-2020\/#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-11\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-5-2020\/#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>The Liquidity Decree is converted into law<\/strong><\/p>\n<p style=\"text-align: justify;\">Following the conversion of the &#8220;Liquidity Decree&#8221; into law, (i) the threshold for loans granted to SMEs with a 100% public guarantee has been raised to EUR 30,000, (ii) the system of State guarantees for enterprises has been extended to the assignment of credit with recourse granted to banks and financial intermediaries after the entry into force of the same law, and (iii) the so-called \u201cgolden power\u201d and the possibility of public intervention in strategic enterprises has been strengthened.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-06-06&amp;atto.codiceRedazionale=20G00060&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Law no. 40 of 5<sup>th<\/sup> June 2020 (published in the Official Gazette no. 143 of 6<sup>th<\/sup> June 2020 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Relaunch Decree: incentives for stock capital increases<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of the \u201cRelaunch Decree\u201d, Italian companies, as well as European companies and cooperatives with registered office in Italy have been granted, upon approval of their financial statements as of 31<sup>st<\/sup> December 2020, a 50% tax credit for losses exceeding 10% of the net capital, gross of the same losses and up to 30% of the stock capital increase.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/05\/19\/20G00052\/sg\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no. 34 of 19<sup>th<\/sup> May 2020 (published in the Official Gazette no. 128 of 19<sup>th<\/sup> May 2020). <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Main EU and Italian law provisions issued on the wake of the health emergency<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">IOSCO Statement (i) inviting issuers to disclose clear and transparent information to investors and other stakeholders regarding the impact of the health emergency on their operating performance, financial position and future prospects, and (ii) requiring auditors to report on key audit matters, including a description of how they addressed these matters.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD655.pdf\" target=\"_blank\" rel=\"noopener\"><em>IOSCO Statement on \u201cImportance of Disclosure about COVID-19\u201d of 29<sup>th<\/sup> May 2020.<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">ESMA Public Statement requiring issuers to provide, when preparing half-yearly financial reports, updated information on the main risks to which they are exposed, as well as on the activities undertaken to mitigate the impact of the health emergency on their performance.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/file\/55620\" target=\"_blank\" rel=\"noopener\"><em>ESMA\u2019s Public Statement of 20<sup>th<\/sup> May 2020 \u201cImplications of the COVID-19 outbreak on the half-yearly financial reports\u201d.<\/em><\/a><u> <\/u><\/p>\n<ul>\n<li style=\"text-align: justify;\">ECB Opinion on a proposal to amend CRR and CRR II, aimed at enhancing the European banking system&#8217;s capacity to mitigate the economic impact of the health emergency, support economic recovery and maintain a consistent prudential supervisory framework. The proposal concerns, <em>inter alia<\/em>, the treatment of publicly guaranteed loans under the NPE prudential backstop, the exclusion of certain exposures from the calculation of the leverage <em>ratio<\/em>, as well as changes in capital requirements for market risk.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:52020AB0016&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>ECB\u2019s Opinion of 20<sup>th<\/sup> May 2020 on amendments to the Union prudential framework in response to the COVID-19 pandemic.<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">European Commission Communication setting out the criteria under EU law on State aid, based on which EU Member States may provide public support in the form of equity and\/or hybrid capital instruments to undertakings facing financial difficulties due to the COVID-19 outbreak.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:52020XC0513(01)&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>European Commission\u2019s Communication of 13<sup>th<\/sup> May 2020 \u201cAmendment to the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak\u201d (published in the Official Journal of the European Union no. 164 of 13<sup>th<\/sup> May 2020).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">BoI Communication, setting forth capital requirement measures to facilitate the activity of supervised banks and non-bank intermediaries, including the use of flexibility margins (such as the granting of a transitional period in the event of failure in order to comply with the MREL requirement).<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/notizia\/covid-19-misure-in-materia-di-risoluzione-per-gli-intermediari-meno-significativi\/?com.dotmarketing.htmlpage.language=102&amp;pk_campaign=EmailAlertBdi&amp;pk_kwd=it\" target=\"_blank\" rel=\"noopener\"><em>BoI, Communication of 4<sup>th<\/sup> June 2020, &#8220;Temporary measures to mitigate the impact of COVID-19 on the Italian banking and financial system on resolution&#8221; (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>The <em>pactum fiduciae<\/em> of quotas\/shares does not draft in writing<\/strong><\/p>\n<p style=\"text-align: justify;\">The so-called <em>pactum fiduciae<\/em> having as object the assignment of quotas\/shares does not involve the transfer of real estate rights by the assignor to the assignee, with the result that it does neither have to be drafted in writing under penalty of nullity nor be evidenced in writing.<\/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=.\/20200519\/snciv@s10@a2020@n09139@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, decision no. 9139 of 19<sup>th<\/sup> May 2020.<\/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>The obstacles to the provision of TPPs\u2019 services under PSD2<\/strong><\/p>\n<p style=\"text-align: justify;\">Pending the revision of PSD2, EBA has recently clarified the obstacles to clients&#8217; access to the services provided by TPP: (i) manually inputting the account number\/IBAN by the client into the ASPSP\u2019s domain, (ii) additional checks on the client&#8217;s consent, (iii) ASPSP\u2019s interface, as well as (iv) the mandatory redirection at the point-of-sale.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Publications\/Opinions\/2020\/884569\/EBA%20Opinion%20on%20obstacles%20under%20Art.%2032%283%29%20RTS%20on%20SCA%26CSC.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Opinion on obstacles under Article 32(3) of the regulatory technical standards on strong customer authentication and common and secure communication of 4<sup>th<\/sup> June 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Guidelines on loan origination and monitoring<\/strong><\/p>\n<p style=\"text-align: justify;\">To ensure a fair management and monitoring of credit risk, as well as an adequate client protection, EBA has recently published guidelines (which will enter into application from 30<sup>th<\/sup> June) on governance and internal control, as well as on requirements and procedures for assessing creditworthiness of borrowers, movable and immovable property and collateral.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Publications\/Guidelines\/2020\/Guidelines%20on%20loan%20origination%20and%20monitoring\/884283\/EBA%20GL%202020%2006%20Final%20Report%20on%20GL%20on%20loan%20origination%20and%20monitoring.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Final Report of 29<sup>th<\/sup> May 2020 \u201cGuidelines on loan origination and monitoring\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Update of ESMA Q&amp;A on securitisations<\/strong><\/p>\n<p style=\"text-align: justify;\">To promote common, uniform and consistent supervisory approaches and practices in the application of the EU Securitisation Regulation, ESMA has updated its Q&amp;A, clarifying the European Commission&#8217;s draft regulatory and implementing technical standards on completing disclosure templates and data repositories.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma33-128-563_questions_and_answers_on_securitisation.pdf\" target=\"_blank\" rel=\"noopener\"><em>ESMA, Update of 28<sup>th<\/sup> May 2020, \u201cQuestions and Answers on the Securitisation Regulation\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Amendments to BoI\u2019s supervisory provisions for financial intermediaries<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently launched a public consultation on a some amendments to its supervisory provisions for financial intermediaries, which include the extension to the latter of the new definition of &#8220;default&#8221;, as well as the provisions on own funds, credit risk, consolidation methods and transitional regulation introduced by CRR 2, the revision of the limit on the holding of real estate and equity investments, and the application of EBA\u2019s Guidelines on high risk exposures.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/consultazioni\/2020\/modifiche-disposiz-interm-finanziari\/Documento-per-la-consultazione.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Consultation Paper of 10<sup>th<\/sup> June 2020, \u201camendments to supervisory provisions for financial intermediaries: application of the new definition of default and other amendments concerning credit risk, own funds, investments in real estate and significant transactions\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s Governor\u2019s concluding remarks<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the BoI\u2019s Governor, Mr. Ignazio Visco, the health emergency will produce a strong contraction of the Italian economy, with the consequence that a growth path, necessary for the recovery of the European economy, will only be possible through increased employment, investment and productivity. Moreover, Mr. Visco has encouraged the use of digital solutions in the financial intermediation sector and announced the creation of a European digital innovation hub in Milan.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/pubblicazioni\/interventi-governatore\/integov2020\/en-cf_2019.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Governor\u2019s Concluding Remarks of 29<sup>th<\/sup> May 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Bank&#8217;s liability for abusive ATM withdrawal<\/strong><\/p>\n<p style=\"text-align: justify;\">In case of abusive ATM withdrawal, the bank, which must ensure a technical diligence of the shrewd banker, will be held responsible if it fails to prove that the transaction at issue can be traced back to the client in question.<\/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=.\/20200526\/snciv@s30@a2020@n09721@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, decision no. 9721 of 26<sup>th<\/sup> May 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>ESMA supervisory instructions on the supervision of costs in UCITS and AIFs<\/strong><\/p>\n<p style=\"text-align: justify;\">To reduce regulatory arbitrage among NCAs, ESMA has recently issued some guidelines for cost supervision activities applicable to UCITS and AIFs, proposing to require management companies to constantly develop and monitor a structured pricing process and that, in case of excessive costs, each NCA should provide for investor compensation fee, reduction, review of disclosure documents and communication of good and poor practices.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma34-39-1042_supervisory_briefing_on_the_supervision_of_costs.pdf\" target=\"_blank\" rel=\"noopener\"><em>ESMA\u2019s Supervisory briefing on the supervision of costs in UCITS and AIFs of 4<sup>th<\/sup> June 2020<\/em><em>.<\/em><\/a> <u> <\/u><\/p>\n<p style=\"text-align: justify;\"><strong>New ESMA\u2019s Guidelines on compliance function<\/strong><\/p>\n<p style=\"text-align: justify;\">ESMA has recently published some guidelines on the requirements to be satisfied by compliance officers under MiFID II, which provide clarifications on product governance responsibilities and strengthen the reporting requirements already provided for such function.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/esma35-36-1952.pdf\/8dc3a3d6-5533-4a8c-b490-d7a82b877448\" target=\"_blank\" rel=\"noopener\"><em>ESMA\u2019s Guidelines on certain aspects of the MIFID II compliance function requirements of 5<sup>th<\/sup> June 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Annual speech of Consob\u2019s Chairman to the financial market<\/strong><\/p>\n<p style=\"text-align: justify;\">In his annual speech to the financial market, Consob\u2019s Chairman, Mr. Paolo Savona, has pointed out that is necessary to define and implement a new institutional structure, which takes into account the relationship between policies and market behaviors, targeting them towards income and employment growth. To this end, he has proposed to set up a public council, which will be responsible for defining \u2013 in a year\u2019 time \u2013 an operational document aimed at creating the above new institutional architecture, based on a common information base and the use of scientific methods suitable for strengthening the fight to crime.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/dsc2020.pdf\/20ceafb6-ddb1-45f0-9063-6a9c605a590b\" target=\"_blank\" rel=\"noopener\"><em>Chairman of Consob\u2019s speech to the financial market of 16<sup>th<\/sup> June 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Amendment of the current provisions on reserved AIFs<\/strong><\/p>\n<p style=\"text-align: justify;\">The MEF has recently launched a public consultation (that will end on 3<sup>rd<\/sup> July) on a proposed amendment to the regulation implementing the Consolidated Financial Act on the determination of the general criteria to be met by UCIs. Among the main novelties, the minimum threshold for investing in reserved Italian AIFs, the concentration limit, the composition of the equity portfolio, as well as the portfolio management contract.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.dt.mef.gov.it\/modules\/documenti_it\/regolamentazione_bancaria_finanziaria\/consultazioni_pubbliche\/Proposta_MEF_su_FIA_riservati_04_06.pdf\" target=\"_blank\" rel=\"noopener\"><em>MEF, Consultation Paper of 4<sup>th<\/sup> June 2020 on the proposed amendment to Article 14 of Ministerial Decree 30\/2015 &#8211; Regulation implementing Article 39 of the Consolidated Financial Act concerning the determination of the general criteria to be complied with by Italian UCIs.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s implementation of EBA\u2019s Guidelines on interest rate risk management and stress testing <\/strong><\/p>\n<p style=\"text-align: justify;\">BoI has recently implemented EBA\u2019s guidelines on the management of interest rate risk arising from non-trading book activities, which have as object the systems that banks and investment firms must implement to identify, assess and manage the interest rate risk of the &#8220;banking book&#8221;, as well as stress tests concerning common organisational requirements, methodologies and processes for their execution.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/comunicazioni\/com-20200529\/Com-29052020-SIM-gruppi-SIM.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Communication of 29<sup>th<\/sup> May 2020, &#8220;Investment firms and groups of investment firms: amendments to the provisions on interest rate risk arising from non-trading book activities and stress testing of entities &#8221; test available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob\u2019s Chairman\u2019s parliamentary hearing on the current situation of the financial markets<\/strong><\/p>\n<p style=\"text-align: justify;\">The Consob\u2019s Chairman has recently attended an informal hearing before the Parliamentary Commission of inquiry on the banking and financial system, by intervening on the current situation of the financial markets following the economic and financial crisis due to the health emergency. Mr. Savona has said to be in favor of <em>Cura Italia<\/em> and Liquidity Decrees, which are aimed at satisfying the need for liquidity and support to SMEs. He has also highlighted the need, on the one hand, to test FinTech methods for the granting of credit, while, on the other hand, to strengthen the protection of savings.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/audizione_savona_20200528.pdf\/f9ddba54-eb00-40a6-9694-c6eca1826a53\" target=\"_blank\" rel=\"noopener\"><em>Informal hearing of the Chairman of Consob Prof. Paolo Savona of 28<sup>th<\/sup> May 2020 before the Parliamentary Commission of inquiry on the banking and financial system regarding the current situation of the financial markets after the economic-financial crisis, which followed the health pandemic (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the asset manager\u2019s liability <\/strong><\/p>\n<p style=\"text-align: justify;\">An asset manager may be held liable for damages deriving from holding in an investment portfolio previously purchased securities, unless he\/she proves that such conduct complies with the investment objectives indicated by the investor in question, taking also into account the changed market scenario.<\/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=.\/20200515\/snciv@s10@a2020@n09024@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, order no. 9024 of 15th May 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The benchmark must be provided in writing<\/strong><\/p>\n<p style=\"text-align: justify;\">In a portfolio management contract, the benchmark must be draft in writing, since it is an essential element of such agreement that defines the maximum risk to which the managed client intends to expose himself\/herself.<\/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=.\/20200515\/snciv@s10@a2020@n09025@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, order no. 9025 of 15<sup>th<\/sup> May 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Losses deriving from a unit-linked policy<\/strong><\/p>\n<p style=\"text-align: justify;\">The underwriter of a unit-linked insurance policy cannot obtain any compensation for the losses suffered unless he\/she proves that the false representation of the real value of the policy in question has influenced his\/her investment choices.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.acf.consob.it\/web\/guest\/decisioni-del-collegio\/ricerca-per-oggetto-del-ricorso?p_p_id=ricercadecisionioggetto_WAR_acfClientPortlet&amp;p_p_lifecycle=2&amp;p_p_state=normal&amp;p_p_mode=view&amp;p_p_resource_id=downloadFile&amp;p_p_cacheability=cacheLevelPage&amp;p_p_col_id=column-1&amp;p_p_col_pos=1&amp;p_p_col_count=2&amp;_ricercadecisionioggetto_WAR_acfClientPortlet_param=goToResults&amp;_ricercadecisionioggetto_WAR_acfClientPortlet_implicitModel=true&amp;uuid=37d08b7a-cbc9-44ae-bba7-f775fb7aa34d\" target=\"_blank\" rel=\"noopener\"><em>Securities and Financial Ombudsman, decision no. 2631 of 27<sup>th<\/sup> May 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Breach of disclosure obligations <\/strong><\/p>\n<p style=\"text-align: justify;\">In case of placement of financial products issued by an asset management company on the basis of a public offer, the simply delivery of the related prospectus is not sufficient<em> per se <\/em>to meet all the intermediary&#8217;s disclosure obligations regarding characteristics and risks of such products.<\/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=.\/20200522\/snciv@s10@a2020@n09460@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec I, decision no. 9640 of 22<sup>nd<\/sup> May 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>Public consultation on ESMA guidelines on outsourcing to cloud service providers<\/strong><\/p>\n<p style=\"text-align: justify;\">ESMA has recently launched a public consultation (that will end on 1<sup>st<\/sup> September, next) concerning draft guidelines on outsourcing of cloud service, having as object: (i) governance, documentation and supervisory and monitoring mechanisms, (ii) assessment procedure and due diligence, (iii) minimum elements of the outsourcing and sub-sourcing agreement, and (iv) reporting to NCAs and supervisory activities.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma50-164-3342_cp_cloud_outsourcing_guidelines.pdf\" target=\"_blank\" rel=\"noopener\"><em>ESMA\u2019s Consultation Paper of 3<sup>rd<\/sup> June 2020, \u201cDraft Guidelines on Outsourcing to Cloud Service Providers\u201d.<\/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=\"Legislative_Decree_no_2312001\"><\/span>Legislative Decree no. 231\/2001<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>The role of the 231 Surveillance Committee in the health emergency according to the entrepreneurs\u2019 national association<\/strong><\/p>\n<p style=\"text-align: justify;\">In the wake of the health emergency, the 231 Surveillance Committee must strengthen its supervision on the correct and effective implementation of the organisational model pursuant to the Decree 231, as well as on the actual measures taken by the employer in compliance with the emergency legislation. The Committee must interact, to this end, with the company\u2019s top management, as well as with the relevant business functions, and the emergency committee set up for the occasion.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.confindustriasr.it\/public\/allegati\/La%20responsabilit%C3%83%C2%A0%20amministrativa%20degli%20enti%20ai%20tempi%20del%20CoVid%2019.pdf\" target=\"_blank\" rel=\"noopener\"><em>Entrepreneurs\u2019 national association\u2019s Position paper of 10<sup>th<\/sup> June 2020 \u201cthe administrative responsibility of the entities at the time of COVID-19 \u2013 First operational guidlines\u201d.<\/em><\/a><\/p>\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>The role of the 231 <\/strong><strong>Surveillance Committee<\/strong><strong> in the data processing<\/strong><\/p>\n<p style=\"text-align: justify;\">The Data Protection Authority has recently clarified that the 231 Surveillance Committee, as &#8220;part of the legal entity&#8221;, cannot be considered either as a data controller or as a data processor of such entity. Therefore, the data controller must designate each member of the 231 Surveillance Committee as \u201cauthorised\u201d parties, with the consequence that the latter will have to follow the instructions provided to them by the data controller with regard to the data processing in question.<\/p>\n<p style=\"text-align: justify;\"><em><u>Data Protection Authority, \u201cOpinion on the subjective qualification for privacy purposes of the Surveillance Committees referred to in Article 6 of Legislative Decree no. 231 of 8<sup>th<\/sup> June 2001\u201d of 12<sup>th<\/sup> May 2020 (text available in Italian only).<\/u><\/em><\/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>The new European Commission&#8217;s AML Action Plan<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Commission has recently launched a public consultation (that will end on 29<sup>th<\/sup> July) on a draft AML Action Plan to be adopted over the next 12 months, to improve implementation, supervision and coordination of EU AML provisions. The Plan builds on six pillars: effective implementation of existing EU rules, a single EU rulebook, EU-level supervision, the establishment of a support and coordination mechanism for EU Member States&#8217; financial intelligence units, better use of information to enforce criminal law, and an enhanced role of the EU at global level.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/sites\/info\/files\/business_economy_euro\/banking_and_finance\/documents\/2020-anti-money-laundering-action-plan-consultation-document_en.pdf\" target=\"_blank\" rel=\"noopener\"><em>European Commission, Public consultation of 7<sup>th<\/sup> May 2020 on an action plan for a comprehensive union policy on preventing money laundering and terrorist financing.<\/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>The postponement of the hearing scheduled for the specification of parties\u2019 final conclusions due to the health emergency<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the &#8220;<em>Cura<\/em> <em>Italia<\/em>&#8221; Decree, the hearing scheduled for the specification of the parties\u2019 final conclusions may be postponed due to the health emergency, with the consequent scheduling of a new hearing for the written discussion.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Bologna, order of 6<sup>th<\/sup> May 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>AIFs<\/strong>: Alternative Investment Funds<br \/>\n<strong>AML<\/strong>: Anti-money laundering<br \/>\n<strong>ASPSP<\/strong>: Account Servicing Payment Service Providers<br \/>\n<strong>BoI<\/strong>: Bank of Italy<br \/>\n<strong>CONSOB<\/strong>: The national financial markets Authority<br \/>\n<strong>Consolidated Financial Act<\/strong>: Legislative Decree no. 58 of 24<sup>th<\/sup> February 1998<br \/>\n<strong>CRR<\/strong>: Regulation (EU) no. 575\/2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648\/2012<br \/>\n<strong>CRR II<\/strong>: Regulation (EU) no. 2019\/876 amending Regulation (EU) No 575\/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648\/2012<br \/>\n<strong>Decree 231<\/strong>: Legislative Decree no. 231 of 8<sup>th<\/sup> June 2001<br \/>\n<strong>DLT<\/strong>: Distributed Ledger Technology<br \/>\n<strong>EBA<\/strong>: European Banking Authority<br \/>\n<strong>ECB<\/strong>: European Central Bank<br \/>\n<strong>ESMA<\/strong>: European and Securities Market Authority<br \/>\n<strong>EU Securitisation Regulation<\/strong>: Regulation (EU) no. 2017\/2402 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>IOSCO<\/strong>: International Organization of Securities Commissions<br \/>\n<strong>MEF<\/strong>: Ministry of Economic and Finance<br \/>\n<strong>MIFID II<\/strong>: Directive 2014\/65\/EU on markets in financial instruments and amending Directive 2002\/92\/EC and Directive 2011\/61\/E<br \/>\n<strong>MREL<\/strong>: Minimum Requirement for own funds and Eligible Liabilities<br \/>\n<strong>NCAs<\/strong>: National Competent supervisory Authorities<br \/>\n<strong>NPEs<\/strong>: Non-Performing Exposures<br \/>\n<strong>PSD2<\/strong>: Directive no. 2015\/2366\/EU 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>SMEs<\/strong>: Small and Medium Enterprises<br \/>\n<strong>TPP<\/strong>: Third-Party Provider<br \/>\n<strong>UCIs<\/strong>: Undertakings for Collective Investment<br \/>\n<strong>UCITS<\/strong>: Undertakings for the Collective Investment in Transferable Securities<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Liquidity Decree is converted into law.<\/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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