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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

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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

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La newsletter sintetizza le principali iniziative avviate dall’AMLA per la realizzazione del Meccanismo di sostegno e coordinamento delle FIU  

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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

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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.  

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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

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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

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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

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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

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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  

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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.

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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.

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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

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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.

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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

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Riorganizzazione delle competenze di vigilanza sugli intermediari e di gestione degli esposti attribuite alle Filiali.

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The European Commission has launched a call for evidence and a consultation seeking the views and experiences of stakeholders to feed into the evaluation and impact assessment for a potential review of the Shareholder Rights Directive. The EC is particularly interested in hearing about: (i) the challenges and shortcomings of the current Shareholder Rights Directive; (ii) existing barriers to the efficient functioning of the market which hold back intra-EU investment, including barriers resulting from the application of the Shareholder Rights Directive;(iii) possible solutions and changes to the Shareholder Rights Directive that would help unlock investment, increase Europe’s competitiveness, streamline and digitalise processes, simplify rules and reduce administrative and financial burdens. The call for evidence and the consultation will run until 6 May 2026

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Modifiche ai Regolamenti dei Mercati SeDeX e del Mercato EuroTLX – Segmento Cert-X in vigore dal 3 marzo 2026, subordinatamente all’esito positivo dei test.

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ESMA has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information. The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer administrative burdens while benefiting from clearer requirements. From June 2026, issuers will no longer be required to immediately disclose inside information related to protracted processes before their completion. As a result, ESMA is proposing to remove from the current guidelines the legitimate interests for delayed disclosure connected to such protracted processes. It also identifies additional legitimate interest for delaying disclosure, including situations where a public authority requests non-disclosure of inside information, where the issuer requires more time to collect information, or where the issuer is involved in several procurement processes for similar contracts. ESMA proposes to eliminate the section about the “no misleading the public” condition, as the Listing Act removed it from MAR.  Instead, the Listing Act requires that a delayed disclosure must not contradict the issuer’s latest public announcement on the same matter. ESMA will consider the feedback received in relation to the Consultation Paper by 29 April 2026. ESMA has settled for a ten-week consultation period for this short Consultation Paper to be able to publish the Guidelines closer to the date of entry into application of the new MAR disclosure regime, set on 5 June 2026. A Final Report containing a summary of all consultation responses and a final version of ESMA’s Guidelines is expected to be published on ESMA’s website in Q4 2026

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ESMA has issued a statement with practical guidance to national competent authorities (NCAs), issuers, and their advisors on the application of the revised prospectus framework introduced by the Listing Act. ESMA clarifies that any registration documents and universal registration documents approved or filed until 4 June 2026 fall within the scope of the Article 48a transitional regime, meaning they may continue to be used in prospectuses throughout their validity period. This approach aligns with ESMA’s simplification and burden reduction efforts while maintaining investor protection. ESMA also offers guidance on what disclosure to include in EU Follow-on prospectuses and EU Growth issuance prospectuses until the in the Delegated Act amending Commission Delegated Regulation (EU) 2019/980 will start applying. ESMA expects NCAs to follow the approach outlined in the statement, enabling issuers and advisors to rely on its content

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