Everyone in the yachting industry knows the old adagio in which the best moments in a yacht owner’s life are the day of the purchase of a yacht and the day when the yacht is sold. Buying or building a yacht is certainly a rewarding experience marking a moment of success and happiness in a […]
On July 17, 2024, the three European Supervisory Authorities (EBA, EIOPA, and ESMA – collectively, the ESAs) announced the second series of regulations under the Digital Operational Resilience Act (DORA), comprising four final draft Regulatory Technical Standards (RTS), a set of Implementing Technical Standards (ITS), and two sets of guidelines. These measures aim to strengthen […]
Last July 26, the Institute for the Supervision of Insurance (IVASS), together with the Bank of Italy, Covip and Mef, following the responses received on the draft instructions put out for public consultation last April 28, 2023, published the instructions for the exercise of enhanced controls on the operations of authorized intermediaries in order to […]
On July 15, the internal regulation of the “Committee for Macroprudential Policies” (the “Committee”) has been published on the websites of the participating authorities. The Committee has been established pursuant to Legislative Decree No. 207 of December 7, 2023 – in implementation of a recommendation of the European Systemic Risk Board – to analyse risks […]
On 26 July, the Italian Institute for the Supervision of Insurance (IVASS) published a market letter on its website providing clarifications on the obligations under Council Regulation (EU) No. 269/2014 of March 17, 2014 (the “Regulation”). IVASS reiterates that the prohibition to “make available, directly or indirectly, funds or resources to individuals or legal persons, […]
After identifying a gap in crisis management frameworks that could lead to a lack of coordination in the financial sector during a significant cross-border incident related to information and communication technologies (ICT), the European Systemic Risk Board (ESRB) recommended that the European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) leverage the role outlined […]
With ruling no. 17415 of 25 June 2024, the Italian Court of Cassation reaffirmed the important principle of “social contact liability” in the field of banking, this, without the need for a contractual relationship. According to the Italian interpretation of “social contact”, the relationship established between Banks and account holders, especially when the latter are […]
On 17 July, the Institute for Insurance Supervision (IVASS) published Consultation Document No. 6/2024, containing amendments to ISVAP Regulation No. 13/2008 (hereinafter the “Regulation”). The amendments aim to align the content of the Regulation with the new regulations regarding the dematerialization of the insurance certificate (which will be replaced by electronic or telematic systems to […]
On 17 July, the Institute for Insurance Supervision (IVASS) launched a public consultation on the draft measure amending IVASS Provision No. 79/2018 (the “Provision”) regarding the criteria for calculating costs and any deductibles for determining compensation between insurance companies in the event of direct compensation. IVASS intends to amend Annex 1 of the Provision by […]
On 17 July, the Institute for Insurance Supervision (IVASS) published consultation document No. 4/2024, which contains proposals for amendments and additions to IVASS Regulation No. 36/2017 (“hereinafter the Regulation”) on the new methods for the transmission of data flows in relation to the IPER motor vehicle survey. The consultation document, which consists of 3 articles, […]
