On the proposal of IVASS, the Ministry of Economy and Finance – by issuing two decrees published in the Official Gazette of the Italian Republic no. 185 of 9 August 2023 – has determined the amount and payment methods of the fee required for 2023 from companies engaged in insurance and reinsurance activities, to be […]
The level of insurance coverage of Italian companies – that aims at ensuring financial stability and thus increasing the volume of business and economic activity – is lower than that of foreign market participants. Every year, the Bank of Italy carries out a sample analysis of Italian companies – with at least 20 employees – […]
The Bank of Italy has announced that, from 4 August 2023, messages sent to its Certified Email (PEC) address (bancaditalia@pec.bancaditalia.it) will only be accepted if they are originated from PEC addresses. Anyone who wishes to send an e-mail to the institution by means of ordinary electronic mail can do so by using the specific addresses […]
On 17 July 2023, the European Banking Authority (EBA) released the technical package for phase 2 of version 3.3 of its reporting framework. This technical package is aimed at supporting the 2024 supervisory benchmarking exercise and consists of an economic model based on a systematic comparison among companies, including new market risk assessment models and […]
On 13 July 2023, EIOPA published the report on the activities carried out by the Colleges of Supervisors in the year 2022. The report underlined the importance of coordinated, efficient and effective supervision of cross-border insurance groups within the EU. It also highlighted the main developments and key issues discussed by the 64 Colleges (cooperation […]
On 6 July 2023, the EBA invited the surveillance authorities of the Member States to collect the environmental, social and governance (ESG) data that large, listed institutions will be required to disclose through quantitative information on ESG risks. Previously, institutions were not required to submit specific data related to ESG risk disclosures. However, as the […]
On the subject of medical negligence, the Third Section of the Italian Supreme Court, with a very recent order (no. 18442 of 28.06.2023), clarified the criteria to be considered by the trial judge in order to assess the extent of compensation to be settled in favor of “iatrogenic” damage victims (i.e. where a doctor has […]
Cryptocurrencies have already been used in yachts’ purchases and charters, which are mainly paid in bitcoins. In particular, such payments were made in bitcoins, but were afterwards converted into fiat currency. In fact, the number of companies now accepting payments in cryptocurrency is enormously growing. They use third-party platforms specialized in cryptocurrency’s exchange, such as […]
Last July 27, the websites of Banca d’Italia, Consob, IVASS, and the Ministry of Economy and Finance (MEF) announced that the second phase of experimentation for FinTech activities in Italy will take place from November 3 to December 5, 2023. During this second phase, operators in the sector can submit applications for admission to the […]
With the ordinance n. 19104 of 6 July 2023, the Supreme Court of Cassation reiterated the principle wherein it is the financial intermediary who has the principal obligation to provide the customer (or more correctly: The Investor) with detailed, specific and preventive information regarding the securities which are the object of the investment. More precisely, […]
