On June 25, 2024, Commission Delegated Regulation (EU) 2024/1772 of March 13, 2024, was published in the Official Journal of the European Union, supplementing Regulation (EU) 2022/2554 (the “DORA” Regulation). In accordance with the objective of the DORA Regulation, which aims to harmonize and streamline reporting obligations related to information and communication technology (ICT) incidents, […]
With Provision 147/2024 dated June 20, 2024, IVASS has introduced significant amendments to: Regulation 40/2018, laying down provisions on insurance and reinsurance distribution; Regulation 41/2018, on transparency, disclosure, and design of insurance products. IVASS acknowledged that the current provisions on distribution and pre-contractual disclosure have increased significantly the costs for operators to provide the information […]
On June 19, 2024, the 6th AML Directive (Directive (EU) 2024/1640 of May 31, 2024), the AML Regulation (Regulation (UE) 2024/1624 of May 31 2024) and the AMLA Regulation (EU) 2024/1620 of May 31, 2024 (so-called “AML Package“) were published in the Official Journal of the European Union. The main objectives of the package include: reform […]
On June 19, 2024 the 6th AML Directive (Directive (EU) 2024/1640 of May 31, 2024), the AML Regulation (Regulation (UE) 2024/1624 of May 31, 2024) and the AMLA Regulation (Regulation (EU) 2024/1620 of May 31, 2024) (so-called “AML Package“) were published in the Official Journal of the European Union. The main objectives of the AML […]
In decision no. 13897 of 20 May 2024, the Court of Cassation ruled once again in the matter of professional indemnity insurance. In case at hand, an insurer filed an appeal with the Court of Cassation against a ruling an Appeal Court, which had recognized a lawyer’s right to direct indemnification in the event of […]
On June 11th, the Bank of Italy launched a public consultation concerning the amendment of provisions related to counterparty credit risk for financial intermediaries under Article 106 of the TUB (Consolidated Law on Banking). The aim of the public consultation is to extend the prudential regulations on counterparty credit risk, which already apply to banks […]
The Italian Data Protection Authority, with Order No. 364 of 6 June 2024, issued updated guidelines on computer programs and services for managing e-mail in the work context and on the processing of metadata in employees’ e-mails. The document specifies that it does not introduce new prescriptions, but offers a reconstruction of the applicable provisions, […]
On June 11, 2024, the Financial Intelligence Unit (FIU) has published Study no.22 which examines the development of a machine learning algorithm designed to identify companies which may have connection with Organized Crime (“OC”) in Italy. This model utilizes a dataset of 1.804.278 Italian enterprises in the period 2010-2021, which includes financial sheets data, debt […]
On May 31, in view of the entry into force of the Digital Operation Resilience Act (DORA) in January 2025, the European Supervisory Authorities (EBA, EIOPA, and ESMA, collectively the ESAs) published the models and tools useful for the test exercise on the reporting of registers containing information regarding ICT services (Information and Communication Technologies). […]
On June 4, 2024, IVASS Order No. 144 was published with amendments and additions to IVASS Regulation No. 44/2019, concerning implementing provisions aimed at preventing the use of insurance companies and insurance intermediaries for the purposes of money laundering and terrorist financing in the area of organization, procedures and internal controls and customer due diligence […]
