On 4 January 2023, the Irish Data Protection Authority (Data Protection Commission) announced that it had imposed two sanctions on Meta Ireland, of EUR 210 million for GDPR violations relating to Facebook and EUR 180 million for violations relating to Instagram, respectively. The inquiry carried out by the Irish Authority had been initiated following two […]
On 31 October 2022, the European Insurance and Occupational Pensions Authority (EIOPA) published a new methodolgy for assessing value for money in the unit-linked market. The methodology outlines a common European approach concerning the identification of unit-linked products that may offer poor or no value for money and require monitoring by national competent authorities (NCAs) […]
The three European supervisory authorities (EBA, EIOPA, ESMA – the so-called ESAs) launched a public consultation to gather information on greenwashing risks and practices in the banking, insurance and financial sector. The Call for Evidence stems from the need to better understand which sectors might become more susceptible to greenwashing, due to the increasing demand for […]
Consob published in the Discussion Paper series a study titled “Customer profiling for suitability assessment purposes. Follow up of the 2012 study on a sample of Italian intermediaries“. The paper starts from the analysis of a previous 2012 Discussion Paper, expands its contents and follows its methodologtical approach with reference to the formats for the […]
On 8 November 2022, the Director of IVASS Riccardo Cesari, taking part during the Insurance Summit, organised by Il Sole 24 Ore in Milan, presented an overview of innovations in life products between regulation and the market. The evolution of the savings attitude since the 1980s shows values falling from 20% to 8% in the […]
On 8 November 2022, the President of IVASS, Luigi Federico Signorini, taking part during the Insurance Summit, organized by Il Sole 24 Ore in Milan, affirmed and praised the resilience of the Italian economy despite pandemic and the new crisis caused by Russia’s war. At the international level, indeed, the economy is suffering from war-related […]
By Order No. 241 of 7 July 2022, the Italian Privacy Authority issued a favourable opinion in relation to the proposed amendment to Legislative Decree No. 231/2007 on the prevention of the use of the financial system for the purpose of laundering the proceeds of crime and financing terrorism. The aforementioned opinion had been requested […]
With urgent measure issued on 7 July 2022, the Italian Privacy Authority warned the Tik Tok platform that, in the absence of explicit consent, it is unlawful to process personal data stored on users’ devices in order to profile them and send them personalised advertising. The case had resulted from the announcement in June 2022 […]
The coexistence of main and secondary proceedings has given rise to numerous practical difficulties related mainly to the correct identification of the COMI, since the possibility that more than one State may consider itself competent to open the main procedure is not remote. Thus, the need arose to find a solution that did not involve […]
On 18 May 2022, the Italian Data Protection Authority issued an interesting opinion, at the request of an insurance company, concerning the correct identification of the subjective role of credit institutions that process customers’ personal data in the activity of distributing insurance policies. In providing the above-mentioned opinion, the Authority referred to the general regulatory […]
