UPDATES

ESMA – Coordination with National Competent Authorities regarding pre-trade controls according to MiFID II

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 […]

First set of Rules under the DORA Regulation published by ESAs

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 […]

Italian Court of Cassation on pension consultants’ liability for damages

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 […]

Competition and Market Authority – Fine to Facile Ristrutturare and Renovars

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 […]

IVASS – Market Letter January 4, 2024

On January 4th, the Institute for Insurance Supervision (IVASS) published a letter to the market regarding the communication of telematic verification methods for surety policies under the Public Contracts Code (Legislative Decree no. 36/2023). The Public Contracts Code introduced new specific requirements for guarantees to be issued along with an offer by contractors participating in […]

EIOPA – Supervisory Convergence Plan for 2024

On December 21, 2023, the European Insurance and Occupational Pensions Authority (EIOPA) published its Supervisory convergence plan for 2024 (the “Plan”), in compliance with its mandate to build a strong and common supervisory culture across all EU states. The three main areas around which the activities in the Plan revolve are: Practical implementation of a […]

Competition and Market Authority – Fine Imposed on Facile Energy

On December 21 2023, the Competition and Market Authority fined the electricity and gas supply company, Facile Energy, for not ceasing the practice of unsolicited activation of electricity and gas supplies. Despite a warning issued by the Antitrust Authority in December 2022, regarding the unfair practice of unsolicited activation of electricity and gas contracts applied […]

The Payment Made to an IBAN Modified by a Hacker Releases the Insurance Company

In December 2023, in a proceeding pending before the Justice of Peace of Milan, the claimant requested an insurance company the payment of an amount which the insurance company had already made to an IBAN faked by a hacker. Specifically, following an incident, an insurance company acknowledged a settlement amount of €6,000.00. When the beneficiary […]

Lawful Dismissal as a Consequence of Sexual Allusions

The Italian Supreme Court, with the very recent decision no. 23295/2023, stated that the dismissal of a person, who makes sexual allusions, is lawful and such behaviors cannot be justified because of their lightheartedness or superficiality. The Italian Supreme Court condemned the behavior of the employee who made verbal sexual allusions to another employee, who worked as a bartender. […]