In a recent report, the Organization for Economic Cooperation and Development (hereafter, “OECD”) observed that the digitization of financial services has boosted productivity. OECD studies show that a 10 percent increase in financial sector digitization corresponds to a 0.1 percent increase in productivity growth. To ensure further growth, the OECD calls for: – increase investment […]
The Financial Conduct Authority (hereafter just “FCA”), the British Supervisory Authority, intends to launch a market study into how pure protection insurance products are sold; the “pure protection” products are designed to help individuals and their families with their finances should the policyholder die or become unable to meet their financial commitments in case of […]
On 8 August, IVASS (the Italian Insurance Supervisory Authority), the Bank of Italy, and Consob (the National Commission for Companies and the Stock Exchange) announced the launch of a Task Force aimed at facilitating access to their respective ADRs (Alternative Dispute Resolution), to ensure greater protection for users. In addition to the existing resolution bodies, […]
On 21 August, ESMA (the European Securities and Markets Authority) published on its website the translation into all official EU languages of the Guidelines regarding fund names containing ESG terms, or terms related to sustainability. The purpose of the Guidelines – which will come into force on November 21st of this year – is to […]
It is noted that PG Legal has developed a total outsourcing process, allowing life insurance companies to delegate the entire procedure for consulting the PDND platform – National Register of Resident Population – to our firm, without any involvement of the company’s internal local IT systems. For further information contact Domenico Rinaldi, d.rinaldi@pglegal, Tel: 39 […]
Following the enactment of Law No. 193 of December 7, 2023, the right to be forgotten after cancer remission has become a pillar in the protection of the rights of people recovered from cancer. This new right has been the focus of recent FAQs published by the Italian Data Protection Authority on August 9, 2024; […]
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 […]
