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The guidelines provide an overview of AI practices that are deemed unacceptable due to their potential risks to European values and fundamental rights. The guidelines are designed to ensure the consistent, effective, and uniform application of the AI Act across the European Union. While they offer valuable insights into the Commission's interpretation of the prohibitions, they are non-binding, with authoritative interpretations reserved for the Court of Justice of the European Union. The guidelines provide legal explanations and practical examples to help stakeholders understand and comply with the AI Act's requirements. The Commission has approved the draft guidelines, but not yet formally adopted them

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Con la risposta n. 20 del 4 febbraio 2025, l'Agenzia delle Entrate ha chiarito che per il rapporto relativo ai prodotti finanziari tra un soggetto gestore e una società che non è riconducibile tra i soggetti esclusi dalla definizione di cliente, per le comunicazioni relative alle quote del fondo si applica l'imposta di bollo del 2 per mille di cui all'art. 13, c. 2-ter del DPR 642 del 1972.

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The EBA has published its draft single programming document, which sets out the EBA’s planning of activities and corresponding resource requirements for years 2026-2028

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The Commission has launched a call for evidence to collect input on its overall approach to the Savings and Investments Union (SIU). The purpose is to gather views, facts and evidence from consumers and stakeholders on progress made on the Capital Markets Union, as well as identifying significant challenges that the Savings and Investments Union should address. The call for evidence will be open for four weeks. The contributions will be taken into account when drafting the Communication on the SIU, expected in the first quarter of 2025

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The ESMA published its Programming Document for the period 2026-2028

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L'Agenzia delle Entrate, con Risposta n. 1 del 3 febbraio 2025, ha chiarito che la plusvalenza maturata a seguito della vendita del palladio rientra nei redditi diversi che scontano l'imposta sostitutiva, in quanto anche il palladio è un metallo prezioso.

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The Financial Action Task Force (FATF) published its Annual Report 2023-2024. The Report outlines work by the FATF to prevent the abuse of the international financial system, and strengthen foundations for sustainable and more inclusive economic development.

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Pubblicato il Quaderno dell'antiriciclaggio di gennaio 2025 recante statistiche relative alle segnalazioni di operazioni sospette nel periodo del 2° semestre 2024. Nel secondo semestre del 2024 l'UIF ha ricevuto 75.375 segnalazioni di operazioni sospette, in aumento del 3,5 per cento rispetto allo stesso semestre dell'anno precedente; nel complesso dell'anno le segnalazioni ricevute sono state 145.401, in calo del 3,3 per cento rispetto al 2023

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L'Autorità comunica che sul portale Infostat è ora disponibile l'applicativo ("rilevazione ANTI MONEY LAUNDERING") che gli intermediari vigilati dovranno utilizzare ai fini dell'invio alla Banca d'Italia delle segnalazioni antiriciclaggio introdotte con Provvedimento del 27.11.2024. Le segnalazioni riferite al 2024 andranno trasmesse entro il 31 marzo 2025

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L’Autorità ha avviato una consultazione con il mercato finanziario sulle proposte di modifica al Regolamento sul procedimento sanzionatorio volte a dare attuazione alla disciplina degli impegni, prevista dall’articolo 196-ter  TUF, a seguito delle novità introdotte dalla “Legge Capitali”. Con le modifiche proposte al Regolamento sul procedimento sanzionatorio, la Consob ha inteso, in particolare, fornire una “guida per l’uso” del nuovo strumento, definendo: (i) i termini e le modalità da seguire per presentare una proposta di impegni, dopo aver ricevuto una lettera di contestazione degli addebiti; (ii) l’esame di ammissibilità e di ricevibilità della proposta;(iii) la fase decisoria in cui la Consob è chiamata a valutare la proposta di impegni, potendo alternativamente disporne l’approvazione, che rende gli impegni obbligatori e chiude il procedimento sanzionatorio, ovvero il rigetto con il conseguente riavvio del procedimento sanzionatorio; (iv) la disciplina relativa ai casi di mancato rispetto degli impegni resi obbligatori; (v) la riapertura del procedimento sanzionatorio, oltre che nel caso di rigetto di cui sopra, qualora a) si modifichi in modo determinante la situazione di fatto rispetto a un elemento su cui si sia fondata la decisione; b) i soggetti interessati contravvengano agli impegni assunti; c) la decisione si sia fondata su informazioni (trasmesse dalle parti) incomplete, inesatte o fuorvianti. La consultazione si concluderà il 26 febbraio 2025

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Vorvel comunica che dal 27 gennaio 2025 è attivo un nuovo Segmento di Mercato denominato Vorvel Equities dedicato alla negoziazione di Azioni, ETF, ETC/ETN e Fondi di investimento

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On 22 January 2025 the ESAs published guidance prepared by the European Commission (Commission) on the definition of ICT services under the Digital Operational Resilience Act (DORA). In the Q&A guidance published, the Commission confirmed that where such regulated financial services entail an ICT component, they should still be considered financial and not ICT services, and regardless whether the services are provided by an EU-regulated financial entity or a third-country one (“In the case that financial entities provide ICT services to other financial entities in connection to their financial services, the receiving financial entities should assess whether i) the services constitute an ICT service under DORA, and ii) whether the providing financial entities and the financial services they provide are regulated under Union law or any national legislation of a Member State or of a third country. In case both tests are positive, then the related ICT service should be considered to predominantly be a financial service and should not be treated as an ICT service within the meaning of DORA Article 3(21).”)

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Article 72(5) of MiCA) requires ESMA to develop draft regulatory technical standards to further specify the requirements for the policies and procedures to identify, prevent, manage and disclose conflicts of interest, as well as the details and methodology for the content of the disclosure by crypto-asset service providers of the general nature and sources of conflicts of interest and the steps taken to mitigate them (the “RTS on CoIs”). On 31 May 2024, ESMA published its final report on the draft RTS on CoIs and submitted it to the European Commission (the EC) for adoption. On 29 November 2024, ESMA received a letter from the EC informing ESMA that it intends to adopt the RTS on CoIs with amendments. ESMA may amend the draft RTS on CoIs and resubmit it to the EC in the form of a formal opinion. In this opinion, ESMA suggests a limited number of changes to the amendments proposed by the EC

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ESMA reminds market participants that the new regime for the reporting of OTC transactions for post-trade transparency purposes becomes fully operational on 3 February 2025. ESMA also informs stakeholders that the quarterly publication of systematic internalisers (SI) data will be discontinued with immediate effect. Following the MiFIR review, the responsibility for reporting OTC-transactions will shift from SIs to the new Designated Publishing Entities (DPEs). The old approach has led many investment firms to opt in to the status of SI to be able to report the trades for their clients. When these firms were not dealing on own account on a systematic basis this added disproportionate requirements to them.  The DPE regime allows National Competent Authorities (NCAs) to grant the status of DPE to investment firms. DPEs, when they are party to a transaction, will need to make these transaction public through an approved publication arrangement (APA).  ESMA maintains a public register of DPEs by class of financial instruments, to help market participants to identify those entities. Following the application of the MiFID II amendments, it will no longer be necessary for  ESMA to perform SI calculations from September 2025. In view of the resources needed to perform the calculations and the fact that the regime will end shortly, ESMA has decided to discontinue the voluntary publication of quarterly SI calculations data already now. This action will also reduce the administrative burden for investment firms. Consequently, the mandatory SI regime will no longer apply from 1 February 2025, and investment firms will not need to perform the SI-test. However, investment firms can continue to opt into the SI-regime.

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Vorvel comunica che dal 27 gennaio 2025, sono entrate in vigore: 1) le modifiche ai Tariffari per Liquidity Provider, Aderenti Diretti, Emittenti, Info Provider Market Data Client e End Customers; 2) le modifiche al Regolamento Vorvel Bonds Libro 2; 3) le modifiche alla Guida alla Negoziazione.

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Modifiche al Regolamento dei Mercati: variazione del servizio Best of Book dedicato alla clientela retail. In vigore dal 27 gennaio 2025  

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L'agenzia ha pubblicato la circolare n. 1 del 20 gennaio 2025 recante indicazioni su agevolazione per assunzione del personale introdotta dall’art. 4 del Dlgs n. 216/2023 e di recente estesa fino al 2027 dalla legge di Bilancio 2025 (Legge n. 207/2024)    

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Con Risposta n. 8 del 21 gennaio 2025, l'Agenzia delle Entrate ha fornito chiarimenti relativamente alla disapplicazione della disciplina di contrasto al dividend washing nelle operazioni di cessione di partecipazioni c.d. utili compresi

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ESMA, the European Commission and the European Central bank launched a new governance structure to support the transition to the T+1 settlement cycle in the European Union. Following ESMA’s report with recommendations on the shortening of the settlement cycle, the new governance structure has been designed to oversee and manage the operational, regulatory and technological aspects of this transition. Given the high level of interconnectedness within the EU capital market, a coordinated approach across the EU, involving authorities, market participants, financial market infrastructures and investors, is desirable. The key elements of the new governance model include: an Industry Committee, composed of senior leaders and representatives from market players. The Committee will be chaired by Giovanni Sabatini. Giovanni has a long-standing experience working in securities markets both in the private and public sector. He has served as a member of the European Economic and Social Committee and held roles within IOSCO, EBF and ECSDA; several technical workstreams, operating under the Industry Committee, focusing on the technological operational adaptations needed in the areas concerned by the transition to T+1 (i.e. trading, matching, clearing, settlement, securities financing, funding and FX, asset management, corporate events, settlement efficiency). In addition, two more general workstreams will review the scope and the legal and regulatory aspects of these adaptations; a Coordination Committee, chaired by ESMA and with representation from the EC, the ECB, ESMA and the chair of the Industry Committee. This committee will ensure coordination between the authorities and the industry, advising on challenges that may arise during the transition. The Commission is currently considering the merits of a legislative change mandating a potential transition to a shorter settlement cycle. Next Steps: ESMA has recommended 11 October of 2027 as the optimal date for the transition to T+1 in the EU. In its Report ESMA concluded that the transition to T+1 should be implemented in phases, with key milestones including technology upgrades, stakeholder engagement and regulatory alignment. Further details regarding the governance set-up and participating organisations will be published in the coming days. Industry representatives interested in contributing to the upcoming work are advised to contact the T+1 Industry Secretariat here. The first meeting of the Coordination Committee will take place on 6 February.    

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ESAs published a report on the feasibility of further centralisation in the reporting of major ICT-related incidents by financial entities according to Article 21 of the Digital Operational Resilience Act (DORA). In line with the DORA mandate, the ESAs’ joint report explores the potential for further centralisation regarding financial entities’ reporting of major ICT-related incidents to competent authorities. The report assesses the feasibility of three different models: the baseline model, a model with enhanced data sharing arrangements and a fully centralised model. It considers the potential burden and cost reductions, as well as the efficiency and effectiveness gains that each model would bring for cross-sector supervisory practices  

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