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Con una FAQ del 30 aprile 2025 l'Agenzia delle Entrate chiarisce alcuni dubbi relativi alla tassazione delle plusvalenze e degli altri proventi derivanti da cripto-attività nei confronti delle persone fisiche.    

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ESMA published the fifth edition of its Report on the Quality and Use of Data. The report reveals how the regulatory data collected has been used by authorities in the EU and provides insight on actions taken to ensure data quality. The document presents concrete cases on data use ranging from market monitoring to supervision, enforcement and policy making. A recent example includes how ESMA reutilises existing data to support reporting burden reduction (i.e. use of MIFIR transaction data to perform the transparency and volume cap calculations).    

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ESMA has published guidelines on supervisory practices to prevent and detect market abuse under the Market in Crypto Assets Regulation (MiCA). The guidelines set out general principles requiring supervisory activity to be risk-based and proportionate, and set the objective for NCAs to build a common supervisory culture specific for crypto assets through an open dialogue with the industry and interactions with other NCAs. The guidelines aim to support consistent and efficient supervisory practices among NCAs, ensuring a common supervisory culture for crypto assets. The Guidelines will be translated into all EU languages and will start applying three months after that date. However, ESMA recommends that NCAs already start implementing the principles included in the guidelines whilst waiting for the translations. Within two months of the date of publication of the Guidelines on ESMA’s website in all EU official languages, competent authorities to which these guidelines apply must notify ESMA whether they comply or not

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La UIF ha pubblicato il n. 3 della newsletter 2025 dedicato alle comunicazioni di operazioni sospette ricevute dagli uffici della Pubblica Amministrazione. Con la pubblicazione fornisce un aggiornamento sul contributo complessivo del comparto pubblico al sistema di prevenzione antiriciclaggio e sull'azione svolta dalle diverse tipologie di uffici della PA tramite la collaborazione attiva a presidio della corretta allocazione e dell'efficace utilizzo delle risorse pubbliche

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La Banca d'Italia ha pubblicato la Comunicazione del 17 aprile 2025 con la quale, confermando le date di applicazione della nuova classificazione ATECO 2025 precedentemente annunciate, indica i criteri cui dovrà conformarsi la produzione dei diversi schemi di reporting

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The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published its 2024 Annual Report, which provides an overview of the joint ESAs work completed during the past year. The ESAs continued to explore and monitor potential emerging risks for financial markets participants and the financial system. The main areas of cross-sectoral focus in 2024 were joint risk assessments, sustainable finance, operational risk and digital resilience, consumer protection, financial innovation, securitisation, financial conglomerates and the European Single Access Point (ESAP). Among the Joint Committee’s main deliverables were policy products for the implementation of the Digital Operational Resilience Act (DORA) as well as ongoing work related to the Sustainable Finance Disclosure Regulation (SFDR)

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The European Data Protection Board has published its 2024 Annual Report. The report provides an overview of the EDPB work carried out in 2024 and reflects on important milestones, such as the adoption of the 2024-2027 strategy, the increase in Art. 64(2) consistency opinions and the continued efforts to provide guidance and legal advice    

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Con Risposta all'istanza di consulenza giuridica n. 4 del 17 aprile 2025, l'Amministrazione finanziaria chiarisce le modalità di determinazione del plafond annuale ai fini PIR e i vincoli di composizione, in relazione agli investimenti effettuati indirettamente tramite fondi di investimento alternativi (FIA) costituiti in forma ''chiusa'' e ''riservata''.    

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The European Commission has launched a targeted consultation to gather feedback on obstacles to capital markets integration across the EU. This effort is a key part of rolling out the savings and investments union (SIU) strategy, adopted in March. The SIU strategy aims to boost the EU economy's competitiveness by improving the way the EU financial system mobilises savings towards productive investments, offering more and better financial opportunities for both citizens and businesses. The consultation is a crucial step in gathering information for the implementation of the SIU. The insights collected will help shape measures to be presented in a comprehensive package in the fourth quarter of 2025. The Commission calls on stakeholders to provide their views, facts, and evidence on barriers to cross‑border trading and post‑trading, scaling up investment funds, and harmonising supervisory practices, as well as on simplification. The consultation runs until 10 June 2025

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ESAs have published their observations from testing of RoI reporting, including key common issues identified

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Le segnalazioni inviate sulla base informativa DORA sono soggette alla verifica delle regole tecniche di compilazione definite nelle EBA Filing Rules 5.5 e nel documento Overview of technical checks, validation rules and business checks to be applied by the EBA for RoI reporting. Banca d'Italia pubblica un vademecum con l’obiettivo di evidenziare le principali regole tecniche di compilazione più comunemente oggetto di violazione e illustrare le corrette modalità da seguire per evitare che le segnalazioni siano scartate

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La Direttiva (UE) 2025/794 del Parlamento europeo e del Consiglio modifica le direttive (UE) 2022/2464 e (UE) 2024/1760 per quanto riguarda le date a decorrere dalle quali gli Stati membri devono applicare taluni obblighi relativi alla rendicontazione societaria di sostenibilità e al dovere di diligenza delle imprese ai fini della sostenibilità

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Con la risposta a interpello n. 99 del 14 aprile 2025, l’Agenzia delle Entrate precisa gli investimenti effettuati tramite crowdfunding che possono rientrare nell'agevolazione dei PIR alternativi

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During its April 2025 plenary, the European Data Protection Board (EDPB) has adopted guidelines on processing of personal data through blockchain technologies. As the use of blockchain technologies is expanding, the Board considers it important to help organisations using these technologies to comply with the GDPR. In its guidelines, the EDPB explains how blockchains work, assessing the different possible architectures and their implications for the processing of personal data. The guidelines highlight the importance of implementing technical and organisational measures at the earliest stages of the design of the processing. The EDPB also clarifies that the roles and responsibilities of the different actors in a blockchain-related processing of personal data should be assessed during the design of the processing. In addition, organisations should carry out a Data Protection Impact Assessment (DPIA) before processing personal data through blockchain technologies, where the processing is likely to result in a high risk to the rights and freedoms of individuals. According to the Board, organisations should also ensure the highest protection of individuals’ personal data during the processing so that they are not made accessible to an indefinite number of persons by default. The guidelines provide examples of different techniques for data minimisation, as well as for handling and storing personal data. Comments should be sent 9th June 2025 at the latest using the provided form

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L’Agenzia delle Entrate, con la risposta all’Interpello n. 59 del 2025, ha tra l'altro chiarito che tali somme vanno comunque considerate come “ incassate ” ai fini fiscali e quindi assoggettate alla ritenuta del 26%.

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Con la Risoluzione 28/E del 2025 l'agenzia delle Entrate chiarisce che in ambito Pir ''fai da te'' è possibile valorizzare gli investimenti qualificati effettivamente anche se operati tramite Oicr non Pir compliant utilizzando il criterio del look through, a condizione che rispettino i vincoli e i limiti previsti dalla normativa

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Con nota n. 48 dell'8 aprile 2025, Banca d'Italia ha dichiarato all'EBA l'intenzione di conformarsi agli Orientamenti dell’Autorità bancaria europea in materia di politiche, procedure e controlli interni atti a garantire l’attuazione di misure restrittive dell’Unione e nazionali. Gli Orientamenti dell’EBA, emanati in applicazione dell’articolo 16 del regolamento (UE) n. 1093/2010, definiscono aspettative comuni in merito alle politiche aziendali e ai controlli interni da porre in essere, nonché al ruolo da attribuire agli organi di governo societario e alla funzione di secondo livello per garantire l’efficace attuazione delle misure restrittive. La Nota si applica a banche, SIM di classe 1 e 1-minus, IMEL e IP. Gli Orientamenti dell’EBA si applicano a partire dal 30 dicembre 2025  

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ESMA published the Final Report on the rules explaining how investment firms should establish their order execution policies and assess their effectiveness. In the draft Regulatory Technical Standards (RTS) ESMA specifies the rules, with the objective to enhance investment firms’ order execution and foster investor protection. The RTS includes requirements on: the establishment of an investment firm’s order execution policy; this includes the classification of financial instruments in which firms execute client orders and the selection of venues for the order execution policy; the investment firm’s procedures and criteria to monitor and regularly assess the effectiveness of its order execution arrangements and order execution policy; the investment firm’s execution of client orders through own account dealing; and how an investment firm should deal with specific client instructions. The Final Report has been sent to the European Commission and ESMA will provide further advice and technical guidance in this area, if requested by the EC.

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ESMA published a final report containing a package of three draft technical standards, as part of the MiFIR Review. The final report contains technical standards on the: application of the single volume cap and transparency calculations, delivering a significant contribution to simplification and burden reduction with the phasing-out of daily reporting of transparency data for trading venues and Approved Publication Arrangements (APAs); new qualitative regime for Systematic Internalisers (SIs) harmonising the notification content and clarifying the notification procedure to be followed by investment firms acting as SIs; and rules on circuit breakers and operational resilience for trading venues, streamlining trading venues’ practices in setting circuit breakers and the information to be disclosed to the public. Following the DORA framework, the changes to this RTS will contribute to simplification, providing trading venues with enhanced legal clarity. The final report has been sent to the European Commission, who now has three months to decide whether to endorse the draft technical standards.

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Con comunicato del 9 aprile la CONSOB italiana e l'AMF francese presentano delle proposte alla Commissione europea e ai co-legislatori europei per creare un quadro normativo più adatto a consentire un reale sviluppo delle sperimentazioni della distributed ledger technology (DLT) da parte delle infrastrutture di mercato europee

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