ABI: The use of digital channels increases and the commitment of banks against cybercrime is strengthened
The tenth Annual Report by ABI Lab focuses on the development and potential of Digital Banking. It emerges that for the banks interviewed, active customers on Mobile grew by 15% in 2020. The total volume of transactions on Mobile Banking also increased by 56%: among these, wire transfers and transfer accounts + 72%, respectively + 31% for Mobile and + 14% for Internet Banking.
The study underlines, both for the Mobile Banking apps and for the Internet Banking portals, a strong focus on the functions related to Payments. More and more banks offer services based on API (Application Programming Interface) platforms, in particular for account aggregation services.
Update n. 35 of 30 June 2021 of Circular no. 285 of December 17, 2013
The Bank of Italy has published the consultation report regarding the corporate governance of banks and banking groups, which provides a response to the observations regarding the parts of the regulations subject to modification and to the requests for clarification received.
Consultation document on the retention of risk associated with securitizations
The EBA consultation on the new RTSs aims to clarify the requirements relating to the retention of risk associated with securitizations. The RTS also include a number of new provisions, such as:
Finally, they address the impact of commissions due to the intermediary on risk retention, risk retention in re-securitizations or securitizations of own debt instruments. The consultation is open until 30 September 2021.
EBA guidelines on criteria relating to the accuracy, adequacy, updating frequency and completeness of input data used by entities to compute their risk factors.
The alternative internal models’ approach is one of the innovations introduced by the revised CRR. Through this approach we want to capture market risks taking into account tail risks, the risk of market illiquidity and the risk of insolvency through the sum of three components:
The new EBA Guidelines, applicable from 1 January 2022.
The ECB has decided not to extend the dividend recommendation
The European Central Bank (ECB) has decided not to extend its recommendation to all banks to limit dividends beyond September 2021. The supervisory authorities will instead resume evaluating the capital and dividend distribution plans of each bank as part of the regular prudential process.
Revised Decision on the Use of Unsolicited Credit Assessments
The EBA document states that institutions may use unsolicited credit ratings from an ECAI to determine their capital requirements only if EBA confirms that such unsolicited ratings do not differ in quality from the requested ratings of the ECAI.
Prudential supervisory reports (CoRep) of ex-106 financial intermediaries.
The communication from the Bank of Italy clarifies the regulatory reporting framework applicable to financial intermediaries registered in the ex-106 register with regard to:
Consultation on shadow banking
EBA has launched a public consultation on draft regulatory technical standards (RTS) that set the criteria for identifying shadow banking entities for the purposes of reporting major risks.
Subjects that offer banking services and carry out banking activities as defined in the RTS project but are not regulated and are not subject to supervision in accordance with any of the acts constituting the regulated framework are identified as subjects of shadow banking. The consultation will last until October 26, 2021.
Recommendation of the Bank of Italy on the distribution of dividends and on the variable remuneration policies of banks
The latest macroeconomic projections indicate signs of improvement in the economy, allowing, in line with the ECB's decision for significant banks, to return to the criteria for assessing capital and the plans for the distribution of dividends and repurchases of shares by banks in the scope of the ordinary SREP process.
For the less significant banks, however, it will be necessary to maintain a prudent approach in deciding the distribution and repurchase policies of shares.
Notice regarding the Guidelines issued by ESMA on outsourcing to cloud service providers
ESMA has published its guidelines on outsourcing agreements with cloud service providers. These Guidelines apply from 31 July 2021
Notice regarding the implementation of the Guidelines issued by ESMA on some aspects of the MiFID II requirements relating to the compliance function
Intermediaries subject to Consob supervision are required to comply with the new interpretative guidelines issued by ESMA on the compliance control function starting from 7 June 2021, replacing the previous ones.
Press release of the Council of Ministers n. 29
The Council of Ministers approved, in preliminary examination, a decree concerning the cross-border distribution of collective investment schemes which specifies that pre-marketing does not constitute an offer to the public.
ESMA guidelines in consultation on the non-immediate disclosure of inside information
ESMA has published a consultation document that reviews the Guidelines on the non-immediate disclosure of inside information pursuant to the Market Abuse Regulation (MAR). The Guidelines will define a list of legitimate interests of the issuers that could be prejudiced by the immediate disclosure of inside information.
Consultation of ESMA on the transparency requirements under the MiFIR
ESMA has launched a Consultation on the revision of the RTS 1 (equity transparency) and RTS 2 (non-equity transparency) regulatory technical standards on the transparency requirements under the Financial Instruments Regulation (MiFIR). Feedback can be sent by 1 October 2021.
EBA consultation document on the methodology for applying the principle of proportionality to credit institutions and investment firms
EBA has published the Consultation Document entitled "Discussion paper on proportionality assessment methodology". Its objective is to standardize the methodology for applying the proportionality principle for credit institutions and investment firms.
4 different types of classification are defined (size / activity / systemic relevance, business model, size / complexity for credit institutions, business model for investment firms). The consultation will last until 22 October 2021.
ESMA consultation document on EMIR reporting
The ESMA consultation document includes proposals for guidelines on a wide range of topics related to reporting, data quality and access to data under EMIR Refit. Any comments will be sent by next September 30th.
ESMA has published the results of the Common Supervisory Action (CSA) carried out on the application of the eligibility requirements dictated by MIFID II
Shortcomings and areas for improvement have been highlighted with regard to some of the new requirements introduced by MiFID II: in particular the obligation to consider the cost and complexity of equivalent products, the costs and benefits of the change of investment and the suitability relationships.
ESMA consultation on remuneration requirements consistent with MiFID II
ESMA has published a consultation document on the Guidelines on certain aspects relating to the remuneration of personnel involved in the provision of investment and ancillary services and activities, or in the sale or advice on structured deposits to customers, taking into account the new requirements established by the Mifid II.
Marketing requirements and marketing communications under the Cross Border Fund Distribution Regulation
The ESMA report provides an overview of the marketing requirements referred to in art. 5, paragraph 1, of the Regulation in all Member States and contains an analysis of the effects of the national laws, regulations and administrative provisions governing marketing communications also based on information received from the competent national authorities.
Guidelines on Simple Investment Companies - SiS
Bank of Italy and CONSOB have published the "Bank of Italy and CONSOB Supervisory Guidelines on Simple Investment Companies - SiS". The document aims to promote the uniform and correct application of the new rules by simple investment companies (SiS).
Guidelines on payment instruments with limited usability
The EBA has launched a consultation on the Guidelines to define the payment instruments with limited usability (limited network) as they are excluded from the application of the PSD2. The deadline is October 15, 2021.
Provisions transposing Article 106 of Directive 2015/2366 / EU (PSD2)
The provisions of the Bank of Italy apply to framework contracts relating to payment services and payment transactions, even if these are not part of a framework contract, when the services are offered in Italy by intermediaries.
Intermediaries must publish on their website the brochure created by the European Commission on consumer rights for payment services. These provisions may not be applied, in whole or in part, if the customer is neither a consumer nor a micro-enterprise.
Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union
The Regulation (EU) 2021/1230 of the European Parliament and of the Council of July 14, 2021 on cross-border payments in the Union has been published ". In order to avoid the fragmentation of the payment markets, it is requested to apply the principle of equal fees. For this purpose, for each category of cross-border payment transaction it is necessary to identify a national payment with characteristics that are the same or very similar to those of the cross-border payment.
It is also requested that the fees charged on cross-border payments in euros made in the Union be aligned with those charged for corresponding national payments made in the national currency of the Member State in which the payment service provider of the service user is located of payment.
The Regulation enters into force on the twentieth day following its publication in the Official Journal of the European Union. It is mandatory in its entirety and directly applicable in each of the Member States.
Self-assessment of money laundering and terrorist financing risks
Italian insurance companies and secondary offices in Italy of companies based in the EU / EEA operating in the life business will be required to carry out an annual self-assessment of the risks of money laundering and terrorist financing to which they are exposed on the basis of the methodology therein. defined.
These are required to transmit to IVASS the information contained in the specific electronic sheet provided by 30 September 2021.
Foreign insurance companies that operate in Italy in LPS in the life classes are required annually to transmit information on the insurance activity carried out in Italy in the life classes under the freedom to provide services, with the aim of allowing IVASS to assess the risks. money laundering and terrorist financing inherent in insurance distribution.
The information must be provided through the specific electronic sheet provided by it by 30 September 2021.
FAQ on accreditation and certification under the GDPR
The Guarantor for the Protection of Personal Data and Accredia - the only national accreditation body for certification bodies (CB) - have published FAQs on general aspects concerning the certification and accreditation activities provided for by the EU Regulation on data processing.
Guidelines for cookies and other tracking tools
The Guarantor has approved the new guidelines on cookies with the aim of strengthening the decision-making power of users regarding the use of their personal data when they browse online. Site owners will have 6 months to comply.
Guide for the assessment and mitigation of proliferation financing risk
The FATF (or FATF) has reviewed the criteria for identifying, assessing, understanding and mitigating the financing risk of proliferation.
The risk of financing proliferation is the potential violation of the targeted financial sanctions adopted by a resolution of the United Nations Security Council, in order to counter the proliferation of weapons of mass destruction and the related financing.
Laundering connected with environmental crimes
This FATF report identifies the methods that criminals use to launder the proceeds of environmental crimes, but also tools that governments and the private sector can apply to stop this activity.
FinTech Committee and Regulatory Sandbox for the digitization of financial services in Italy
Bank of Italy, Consob, IVASS and the Ministry of Economy and Finance have published a joint press release entitled "The FinTech Committee and the regulatory sandbox for the digitization of the country's financial services are underway".
To access the trial, operators must submit projects relating to innovative services, products or processes in the banking, financial or insurance sector and which bring benefits to end users or contribute to market efficiency to the supervisory authority competent for the matter. The projects must be in a sufficiently advanced state for experimentation and sustainable from an economic and financial point of view.
Findings from the 2020 SREP IT Risk Questionnaire
The ECB report highlights analyzes and observations deriving from the SREP exercises with regard to cyber risk aspects.
New EBA guidelines on remuneration policies
The new guidelines on remuneration policies of institutions have been published by the EBA, which takes into account the changes introduced by the fifth Directive on capital requirements (CRD V).
In particular, requirements are introduced to ensure a gender neutral remuneration policy. The sections relating to severance pay and the retention premium have also been revised.
EBA / ESMA guidelines on the functioning of the management body
The joint guidelines of EBA and ESMA want to remedy the shortcomings identified during the financial crisis regarding the functioning of the management body and its members.
They apply to all institutions by requiring to evaluate their members of the management body. For significant CRD institutions, the competent authorities should evaluate the heads of internal control functions and the Chief Financial Officer (CFO), if they are not members of the management body.
ACF press release on the activities of the first half of 2021
Press release from the ACF which describes its activity in the first half of 2021. It indicates that the area of preliminary information for the investment is the area in which the greatest criticalities in the relationships between retail investors and intermediaries nestle, remember that the changes to the ACF regulation will come into effect from 1 October next.
EBA methodological guide on "mystery shopping"
EBA has published “The EBA methodological guide to mystery shopping”. The Guide sets out in seven stages how the activities of the Member States can be conceived and carried out by the National Competent Authorities.