Banca d'Italia - Piano Strategico 2026 - 2028
I quattro obiettivi strategici del Piano 2026-2028 sono:(i) La capacità della Banca di agire in maniera proattiva ai mutamenti del contesto e agli shock esterni e di comunicare con efficacia i risultati dell’azione istituzionale; (ii)Lo sviluppo e la valorizzazione del capitale umano aziendale con il ricorso all’intelligenza artificiale, razionalizzando i processi operativi e decisionali in modo da renderli più agili, efficaci ed efficienti; (iii) Il rafforzamento del ruolo della Banca nei sistemi di pagamento domestici e cross-border, in particolare nella realizzazione della moneta digitale di banca centrale e (iv) Il presidio sull’evoluzione delle nuove tecnologie nel sistema finanziario, attraverso il rafforzamento della vigilanza di stabilità sugli intermediari, il presidio antiriciclaggio, la gestione delle crisi e la tutela dei clienti, in particolare a fronte dei rischi emergenti dall’evoluzione del Fintech
Banca d'Italia - DORA: Vademecum per la corretta compilazione (e la risoluzione della maggior parte dei rilievi scartanti)
La Banca d'Italia ha pubblicato la versione aggiornata del documento "DORA - Vademecum per la corretta compilazione (e la risoluzione della maggior parte dei rilievi scartanti)", contenente indicazioni sulle principali regole tecniche di compilazione più comunemente oggetto di violazione e sulle corrette modalità da seguire per evitare che le segnalazioni siano scartate
ESMA - Annual transparency calculations for equity and equity-like instruments
ESMA published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 6 April 2026. The full list of assessed equity and equity-like instruments is available through ESMA’s FITRS in the XML files with publication date from 27 February 2026 and through the Register web interface . ESMA also recalls that the application of the remaining revised rules on transparency of equity and equity-like financial instruments included in RTS 1 are applicable from 2 March 2026.
Gazzetta Ufficiale - Conversione in legge del decreto Milleproroghe
Pubblicata in Gazzetta Ufficiale del 28 febbraio 2026 n. 49, la Legge di conversione (L. 26/2026) del DL Milleproroghe (DL 200/2025) recante disposizioni urgenti in materia di termini normativi
Governo Italiano - TUF: riforma sistema sanzionatorio
Il Consiglio dei Ministri del 26 febbraio scorso ha approvato, in esame preliminare, un decreto legislativo che, in attuazione della delega di cui all'articolo 19 bis della Legge Capitali, introduce norme per la riforma organica e il riordino del sistema sanzionatorio e di tutte le procedure sanzionatorie recati dal TUF. Il provvedimento è volto a rafforzare l’efficienza e l’efficacia del sistema sanzionatorio amministrativo in materia di mercati finanziari, individuando e selezionando le condotte illecite in base alla loro effettiva gravità, incrementando le garanzie per i soggetti destinatari dei procedimenti e perseguendo l'obiettivo di deflazionare il contenzioso, a beneficio dell’attività delle Autorità di vigilanza e del mercato
ESMA - Report on the amendments to Commission Delegated Regulation 2016/1052 on buy-back programmes and stabilisation measures
The Report contains the draft amendments to the RTS on buy-back programmes (Commission Delegated Regulation (EU) 2016/1052) to reflect the changes introduced to Article 5 of MAR by the Listing Act. In particular, Article 5 of MAR, as amended by the Listing Act, changes the requirement regarding which NCA buy-back transactions must be reported, and introduces an aggregate reporting of buy-back transactions to the public. Since the amendments are limited in scope and do not impose any additional requirements on market participants, ESMA has considered it disproportionate in relation to the scope and impact of the RTS to conduct a cost-benefit analysis and to publicly consult
UIF - AMLA: avvio del pilastro delle FIU
La newsletter sintetizza le principali iniziative avviate dall’AMLA per la realizzazione del Meccanismo di sostegno e coordinamento delle FIU
Question time: Risposta del MEF a interrogazione parlamentare 5-05080 su disciplina PEX
Nella risposta, il MEF non assume una posizione interpretativa definitiva, ma segnala che i profili applicativi sono attualmente oggetto di approfondimento da parte degli Uffici della Fiscalità, con previsione di futuri chiarimenti mediante documenti di prassi e, se del caso, di un eventuale intervento legislativo
ESMA - Supervisory briefing on algorithmic trading
ESMA published a supervisory briefing to support consistent supervision of algorithmic trading across the EU. The briefing provides National Competent Authorities with practical tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II. It focuses on key areas where supervisory practices have diverged, including pre-trade controls, governance arrangements, testing frameworks and outsourcing of algorithmic trading systems. Given the extended use of artificial intelligence in algorithmic trading, the briefing also touches upon these emerging technological developments, outlining considerations for the use of AI. This section aims to help supervisors assess new risks and ensure that firms adopt robust and responsible approaches when deploying advanced technologies in their trading operations. As a nonbinding convergence tool, the briefing complements the existing requirements and supports NCAs in taking a harmonised approach to oversight.
Regolamento delegato (UE) 2026/466 della Commissione, del 17 novembre 2025
Regolamento delegato (UE) 2026/466 della Commissione integra la direttiva 2009/65/CE del Parlamento europeo e del Consiglio per quanto riguarda le norme tecniche di regolamentazione che specificano le caratteristiche degli strumenti di gestione della liquidità
Regolamento delegato (UE) 2026/465 della Commissione, del 17 novembre 2025
Il Regolamento delegato (UE) 2026/465 della Commissione integra la direttiva 2011/61/UE del Parlamento europeo e del Consiglio per quanto riguarda le norme tecniche di regolamentazione che specificano le caratteristiche degli strumenti di gestione della liquidità
Regolamento delegato (UE) 2026/482 della Commissione, del 24 novembre 2025
Il Regolamento delegato (UE) 2026/482 della Commissione modifica il regolamento delegato (UE) 2017/567 per quanto riguarda la determinazione di cosa costituisce un mercato liquido per gli strumenti rappresentativi di capitale, l’obbligo di fornire i dati di mercato a condizioni commerciali ragionevoli, la dimensione specifica dello strumento ai fini degli obblighi per gli internalizzatori sistematici come pure la definizione dei servizi di riduzione del rischio post-negoziazione e la relativa comunicazione di informazioni
EBA - Consultation paper on draft Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under CRD and MiFID - EBA Consultation Paper on RTS to specify the minimum content of the suitability questionnaire
EBA and ESMA launched a consultation on the revised joint Guidelines on the assessment of the suitability of members of the management body and key function holders. In parallel, the EBA is consulting on draft Regulatory Technical Standards (RTS) specifying the documentation and information that large institutions must submit to competent authorities. Together, these elements form the Suitability Package, which aims to harmonise suitability assessments and promote supervisory convergence across the EU. The draft revised EBA-ESMA Joint Guidelines incorporate new requirements introduced by the revised Capital Requirements Directive (CRD) for large institutions. These updates cover, among other elements, the use of ex‑ante applications in cases where competent authorities carry out ex‑post assessments, as well as mandatory suitability assessments by competent authorities for key roles such as heads of control functions and chief financial officers. The Guidelines also further specify the new CRD requirements for third‑country branches. In addition, they reinforce the link with the anti-money laundering and countering the financing of terrorism (AML-CFT) framework by providing guidance for identifying reasonable grounds to suspect money laundering or terrorist financing (ML/TF) risks. The EBA’s draft RTS set out the documentation and information that institutions must submit to competent authorities as part of the suitability assessment. They harmonise the minimum content of the suitability questionnaire, curriculum vitae and internal suitability assessment, ensuring that submissions are consistent, complete and comparable across the EU.In addition, the revised package introduces targeted simplification and streamlining measures designed to reduce administrative burden and provide greater flexibility and clarity for institutions and supervisors. The consultations run until 25 May 2026
ESMA - Transitional provisions under the BMR review
ESMA published a Public Statement on the transitional provisions under the review of Regulation (UE) 2016/1011 (BMR). In particular, under this Statement, benchmarks in scope of BMR provided by administrators that applied to ESMA by 31 December 2025 for recognition or endorsement can continue to be used in the EU unless such application is refused by ESMA. Administrators of benchmarks that are already in the register as authorised, registered, recognised or endorsing shall retain their status until 30 September 2026 and are not obliged to re-apply in the EU if they fall within the scope of the revised BMR on or before such date
ESMA - Clearing thresholds under EMIR 3
ESMA published its draft Regulatory Technical Standards (RTS) setting out new and revised clearing thresholds under EMIR 3. The proposed thresholds ensure continuity in the coverage of systemic risk in over‑the‑counter derivative markets while avoiding unnecessary complexity and additional compliance burdens for market participants. ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption.
ESMA - EMIR: Supervisory briefing on the AAR representativeness obligation
ESMA published a supervisory briefing on the representativeness obligation linked to the active account requirement (AAR). The briefing sets out ESMA’s supervisory expectations for how counterparties should comply with and report on the AAR representativeness obligation. It provides guidance and promotes supervisory convergence for the supervision of counterparties subject to the AAR, an issue which has attracted particular scrutiny. The document explains how counterparties should identify the most relevant subcategories for the purpose of the AAR representativeness obligation, how they should report trades, and includes an example of compliance with reporting of the representativeness obligation.
ESMA - Obligations under CFD product intervention measures amid rising offerings of perpetual futures
ESMA has issued a statement reminding firms of their obligation to assess whether newly offered products fall within the scope of existing product intervention measures on contracts for differences (CFDs). The statement responds to the increased offering of derivatives, often marketed as perpetual futures or perpetual contracts, that provide leveraged exposure to underlying values, including crypto-assets such as Bitcoin. These financial instruments are likely to fall within the scope of the existing national product intervention measures on CFDs adopted by national competent authorities. Where these derivatives meet the definition of a CFD, they are subject to the applicable product intervention requirements, including leverage limits, a mandatory risk warning, a margin close-out and negative balance protection, and the prohibition of monetary and non-monetary benefits. The statement also reminds firms that: (i) given their complexity, derivatives require a narrow target market, supported by an aligned distribution strategy; (ii) when providing non-advised services, an appropriateness assessment must be carried out in accordance with the relevant requirements for complex financial instruments; and (iii) firms should take appropriate steps to identify, prevent, or manage conflicts of interest that may arise from the offering of these products
ESMA - Simplification of MiFID II/MiFIR obligations on market data
ESMA has withdrawn its guidelines on the MiFID II/ MiFIR obligations on market data, effective immediately, reflecting its ongoing commitment to simplifying rules and reducing unnecessary compliance burdens for market participants. The decision aligns the framework with the newly applicable regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis (RTS on RCB). Next steps: the RTS on RCB entered into force on 23 November 2025. Market data providers authorised before that date benefit from a transition period until 22 August 2026. The transition period serves solely to allow market data providers to align existing contractual arrangements with the new requirements in the RTS.
Agenzia delle Entrate. Risposta n. 43 del 2026: esclusione obbligo comunicazione rapporti finanziari per una SIM
Con la Risposta n. 43 del 2026 l'Agenzia chiarisce che la SIM che non detiene strumenti finanziari o liquidità dei clienti e svolge solo servizi consulenziali non è tenuta a segnalare i conti all'AT ne agli obblighi di monitoraggio fiscale, Fatca e Crs
Banca d'Italia: Comunicato stampa del 20 febbraio 2026
Riorganizzazione delle competenze di vigilanza sugli intermediari e di gestione degli esposti attribuite alle Filiali.
