IVASS – Agreement with Google to combat online fraud

IVASS has announced a collaboration with Google to combat online fraud perpetrated by rogue sites. The verification programme, which was announced by the supervisory authority on the 11th of September, will start on the 1st of November 2023. As part of the new verification process, all entities wishing to advertise financial services will have to […]

Burden of Proof in the Case of Missing Amounts in Company’s Accounts

With ruling no. 25631 of September 1, 2023, the Court of Cassation has reviewed the burden of proof between the directors and the company in the case of cash shortages. If the company presents that the sums have been dispersed or misappropriated, the directors have to prove that they have spent the sums exclusively in […]

IVASS – Notebook no. 27 on the Reassessment of the Italian Seismic Hazard

On 13 September, IVASS published Notebook no. 27 on Seismic Hazard Assessment in Italy. It aims to illustrate the evolution that the study of seismic risk has undergone in recent years, also considering the scientific progress achieved. It also gives a preview of the innovations that will be introduced in the new seismic hazard model […]

Bank of Italy – Analysis of the Insurance Coverage of Italian companies

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’s Decision on Certified Email (PEC)

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 […]

EBA – Technical package for phase 2 of Reporting Framework 3.3 released

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 […]

EIOPA – Report on the Activities of the Colleges in 2022

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 […]

The EBA Decision on ESG Data Collection

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 […]