Financial Crime World

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Italy: Key Regulatory Developments in Banking and Finance

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Rome, Italy - The Italian financial sector has seen several key regulatory developments over the past few months. Here are some of the most notable updates.

Bank of Italy Publishes Update to Circular 285 on IRRBB and CSRBB

In a move aimed at strengthening the stability of the banking system, the Bank of Italy has published an update to its Circular 285 on Interest Rate Risk in the Banking Book (IRRBB) and Credit Spread Risk in the Banking Book (CSRBB). The updated guidelines come into effect on [date].

  • Key highlights:
    • Strengthening the stability of the banking system
    • Improved risk management practices

Italian Government Makes UBO Register Operational

As part of efforts to combat money laundering and terrorist financing, the Italian government has made its register of beneficial owners (UBO) finally operational. The obligation to report beneficial ownership data and information now applies to companies with legal status, private legal entities, trusts having legal effects for tax purposes, and trust-like legal institutions.

  • Key highlights:
    • Improved transparency in company ownership
    • Enhanced efforts to combat financial crime

Consob Complies with POG Guidelines

Italy’s financial regulator, Consob, has announced its intention to comply with the European Securities and Markets Authority’s (ESMA) guidelines on product oversight and governance arrangements for retail (POG Guidelines). The move is aimed at ensuring that Italian financial institutions provide consumers with better information about investment products.

  • Key highlights:
    • Improved consumer protection
    • Enhanced transparency in investment products

Bank of Italy Implements EBA Guidelines on Resolvability

In a bid to improve the resilience of the banking system, the Bank of Italy has published a note implementing the European Banking Authority’s (EBA) guidelines on improving resolvability for institutions and resolution authorities. The new guidelines introduce a new section on resolvability testing.

  • Key highlights:
    • Improved resilience in the banking system
    • Enhanced risk management practices

Consob Amends Markets Regulation

Consob has published an amendment to its regulation on markets, aimed at aligning it with the latest changes in the European regulatory framework. The updated regulation includes provisions on commodity derivatives and other financial instruments.

  • Key highlights:
    • Improved alignment with European regulatory framework
    • Enhanced market oversight

These developments are part of ongoing efforts by Italian regulators to strengthen the country’s banking and financial system, improve consumer protection, and combat financial crime.

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