AGID - La Commissione lancia l'AI Act Service Desk e la piattaforma informativa unica
AGID informa che è ora disponibile la piattaforma informativa unica, prevista dalla AI ACT, che fungerà da hub centrale e in cui è possibile trovare tutte le informazioni rilevanti sul Regolamento europeo 2024/1689 sull'intelligenza artificiale, orientarsi nei suoi contenuti, comprendere come si applica e accedere a linee guida personalizzate sulla sua attuazione. Oltre a informazioni utili, FAQ e risorse sulla legge, compresi materiali forniti dagli Stati membri, la piattaforma informativa unica offre i seguenti strumenti digitali: (i) un Compliance Checker, strumento ideato per aiutare gli stakeholder a determinare se sono soggette a obblighi legali e a comprendere i passaggi che devono intraprendere per conformarsi; (ii) un AI Act Explorer, strumento online progettato per aiutare gli utenti a navigare tra i diversi capitoli, allegati e i considerando dell'AI Act in modo intuitivo e (iii) un modulo online consentirà di inviare domande pertinenti alla legge all'AI Act Service Desk, un team di professionisti esperti che lavorano in stretta collaborazione con l'AI Office
ESMA - Joint Committee of the European Supervisory Authorities 2026 Work Programme
EBA, EIOPA and ESMA (the ESAs) presented its 2026 Work Programme, outlining key areas of collaboration for the coming year. The upcoming Programme aims to strengthen the financial system’s digital operational resilience, ensure the continued protection of consumers, and identify risks that could undermine financial stability
ESMA - Report on Sanctions and measures imposed in Member States in 2024
ESMA has published its second consolidated report on sanctions and measures imposed in Member States in 2024. In 2024, more than 970 administrative sanctions and measures were imposed across Member States in financial sectors under ESMA’s remit. The number of administrative sanctions and measures remained stable compared to 2023. The aggregated value of administrative fines increased comparing to 2023 and amounted to more than EUR 100 million. Similarly to last year, the highest amounts of administrative fines were imposed under the Market Abuse Regulation and the Markets in Financial Instruments Directive. More than 60% of all administrative sanctions and measures imposed in 2024 were administrative fines and 10% were issued using settlement procedures. Settlements amounted to more than EUR 20 million. Overall, the data show discrepancies in the use of sanctioning powers across Member States, for example, in terms of amounts of fines, number and types of sanctions and measures and use of settlements
IOSCO/FSB - Thematic Review Assessing the Implementation of Recommendations for Crypto and Digital Asset Markets
In recognition of the rapid development and growth of crypto-asset markets, in 2023, the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) each published high-level recommendations for the regulation and oversight of crypto-assets and global stablecoins. The FSB’s framework consists of high-level recommendations (FSB Recommendations) that focus on financial stability, emphasizing the regulation, supervision, and oversight of crypto-asset activities and global stablecoin arrangements. In parallel, IOSCO’s Crypto and Digital Asset framework consists of high-level recommendations (IOSCO Recommendations) that focus on market integrity and investor protection, and follow a ‘lifecycle’ approach, addressing key risks identified within the market, in accordance with the principle of ‘same activity, same risk, same regulation/regulatory outcome.’
EBA/ESMA - Targeted revisions to the investment firms's prudential framework
EBA and ESMA issued their technical advice in response to the European Commission's Call for Advice on the Investment Firms Regulation and Investment Firms Directive. They propose limiting significant changes to the framework, which has proven to be fit-for-purpose, as confirmed by stakeholder feedback during the joint consultation.
Consiglio UE. Lista UE giurisdizioni non cooperative in materia fiscale
Il Consiglio dell’UE ha confermato il 10 ottobre 2025, senza modifiche, la lista delle giurisdizioni non cooperative ai fini fiscali (black list), mantenendo le stesse 11 giurisdizioni della precedente revisione. Il Consiglio ha inoltre aggiornato il documento sullo stato di avanzamento (Annex II), che monitora la collaborazione fiscale dei paesi terzi con l’UE
Regolamento delegato (UE) 2025/1311 della Commissione, del 3 luglio 2025
Il Regolamento delegato (UE) 2025/1311 della Commissione integra il regolamento (UE) n. 575/2013 del Parlamento europeo e del Consiglio per quanto riguarda le norme tecniche di regolamentazione che specificano le condizioni per valutare il carattere sostanziale delle estensioni e delle modifiche dell’uso dei modelli interni alternativi, nonché delle modifiche del sottoinsieme di fattori di rischio modellizzabili
Regolamento delegato (UE) 2025/1265 della Commissione, del 1o luglio 2025
Il Regolamento delegato (UE) 2025/1265 della Commissione integra il regolamento (UE) n. 575/2013 del Parlamento europeo e del Consiglio per quanto riguarda le norme tecniche di regolamentazione che specificano il metodo per individuare il principale fattore di rischio di una posizione e per determinare se un’operazione rappresenta una posizione lunga o corta di cui all’articolo 94, paragrafo 3, all’articolo 273 bis, paragrafo 3, e all’articolo 325 bis, paragrafo 2
Regolamento (UE) 2025/2075 del Parlamento europeo e del Consiglio, dell’8 ottobre 2025
Il Regolamento (UE) 2025/2075 del Parlamento europeo e del Consiglio modifica il regolamento (UE) n. 909/2014 per quanto riguarda l’introduzione di un ciclo di regolamento più breve nell’Unione
ESMA - Final Report on amendments to the RTS on Settlement Discipline
ESMA published its final report recommending significant amendments to the Regulatory Technical Standards (RTS) on Settlement Discipline. These changes aim to enhance settlement efficiency across the EU, facilitate the transition to a shorter settlement cycle (T+1) by 11 October 2027 and reduce the administrative burden on central securities depositories and market participants. The proposed changes are designed to improve operational readiness of the EU financial industry and include: same-day (trade date) timing for trade allocations and settlement instructions; machine-readable formats for allocations and confirmations; mandatory implementation of key functionalities such as hold and release, auto-partial settlement, and auto-collateralisation; updated provisions for the monitoring and reporting of settlement fails. A phased-in implementation schedule, beginning in December 2026 and concluding by 11 October 2027, intended to ensure a smooth transition to the new regime. ESMA strongly encourages market infrastructures, financial intermediaries and their clients to treat these regulatory changes as a central element of their T+1 transition strategy.
European Commission - Corporate governance study
European Commission published the Final Report "Study on the effectiveness of the framework for corporate governance underpinning the quality of corporate reporting". With reference to a given set of Member States and third countries (notably Germany, France, Poland, Italy, Ireland, the Netherlands, Sweden, Croatia, Portugal, Latvia, Japan and the United States), the study gathers evidence and findings on companies’ different architecture of corporate governance, corporate reporting internal control systems, and on corporate governance oversight mechanisms and sanctions underpinning corporate reporting. In its conclusion, the study suggests potential solutions to address the identified problems or facilitate the wider adoption of best practices. While the European Commission at this stage does not see a need to re-open legislation, we will engage with Member States and other stakeholders based on the findings of this study and to promote the best practices identified
ESMA - Public Statement: transition for the application of the MiFID II/MiFIR review
ESMA issued a public statement in relation to the application of certain provisions following the review of MiFIR and MiFID II. The statement aims at providing practical guidance to markets participants on: the application of the provisions of the MiFID II amended by the MiFID II review in relation to commodity derivatives and derivatives on emission allowances and to the new regime applicable to Systematic Internalisers; the ‘single’ volume cap mechanism in MiFIR as amended by the MiFIR review; the application of the revised transparency rules for bonds, structured finance products, emission allowances, and equity instruments introduced by the MiFIR review.
Agenzia delle Entrate. Risposta a interpello n. 194 del 2025: Trasparenza fiscale di un fondo istituito all'estero e applicabilità dei benefici convenzionali
Con la risposta a interpello n. 194 del 2025, l’Agenzia delle Entrate conferma il principio secondo cui in caso di fondi esteri caratterizzati da trasparenza fiscale (imputazione del reddito ai partecipanti) o economica (distribuzione ricorrente dei proventi) i benefici convenzionali non disponibili in capo al fondo possono, al ricorrere di certe condizioni, essere concessi ai partecipanti (pro quota) in base all’approccio look through elaborato in sede Ocse
Parlamento italiano - Schema di decreto legislativo recante modifiche della disciplina sui contratti di servizi finanziari conclusi a distanza
Sul sito della Camera dei deputati è stato pubblicato l'Atto del Governo n. 315 avente ad oggetto lo schema di decreto legislativo recante attuazione della direttiva (UE) 2023/2673, 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
EBA - Report on competent authorities’ approaches to the anti-money laundering and countering the financing of terrorism supervision of banks
EBA published a Report that takes stock of the actions taken by all competent authorities to address the EBA’s findings and recommendations. This follows in - depth reviews carried out by the EBA of all 40 competent authorities approaches to tackling money laundering and terrorist financing (ML/TF) risks in banks in all EU/ EEA Member States over the last 6 years, issuing recommendations when necessary to improve the effectiveness of anti-money laundering and counter terrorism financing (AML/CFT) supervision
Parlamento - Schema di decreto legislativo recante modifiche e integrazioni al D.Lgs. 231/07, per il recepimento dell'articolo 74 della direttiva (UE) 2024/1640
Sul sito della Camera dei deputati è stato pubblicato l'Atto del Governo n. 314 avente ad oggetto lo schema di decreto legislativo recante modifiche e integrazioni al decreto legislativo 21 novembre 2007, n. 231, per il recepimento dell'articolo 74 della direttiva (UE) 2024/1640, relativa ai meccanismi che gli Stati membri devono istituire per prevenire l'uso del sistema finanziario a fini di riciclaggio o finanziamento del terrorismo
EBA - Report on tackling ML/TF risks in crypto-asset services through supervision
EBA published a Report on tackling money laundering and terrorist financing (ML/TF) risks in crypto-asset services, including issuance, trading, and service provision. The Report draws on lessons learnt from recent supervisory cases across the EU and highlights how competent authorities can strengthen their approaches to supervision in this fast-evolving sector
Consob: Delibera n. 23683 del 1° ottobre 2025
La Consob, con la Delibera n. 23683 del 1° ottobre 2025, semplifica il processo di quotazione in Italia dei fondi d’investimento per migliorare l’attrattività e la competitività del mercato finanziario italiano e allineare l’ordinamento nazionale a quello degli altri Paesi dell’Unione Europea.
UIF - Allegato 3b per le SOS trasmesse dal 1° gennaio 2026
Pubblicato sul sito dell'UIF il nuovo Allegato 3b al Provvedimento 4 maggio 2011 per le SOS trasmesse dal 1° gennaio 2026, recante il tracciato XBRL per l'invio tramite upload
ESMA - Updated standard market size for the new quoting obligations of Systematic Internalisers
ESMA announced the upcoming publication of SMS for equity and equity-like financial instruments. This announcement is intended to assist market participants with their preparations to apply the new quoting requirements, even though the official implementation date has not yet been specified. MIFIR review introduced lower and upper limits to the new quoting obligations for SIs. The revised RTS 1, once published in the Official Journal in the coming weeks, will introduce several provisions. Although the exact publication date is not yet known, ESMA is reminding some of these changes now to enable market participants to prepare in advance. Among the provisions applicable 20 days after publication are: the minimum quoting size for SIs and the threshold up to which transparency obligations apply to SIs. Both thresholds depend on the standard market size (SMS), determined by the average value of transactions (AVT) liquidity bands which has been recalibrated in the RTS 1. The day before the application date of the revised RTS 1, ESMA will publish the SMS for liquid equity and equity-like financial instruments. The full list of new SMS will be available through FITRS in the XML and through the Register web interface. Another important provision applying 20 days after the publication in the OJ is the exclusion of give-up and give-in transactions from post-trade transparency reporting when executed off venue. The remaining RTS 1 provisions, including a new set of pre-trade transparency requirements and amended post-trade transparency details, will take effect on 2 March 2026.
