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BCE - Annual Report 2023

The ECB's website has been updated with the ECB’s Annual Report for 2023, a year in which the ECB consolidated progress in its fight against inflation. As well as assessing economic developments in the euro area in 2023, the Annual Report gives an account of the Eurosystem’s monetary policy and other activities conducted by the European System of Central Banks (ESCB). In response to European Parliament resolutions, it also includes a box explaining how the ECB’s secondary objective is considered in the conduct of the ECB’s monetary policy and reporting activities

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ESMA - "Dry run" exercise to prepare industry for the next stage of DORA implementation

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) announced that they will launch in May the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. Under the Digital Operation Resilience Act (DORA) and starting from 2025, financial entities will have to maintain registers of information regarding their use of ICT third-party providers. In this dry run exercise, this information will be collected from financial entities through their competent authorities and will serve as preparation for the implementation and reporting of registers of information under DORA. The ESAs and the competent authorities are introducing this voluntary exercise to help financial entities prepare for establishing their register of information, gathering the relevant information specified in the ESAs’ final draft Implementing Standards on the registers of information and reporting their registers of information to their respective competent authorities, who will, in turn, provide those to the ESAs. Financial entities participating in the dry run will receive support from the ESAs to: (1) build their register of information in the format as close as possible to the steady-state reporting from 2025, (2) test the reporting process, (3) address data quality issues, and (4) improve internal processes and quality of their registers of information. To provide more information regarding the dry run exercise, the ESAs invite financial entities to take part in an introductory workshop on 30 April 2024 from 10:00 to 12:00. The workshop will be held virtually, and interested parties are invited to register by 25 April 2024

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Il TAR ha riattivato l’obbligo di comunicazione del titolare effettivo al registro imprese

In data 9/4 la IV Sezione del TAR Lazio ha respinto i 6 ricorsi presentati da diverse associazioni fiduciarie nel dicembre scorso e, a seguito dei quali, con ordinanza n. 08083 del 7 dicembre 2023, il Tribunale aveva disposto la sospensione cautelare dell'efficacia del Decreto MEF n. 55/2022, recante disposizioni in materia di comunicazione, accesso e consultazione dei dati e delle informazioni sulla titolarità effettiva e dei relativi decreti MIMIT di attivazione del registro. Con la sospensione cautelare di tali decreti, era stato sospeso anche l’obbligo di comunicazione dei dati al registro imprese entro l’11 dicembre 2023, in attesa del giudizio di merito. Ora, con la pubblicazione delle sentenze del TAR Lazio, è ripreso a decorrere il termine dei 60 giorni per la comunicazione dei dati al registro, che scade oggi, giovedì 11 aprile 2024. L’Associazione è a conoscenza del fatto che Assofiduciaria, nella giornata di ieri, ha presentato al Ministero delle Imprese e del Made in Italy una richiesta di concessione di una congrua proroga del termine.

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UIF - Quaderni dell'antiriciclaggio: Collana Dati statistici II-2023

La UIF ha pubblicato il Quaderno dell'Antiriciclaggio relativo al secondo semestre 2023. Nel periodo la UIF ha ricevuto 72.811 segnalazioni di operazioni sospette, in calo del 10,4 per cento rispetto a quelle pervenute nel secondo semestre del 2022, portando a 150.418 le segnalazioni complessivamente ricevute nell’intero 2023 (-3,2 per cento rispetto all’anno precedente). La flessione è stata determinata prevalentemente dal comparto bancario e finanziario che ha ridotto il proprio contributo del 14,7 per cento; in particolare si registrano diminuzioni nelle segnalazioni trasmesse da istituti di moneta elettronica, istituti di pagamento e banche e Poste. Le segnalazioni antiriciclaggio aggregate registrano un generale aumento rispetto al semestre precedente, sia nel numero di operazioni sia negli importi movimentati (rispettivamente +3,2 per cento e +4,8 per cento). L’incremento degli importi si manifesta in varia misura su tutti i settori economici con l’eccezione di Industria edilizia e agricoltura che presenta un decremento del 3,1 per cento

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EU Commission - Draft interpretative notice on the transitional provision of the MiFIR review

The European Commission published a draft interpretative notice to provide clarity to market participants on the transitional provision of the Markets in Financial Instruments Regulation (MiFIR) review. Although the notice will be submitted for adoption in all languages and publication in the Official Journal at a later stage, its publication will provide timely guidance on the transitional arrangement contained in Article 54(3) MiFIR.  

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ESMA - Public statement: transition for the application of the MiFID II/MiFIR review

ESMA published a statement, including practical guidance supporting the transition and the consistent application of the revised Markets in Financial Instruments Regulation. The statement covers guidance on equity transparency and non-equity transparency; the systematic internaliser regime; designated publishing entities; and reporting. Regarding the volume cap, following the publication by the European Commission, ESMA confirms that DVC data will continue to be published, with the next publication scheduled for early April.

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ESMA - First Final Report under MiCAR

ESMA published the first Final Report under the Markets in Crypto-Assets Regulation (MiCA). The report, which aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and asafer environment for investors across the Union, includes proposals on: Information required for the authorisation of CASPs, the information required where financial entities notify their intent to provide crypto-asset services, Information required for the assessment of intended acquisition of a qualifying holding in a CASP, and How CASPs should address complaints. Next steps: ESMA has submitted the Final Report to the European Commission and will provide further advice and technical guidance in this area if requested by the EC.

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ESMA - Third consultation package under MiCAR

ESMA published its third consultation package under the Markets in Crypto-Assets Regulation (MiCA). In the consultation package, ESMA is seeking input on four sets of proposed rules and guidelines, covering: - Detection and reporting of suspected market abuse in crypto-assets (RTS), - Policies and procedures, including the rights of clients, for crypto-asset transfer services (Guidelines), - Suitability requirements for certain crypto-asset services and format of the periodic statement for portfolio management (Guidelines), - ICT operational resilience for certain entities under MiCA (Guidelines). Stakeholders are encouraged to provide their feedback to the consultation by 25 June 2024.

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ESMA - Transition to the revised MiFIR rulebook

ESMA communication in light of the entry into force on 28 March 2024 of the changes introduced by the MiFIR review. ESMA received numerous questions from stakeholders on the provisions applicable on the date of entry into force of the revised MiFIR. ESMA acknowledges that public guidance is necessary, notably, on the application of Article 54(3) MiFIR which foresees the continued application of the delegated acts in place beyond 28 March 2024 until these delegated acts have been revised. ESMA, in close coordination with the European Commission, is performing a thorough assessment of the provisions that may merit further guidance. ESMA is aware that the EC is working on an interpretive notice on the application of the transitional provision. Building on such interpretive notice, ESMA will undertake to provide as much clarity as possible on the transition to the revised MiFIR, including the impact on the ESMA IT-systems and registers. ESMA also aims at providing such guidance of the revised MiFIR as soon as possible. However, ESMA expects that further and more detailed guidance going beyond the topics covered in the initial communication is likely to be necessary. ESMA will proceed with developing draft technical standards in a swift and transparent manner, thereby contributing to the alignment of the Commission delegated regulations with the revised MiFIR as soon as possible.

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Agenzia delle Entrate. Circolare n. 7/E del 21.03.2024: abrogazione esonero ritenuta applicabile alle provvigioni corrisposte ad agenti e mediatori di assicurazione

Con la circolare n. 7/E del 21 marzo 2024, l’Agenzia delle entrate fornisce le istruzioni operative agli uffici sulle modalità di applicazione della ritenuta d’acconto alle provvigioni corrisposte agli agenti e ai mediatori di assicurazione, che sono tenuti ad applicarla dal prossimo 1° aprile 2024.

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ESMA - Shortening the settlement cycle in the EU - feedback received

ESMA published feedback received to its Call for Evidence on shortening the settlement cycle. In the report ESMA summarises the feedback from market participants during the consultation, focused on four areas: many operational impacts beyond adaptations of post-trade processes are identified as resulting from a reduction of the securities settlement cycle in the EU; respondents identified a wide range of both potential costs and benefits of a shortened cycle, with some responses supporting a thorough impact assessment before deciding; respondents provided suggestions around how and when a shorter settlement cycle could be achieved, with a strong demand for a clear signal from the regulatory front at the start of the work and clear coordination between regulators and the industry. Stakeholders made clear the need for a proactive approach to adapt their own processes to the transition to T+1 in other jurisdictions. Some responses warned about potential infringements due to the misalignment of the EU and North America settlement cycles, that ESMA is currently assessing. Next steps: ESMA will continue assessing the responses received, including the demands for regulatory/supervisory guidance. ESMA aims at including lessons learnt from the North American move to T+1 as well as any further feedback received from stakeholders in the APAC region, from small and medium market participants and retail investors and their representatives. ESMA intends to deliver its final assessment to the European Parliament and to the Council before 17 January 2025.

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