UPDATES

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 […]

The Italian Supreme Court Rules on Assessment of Iatrogenic Damage

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 […]

Buying or Chartering a Yacht Using Cryptocurrency: How Cryptocurrency Interacts with the Yachting World?

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 […]

Information Obligations of the Intermediary

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, […]

IVASS – Public Consultation of the Draft Regulatory Order Amending the Provisions on Requirements and Eligibility Criteria for Exponents and Those Performing Key Functions

On 12 July 2023, IVASS published the draft Regulatory Order amending the provisions of Reg No. 29/2016 and No. 38/2018 concerning the requirements and eligibility criteria for those carrying out the role as company representatives and also those who perform key functions in public consultation. The measure composed of 6 articles has the purpose of […]

IAIS – Public Consultation on ICP 14 (Valuation) and ICP 17 (Capital Adequacy)

The International Association of Insurance Supervisors (IAIS) has launched a public consultation on the Insurance Core Principles (ICPs). ICPs are the fundamental principles for insurance – adopted for the first time in 2011, and from time to time updated – that represent, on a global level, standards and guidelines adopted in the field of insurance […]