On January 15, the European Insurance and Occupational Pensions Authority (EIOPA) released its report on the implementation of the Insurance Distribution Directive (IDD), regulating the distribution and design of insurance products in the EU since 2018. The report examines the developments in insurance distribution over the past two years. Compared to the previous report, EIOPA […]

Artificial intelligence (“AI”) is the technology of simulating human intelligence processes through the creation and application of algorithms embedded in a dynamic computing environment. To simplify, AI aims at creating computers which can think and act similarly to humans. It is notorious that AI is overwhelmingly spreading, with unpredictable outcomes. In this context, on December […]

The Italian Chamber of Deputies has recently approved the “Made in Italy” Draft Law on Yachting, resulting from the discussion between “Confindustria Nautica”, the Minister of Business and Made in Italy, the Ministry of Infrastructures and Transports and the draft law’s rapporteurs. The draft law will have to be approved by the Senate. The novelties, […]

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 […]