One of the major conflicts in the financial sector in the coming months will concern inducements, i.e. compensations, commissions or non-monetary benefits paid or received by intermediaries as a result of the provision of an investment service, as for example in the case of retrocessions. Following Germany’s footsteps, Austria has now also declared its opposition […]
By a notice dated 9th January 2023, IVASS has announced that, pursuant to IVASS Regulations No. 44 of 12th February 2019 and No. 50 of 3rd May 2022, it will adopt, no later than the 30th June 2023, a new procedure for the collection of information due from both Italian and foreign companies, for the […]
In the case of the employment of an EU seafarer, are the shipowner and seafarer free to choose the law regulating the contract? Yes. As a general principle, in the case of the employment of a seafarer, the owner and the seafarer are free to choose the law regulating the contract. Indeed, the international employment […]
On the 23rd February 2022, the European Commission adopted a proposal for a Corporate Sustainability Due Diligence Directive, with the aim of promoting sustainable and responsible corporate conduct. The proposed Directive is one of the key initiatives that form part of the ‘Green Deal for Europe’, and is part of a wider regulatory framework that […]
The European Commission is taking legal action, through various rulings, against Member States that fail to fulfil the obligations laid out by EU law. These decisions, adopted periodically, aim to guarantee the proper application of European law for the benefit of both citizens and businesses. One of the most recent rulings to be adopted addresses […]
On the 26th January, the eighth edition of the Consob Report on the investment decisions of Italian households was published, based on a survey conducted by GFK Italia on ‘Italian households’ approach to finance and investments’. This survey was carried out on a sample of 1,436 individuals that represented the Italian investor population, 80% of […]
On 29th December 2022, the CNIL (Commission Nationale de l’Informatique et des Libertés), the independent French administrative authority in charge of ensuring legal compliance with regards to the protection of personal information in the gathering, storing and processing of data, announced that it had issued a € 3 million fine to VOODOO SAS, a game […]
The compensation paid to Italian savers for financial disputes amounted to € 18 million in 2022, with an average compensation of € 28,000. These numbers have been published by the Financial Disputes Arbitrator (ACF), Consob’s body for the out-of-court settlements of disputes between intermediaries and their clients. The overall amounts of compensation awarded by the […]
The three European supervisory authorities (EBA, EIOPA and ESMA) published a joint thematic report on financial education initiatives on digitalisation, with a focus on cyber security, fraud and scams. The Report identifies best practices that NCAs and other public institutions may follow in designing and implementing their financial education initiatives. The authorities point out that […]
The European Securities and Markets Authority (ESMA) has launched a joint supervisory action with the national competent authorities (NCAs) to monitor the implementation of the MiFID II disclosure rules on marketing communications in the European Union. This evaluation will take place during 2023. ESMA is aware of the key role that marketing communications and advertising […]
