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CONSOB and Bank of Italy ease compliance obligations during COVID-19.

By Antonio Coletti, Marco Bonasso, and Isabella Porchia

The Italian Securities Commission (CONSOB) and the Bank of Italy have adopted a series of measures to grant intermediaries and online portal managers an extended deadline to comply with their disclosure obligations, and facilitated compliance activities by banks and supervised non-bank intermediaries, due to restrictions imposed by government measures to face the COVID-19 emergency.

Under resolutions no. 21314 and 21315 of March 25, 2020, CONSOB granted a 60-day extension for the terms relating to:

  • Intermediaries sending reports on how to perform services and reports on the organizational structure of SGR (asset management company), SICAF (fixed capital investment company), and SICAV (variable capital investment company)
  • Online portal managers sending data and news and transmitting documents to CONSOB, according to the regulation on raising funds through online portals

The law decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario.

By Antonio Coletti and Isabella Porchia

On 20 March 2019, the Italian Council of Ministers approved a law decree laying down urgent measures to ensure financial stability and market integrity in the event of a no-deal Brexit. In particular, the decree lays down a temporary regime — granting a grace period of six months (Short Grace Period) or eighteen months (Long Grace Period) starting from the no-deal withdrawal date (Withdrawal Date) — for UK-regulated firms operating in Italy and Italian-regulated firms operating in the UK that will lose their European passport in a no-deal scenario.

The decree (Law Decree No. 22 of 25 March 2019) was published on 25 March 2019 in the Official Gazette and is effective as from 26 March 2019.