On September 23rd 2021, IVASS published some clarifications concerning Provision no.111 of 2021. In particular, with reference to Art. 14, it has been specified that for the year 2021 only, the deadline by which the “qualified” insurance intermediaries are required to send IVASS the communications envisaged by Art. 11, paragraph 4, letter a) has been […]
The second Chamber of the European Court of Justice, with judgment c/790/19 clarified an important legal issue, establishing the principle according to which the perpetrator of the principal offense can be charged with the offense of money laundering, thus confirming the legitimacy of the self-laundering in all the EU States. The Court, in fact, called […]
The Irish Supervisory Authority has sanctioned Whatsapp with a €225 million fine for violating the provisions of the GDPR (Regulation (EU) 2016/679). In particular, the world’s most popular instant messaging app would have shared data with other companies of the Facebook Group without providing data subjects with adequate information. The measure comes at the end […]
In a world where a large part of the information is disseminated through electronic communication channels, the protection of personal data being transmitted becomes more important. The content of electronic communications can reveal highly sensitive data about the individuals involved – such as sexual preferences or political opinions. Similarly, metadata derived from electronic communications (e.g. […]
The Italian Data Protection Authority has issued an injunction against Deliveroo Italy S.r.l. (Order No. 285 of 22 July 2021), for the unlawful data processing of 8,000 riders. In addition to prescribing corrective measures to be implemented within a specific timeframe, the Authority also imposed a fine of €2.5 million on the Company. The measure was issued due to […]
On 9 July, the new Guidelines adopted by the Italian Data Protection Authority on cookies and other tracking systems were published in the Official Journal. The final text results from the examination of the various contributions collected during the months of public consultation, which ended on 9 January. The primary purpose of the Guidelines is to provide an overview of […]
By letter to the market of 28 July 2021, IVASS has fully acknowledged the content of the EIOPA Opinion on risk mitigation strategies. In fact, a study carried out by the European Insurance and Occupational Pensions Authority has shown that – since the entry into force of Solvency II – European insurers have increasingly resorted […]
Following Law Decree no. 34/2019 (so-called “Decreto Crescita”) converted into Law no. 58/2019 and the establishment of the Fintech Committee at the Ministry of Economy and Finance for constant comparison and coordination among Bank of Italy, CONSOB, IVASS and Mef, an important innovation in the Italian techno-finance landscape is coming. Indeed, as stated in a […]
By letter to the Market of 14 July 2021, IVASS spoke on investments in complex and/or illiquid financial instruments, providing guidelines that the supervised companies must follow when carrying out these activities. Since Solvency II came into force, and because of its induced prudential approach, financial investments have recorded particularly low or even negative interest […]
IVASS has recently published Regulation no. 48 of July 13, 2021, containing the implementing regulations for the capital increase process (so-called capital add-on) envisaged by articles 47-sexies and 216-septies of the CAP. The use of the capital add-on tool is aimed at ensuring that the regulatory capital requirements adequately reflect the global risk profile of […]
