DECRETO LEGISLATIVO 31 dicembre 2025, n. 210
Modifiche ed integrazioni al decreto legislativo 21 novembre 2007, n. 231 per il recepimento dell'articolo 74 della direttiva (UE) 2024/1640 del Parlamento europeo e del Consiglio, del 31 maggio 2024, relativa ai meccanismi che gli Stati membri devono istituire per prevenire l'uso del sistema finanziario a fini di riciclaggio o finanziamento del terrorismo.
DECRETO LEGISLATIVO 31 dicembre 2025, n. 209
Attuazione della direttiva (UE) 2023/2673 del Parlamento europeo e del Consiglio, del 22 novembre 2023, che modifica la direttiva 2011/83/UE per quanto riguarda i contratti di servizi finanziari conclusi a distanza e abroga la direttiva 2002/65/CE
DECRETO LEGISLATIVO 31 dicembre 2025, n. 208
Recepimento della direttiva (UE) 2024/1619 del Parlamento europeo e del Consiglio, del 31 maggio 2024, che modifica la direttiva 2013/36/UE per quanto riguarda i poteri di vigilanza, le sanzioni, le succursali di paesi terzi e i rischi ambientali, sociali e di governance, nonché per l'adeguamento al regolamento (UE) 2024/1623 del Parlamento europeo e del Consiglio, del 31 maggio 2024, che modifica il regolamento (UE) n. 575/2013 per quanto concerne i requisiti per il rischio di credito, il rischio di aggiustamento della valutazione del credito, il rischio operativo, il rischio di mercato e l'output floor.
Gazzetta Ufficiale. Pubblicato la legge n. 199 del 30 dicembre 2026 (Legge di bilancio 2026)
E' stata pubblicata in Gazzetta la legge n. 199 del 30 dicembre 2026 recante il bilancio di previsione dello Stato per l'anno finanziario 2026 e quello pluriennale per il triennio 2026-2028. Il testo definitivo è riportato nel supplemento ordinario n. 42 allegato alla serie generale n. 301 del 30 dicembre
Global minimum tax: dall’Ocse il pacchetto Side-by-Side
Il 5 gennaio 2026 l’Inclusive Framework dell’OCSE ha pubblicato il documento “Side-by-Side Package”, un pacchetto di misure atteso che aggiorna e semplifica l’applicazione della Global Minimum Tax (Pillar Two / GloBE rules), garantendo maggiore certezza fiscale ai gruppi multinazionali, riducendo oneri amministrativi e tutelando gli incentivi fiscali legati a investimenti reali, senza compromettere gli obiettivi di base della tassa minima globale del 15%
Gazzetta Ufficiale. Pubblicato il D.L. n. 200/2025, recante disposizioni urgenti in materia di termini normativi (cd. “Decreto Milleproroghe”)
Sulla Gazzetta Ufficiale 31 dicembre 2025 n. 302, è stato pubblicato il D.L. n.200/2025, recante disposizioni urgenti in materia di termini normativi
Gazzetta Ufficiale. Pubblicato il D.Lgs n. 194 del 10 dicembre 2025 in attuazione della direttiva Dac 8
È stato pubblicato nella Gazzetta Ufficiale n. 296 del 22 dicembre 2025 il decreto legislativo n. 194 del 10 dicembre 2025, che recepisce la Direttiva (Ue) 2023/2226 del Consiglio in materia di cooperazione amministrativa nel settore fiscale (la cosiddetta Dac 8)
Newsletter LuxXPrime
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ESMA - Report On Suspicious Transaction and Order Reports (STORs) - 2025
The ESMA has published the 2025 Report On Suspicious Transaction and Order Reports (STORs), a key information tool in market abuse investigations. This report aims at providing the market with an overview of the use of STORs in different jurisdictions across the EU and how this has evolved over time. The report focuses mainly on 2024 but ESMA notes that there are no major changes compared with the previous years, albeit a slight decrease in the total number of notifications received by NCAs
UIF - Nuove Istruzioni per la rilevazione e la segnalazione delle operazioni sospette
L'Unità di Informazione Finanziaria per l'Italia ha pubblicato la versione definitiva delle nuove Istruzioni per la rilevazione e la segnalazione delle operazioni sospette, avendo tra l’altro riguardo ai dati e alle informazioni che devono essere contenuti nelle stesse e alla relativa tempistica, al fine di assicurare tempestività, completezza, riservatezza e qualità della collaborazione attiva. I destinatari applicheranno istruzioni e le relative indicazioni operative nell’adempimento dell’obbligo di segnalazione delle operazioni sospette a decorrere dal 1° luglio 2026. A partire dalla medesima data non si applicheranno più il Provvedimento della UIF del 4 maggio 2011 e i relativi allegati nn. 1, 2, 3a e 3b
Manual on pre-trade and post-trade transparency under MiFID II/ MiFIR - Updated on 19/12/2025
ESMA has published an updated version of the Manual on pre-trade and post-trade transparency under MiFID II/MiFIR. The updates refer to Section 4.2.5.1 (Update of flags) and Section 7.4 (Guidance on transactions qualifying as initial admission to trading for the purpose of Article 27h(6)(b))
Borsa Italiana - Relazione 2025 sulla Corporate Governance e raccomandazioni per il 2026 del Comitato
Pubblicata la Relazione 2025 sull’evoluzione della corporate governance delle società quotate, accompagnata da alcune specifiche raccomandazioni del Comitato per la Corporate Governance inviate agli organi di amministrazione e agli organi di controllo di tutte le società quotate
Retail investment strategy: Council and Parliament agree on package
The package takes the form of a directive containing targeted amendments to a number of other EU directives in the area of financial services such as the markets in financial instruments directive (MIFID), the Solvency II directive, the directive for undertakings for collective investment in transferable securities (UCITS) and the alternative investment and managers directive (AIFMD), and a regulation amends the packaged retail and insurance-based investment products (or ‘PRIIPs’ regulation). Technical work will now continue to finalise the legal texts early in 2026. Member states will have to transpose the new rules 24 months following their publication in the EU’s official journal. They will start applying 30 months following their publication, with the exception of the new rules under PRIIPs which would start applying 18 months following their publication.
European Commission - Market abuse: consultation on list of protracted processes & other situations impacting the treatment of inside information
The reform of the Market Abuse Regulation under the Listing Act seeks to reduce legal uncertainty and make the disclosure regime for inside information more predictable and cost-effective. This act lists in a non-exhaustive way: (i) final events in protracted processes, specifying when relevant inside information is to be publicly disclosed and (ii) situations in which disclosure cannot be delayed as inside information is in contrast with the latest public announcements or other type of communication. The consultation will run until 12 January 2026
European Commission - Market abuse: consultation on setting the scope of an order data exchange mechanism and clarifying market manipulation indicators
The Listing Act requires national competent authorities (NCAs) that supervise trading venues with a significant cross-border dimension to set up a mechanism to exchange order data on shares. The Commission is empowered to identify those trading venues. The Market Abuse Regulation empowers the Commission to clarify market manipulation indicators. This initiative delivers on these mandates and will strengthen NCA capacity to detect and enforce market abuse cases reduce administrative burden. The consultation will run until 14 January 2026
ESMA - Joint ESAs Report in response to the European Commission consultation pursuant to Article 58(3) of DORA
The report presents the joint response of the European Supervisory Authorities (EBA, EIOPA and ESMA) to the European Commission’s request under Article 58(3) of Regulation (EU) 2022/2554 (DORA) to assess whether statutory auditors and audit firms should be subject to strengthened digital operational resilience requirements by means of its inclusion in the scope of DORA or by means of amendments to Directive 2006/43/EC. The report concludes with the ESAs opinion that the identified implications of the application of DORA to the statutory auditors and audit firms appear to outweigh the potential benefits. The ESAs therefore consider that including statutory auditors and audit firms within DORA’s scope is not warranted at this stage
AMLA - Consultation Paper: Draft Implementing Technical Standards on cooperation within the AML/CFT supervisory system for the purposes of direct supervision
Article 15(3) of the AMLAR requires AMLA to develop implementing technical standards (‘ITS’) that specify how AMLA and financial supervisors cooperate in the context of the direct supervision. The draft ITS plays a pivotal role in ensuring continuity and consistency in AML/CFT supervision across the EU. It addresses the operational questions that arise when obliged entities transition between direct supervision by AMLA and their respective national financial supervisors. It also specifies how the selection process will be carried out, from data collection to publication of the list of selected obliged entities for direct supervision. By adopting a balanced approach that ensures legal certainty while allowing flexibility to ensure a proportionate approach, efficient processes and effective outcomes, the draft ITS aim to provide a clear and adaptable framework for the selection and supervision of obliged entities. The consultation runs until 27 January 2026
AMLA - Final Report - Draft Regulatory Technical Standards on the assessment of the inherent and residual risk profile of obliged entities
Article 40(2) of Directive (EU) 2024/1640 (AMLD) mandates AMLA to develop RTS to define a common methodology that supervisors will use to assess the level of money laundering and terrorist financing (ML/TF) risk to which obliged entities are exposed. This methodology defines how supervisors classify inherent and residual risk profiles and determines how often these risk profiles must be reviewed. Supervisory approaches to entity-level ML/TF risk assessment are currently fragmented.To address this, the draft RTS introduces a risk-based methodology that is fully harmonised. Once applied, this methodology will inform individual supervisors’ supervisory strategies and inspection plans and create a shared understanding of the impact different risk factors have on obliged entities’ overall risk exposure. The draft RTS will be submitted to the European Commission for adoption before being published in the Official Journal of the European Union
AMLA - Final Report - Draft Regulatory Technical Standards on the risk assessment for the purpose of selection of credit institutions, financial institutions and groups of credit and financial institutions for direct supervision
AMLA will determine which entities are eligible to be directly supervised based on geographic criteria. To this effect, the draft RTS introduces thresholds to establish whether an obliged entity’s operations under the freedom to provide services are material. The draft RTS also sets out the risk assessment methodology that AMLA will use to decide which eligible obliged entities it will supervise directly. This methodology is aligned with the methodology supervisors will use to assess entity-level money laundering and terrorist financing risk. Finally, this draft RTS includes a group-wide risk scoring method that is based on a weighted average of entity-level residual risk scores. This method ensures that high-risk entities and significant operations are appropriately reflected in the group’s risk score. The draft RTS will be submitted to the Commission for adoption before being published in the Official Journal of the European Union
AMLA - Public Statement on Public Consultation
AMLA adopts a Public Statement on the conduct of its public consultations. It reflects AMLA’s commitment to the principles of transparency, accountability, and good governance. The Statement lays the ground for the practical implementation of the legal provisions by setting out the principles, scope and modalities that govern AMLA’s consultation process. It is aligned with the European Commission’s Better Regulation principles and complements AMLA’s broader governance framework, ensuring that consultations are structured, inclusive, and grounded in evidence-based policymaking
