On January 4, the European Insurance and Occupational Pensions Authority (EIOPA) published the results of a European comparative study on non-life insurance underwriting risk. With the study –based on non-life insurance contracts of 75 European insurers of 31 insurance groups– was the differences in internal models have been assessed to understand if and to what […]
On January 9, 2024, the European Banking Authority (EBA) issued an opinion addressed to the Bank of Italy following the notification regarding the decision to introduce a partial derogation of Article 129, para. 1, lett. c), of the Capital Requirements Regulation, concerning the eligibility conditions for guaranteed bonds in relation to preferential risk weighting treatments. […]
Through a press release on January 11, ESMA (European Securities and Markets Authority) announced its collaboration with the National Competent Authorities (NCA) for a joint supervisory action to assess the implementation of pre-trade controls (PTC) according to MiFID II by investment firms in the EU employing algorithmic trading techniques. These PTCs, governed by the MiFID […]
On January 17, 2024, the three European Supervisory Authorities (“ESAs”) i.e. the European Banking Authority (“EBA”), the European Insurance and Occupational Pensions Authority (“EIOPA”), and the European Securities and Markets Authority (“ESMA”), have published the first set of technical standards implementing EU Regulation 2022/2554 (the Digital Operational Resilience Act or “DORA”), which came into effect […]
In a very recent judgment, the Court of Cassation confirmed an important principle in the area of liability for the activities of the Patronato (a network of consultancy offices in security and welfare matters). With judgment no. 34475 of 11.12.2023, the Italian Supreme Court, overturning the decision of the two lower courts, ruled that the […]
Through a press release dated January 3, 2024, the European Central Bank (ECB) has announced that it will test the resilience of banks in the event of a cyber – attack. As reported, the stress test will be conducted on 109 banks supervised by the ECB to assess their response and recovery capabilities, involving the […]
In December 2023, the Italian Competition and Market Authority imposed a fine of 4.5 million on Facile Ristrutturare and Renovars (its parent company) for unfair and misleading commercial practices. According to the Authority, the two companies not only spread fake online reviews drafted by their employees but also, in some instances, applied a hidden cost […]
On January 4th, the Institute for Insurance Supervision (IVASS) published a letter to the market regarding the communication of telematic verification methods for surety policies under the Public Contracts Code (Legislative Decree no. 36/2023). The Public Contracts Code introduced new specific requirements for guarantees to be issued along with an offer by contractors participating in […]
On December 21, 2023, the European Insurance and Occupational Pensions Authority (EIOPA) published its Supervisory convergence plan for 2024 (the “Plan”), in compliance with its mandate to build a strong and common supervisory culture across all EU states. The three main areas around which the activities in the Plan revolve are: Practical implementation of a […]
On December 21 2023, the Competition and Market Authority fined the electricity and gas supply company, Facile Energy, for not ceasing the practice of unsolicited activation of electricity and gas supplies. Despite a warning issued by the Antitrust Authority in December 2022, regarding the unfair practice of unsolicited activation of electricity and gas contracts applied […]
