Pubblicazioni normative per: Società di intermediazione mobiliare
Ultime pubblicazioni delle autorità di vigilanza finanziaria che riguardano Società di intermediazione mobiliare, con tipo, impatto, date e verifiche da considerare.
Ultime pubblicazioni
ESMA · Comunicato · · Alto
Un anno al passaggio al regolamento T+1: il quadro normativo è completo, ora bisogna realizzarlo
ESMA pubblica un comunicato stampa in cui afferma che l'UE passerà al regolamento T+1 l'11 ottobre 2027 e che il quadro normativo per la transizione è ormai completo. Il comunicato fa riferimento alle RTS riviste sulla disciplina del regolamento (Settlement Discipline) e alle Linee guida CSDR riviste su procedure standardizzate e protocolli di messaggistica tra imprese di investimento e i rispettivi clienti professionali, che fissano requisiti in materia di allocazioni e conferme.
Date nel testo: 2026-12-07 Le imprese di investimento e i loro clienti devono rispettare i nuovi requisiti in materia di allocazioni e conferme, compreso l'uso obbligatorio di canali elettronici standardizzati ch · 2027-10-11 L'UE passa al regolamento T+1.
Verifiche da considerare
Verificare se gli attuali processi di allocazione e conferma con i clienti professionali soddisfano i requisiti obbligatori di comunicazione elettronica, standardizzata e leggibile dalle macchine, applicabili dal 7 dicembre 2026.
Valutare la prontezza di sistemi e processi lungo l'intera catena di negoziazione e regolamento in vista del passaggio a T+1 dell'11 ottobre 2027, e considerare l'avvio dei test il prima possibile.
FCA calls on private market firms to manage conflicts of interest in line with rapid growth
The FCA published the findings of a review of how firms identify, manage, mitigate and disclose conflicts of interest across private equity, private credit and real estate. The review found good practice alongside recurring weaknesses in cross-fund transfers, multi-party transactions, gifts and entertainment, and information barriers. The FCA states it expects firms to identify, record, manage and disclose conflicts effectively and to demonstrate fair treatment of investors.
Verifiche da considerare
Review whether the firm's conflicts identification and recording arrangements cover cross-fund transfers and multi-party transactions.
Check whether gifts and entertainment controls and information barrier arrangements are up to date with the firm's current size and complexity.
Consider whether conflicts disclosures give investors enough information to assess whether their interests are being protected.
ESMA aggiorna il proprio manuale sulla trasparenza con nuove linee guida per i derivati OTC e il regime del tick-size
L'ESMA ha aggiornato il proprio manuale sulla trasparenza post-negoziazione ai sensi di MiFID II/MiFIR. L'aggiornamento introduce linee guida sull'identificazione dei derivati OTC soggetti agli obblighi di trasparenza, sulla fornitura di dati di riferimento identificativi per i derivati OTC e sul regime del tick-size, incluse domande e risposte (Q&A) e raccomandazioni su quando le sedi di negoziazione e le autorità nazionali competenti possono intervenire. Il testo precisa che il manuale aggiornato è una bozza fino all'entrata in vigore dei relativi RTS 2 e dell'RTS sui dati di input/output del CTP.
Verifiche da considerare
Verificare se i derivati OTC della società sono soggetti agli obblighi di trasparenza alla luce delle linee guida aggiornate sull'identificazione.
Esaminare le modalità di fornitura dei dati di riferimento identificativi per i derivati OTC ai fini della segnalazione in materia di trasparenza, tenendo presente che il manuale è una bozza fino all'entrata in vigore degli RTS correlati.
Esaminare le Q&A sul tick-size e le raccomandazioni sull'intervento delle sedi di negoziazione e delle autorità nazionali competenti, ove pertinenti rispetto all'attività di negoziazione della società.
CP26/39: Income sharing distribution and operational incident reporting for consolidated tape providers
The FCA consults on rules for how the equity consolidated tape provider (CTP) should split its income among data contributors, and proposes extending enhanced operational incident reporting requirements to all CTPs. The consultation is relevant to trading venues, approved publication arrangements, systematic internalisers, current and potential CTPs, and trade associations.
Date nel testo: 2026-12-17 Consultation CP26/39 closes; responses via online form or email to cp26-39@fca.org.uk · 2027-03-18 Operational incident reporting rules in PS26/2, on which these proposals build, come into force
Verifiche da considerare
Check whether your firm is a data contributor, trading venue, APA or systematic internaliser that would be affected by the proposed income sharing rules.
Review the proposed operational incident reporting requirements against current internal incident reporting processes if your firm is or may become a CTP.
CP26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2
The FCA consults on the second phase of its review of the Senior Managers and Certification Regime (SM&CR), proposing to streamline senior manager applications, reduce the number of firms in the Enhanced regime, remove the Certification Regime and simplify Conduct Rule training and breach reporting thresholds. It applies to all firms in scope of the SM&CR, including third-country branches, and to cryptoasset firms expected to come into scope.
Date nel testo: 2026-10-22 Consultation opens · 2027-01-22 Deadline to send comments on CP26/37 · 2027-06-30 Expected publication of final rules in a Policy Statement in the first half of 2027
Verifiche da considerare
Check whether any of your current SMF roles would be affected by the proposed removal or notification changes.
Review the proposed changes to Statements of Responsibilities, Management Responsibilities Maps, Conduct Rule training and breach reporting thresholds against your current processes.
Consider whether your firm would be affected by the proposed change to Enhanced regime thresholds, and whether to respond by 22 January 2027.
The FCA consults on Primary Market Bulletin 67 (GC26/8), proposing amendments to technical notes 602.5 and 605.5 to reflect updated Prospectus Rules, revocation of technical note UKLA/TN/103.1 following the UK Listing Rules, and revocation of procedural note Primary Market/PN/902.4 as it duplicates information on the FCA website. Comments are requested by 9 December 2026.
Date nel testo: 2026-12-09 Deadline for comments on the consultation proposals to primarymarketbulletin@fca.org.uk
Verifiche da considerare
Review whether your prospectus or admission-to-trading work relies on technical notes 602.5, 605.5, UKLA/TN/103.1 or Primary Market/PN/902.4.
Consider whether to submit comments on the proposals by 9 December 2026.
The FCA published findings from its consumer finance supervisory work on how firms assess, evidence and monitor fair value under the Consumer Duty, highlighting good practice and areas for improvement under the price and value outcome in PRIN 2A.4 and chapter 7 of guidance FG22/5. It also shares observations on communicating fees and charges and preventing foreseeable harm from repeat or cumulative charges. The publication states that its examples do not create new requirements, and it is of interest mainly to consumer finance firms subject to the Consumer Duty.
Verifiche da considerare
Check whether fair value assessments include all financial and non-financial costs, such as consumers' time and effort, alongside expected benefits.
Review whether fair value conclusions are supported by sufficient evidence, management information and customer outcome data, including for customer groups with characteristics of vulnerability.
Review how fees and charges are communicated and whether controls such as limits on repeat or cumulative charges are monitored for effectiveness.
ESMA streamlines several Q&As as part of simplification efforts
ESMA has updated its Q&As on market structure under MiFID II, the Market Abuse Regulation and the Short Selling Regulation, withdrawing or amending several items as part of its Simplification and Burden Reduction initiative. The changes cover Q&As that are outdated, duplicative or covered by other ESMA guidance, such as supervisory briefings and opinions. The publication is relevant to firms that rely on these Q&As for interpreting MiFID II, MAR and SSR obligations.
Verifiche da considerare
Check whether your internal procedures reference any Q&As that have been withdrawn or amended.
Review the updated set of Q&As together with other ESMA guidance, such as supervisory briefings and opinions, for the applicable interpretation.
SEBI order for compliance - Release Order dated November 06, 2026 issued under RC No. 9229 of 2026 drawn against Rakeshbhai K Pandya in the matter of Trading activity in the scrip of ANI Integrated Services Limited
SEBI published a release order dated November 6, 2026 under recovery certificate RC No. 9229 of 2026, issued against Rakeshbhai K Pandya concerning trading activity in the scrip of ANI Integrated Services Limited. The publication is a recovery proceedings notice relating to an individual and the page text does not state the amount or the underlying findings.
Verifiche da considerare
Check whether the firm has any dealings or client relationships connected with the named individual or the scrip ANI Integrated Services Limited, if relevant to monitoring obligations.
Cancellation of Recovery Certificate No. 9229 of 2026 dated 29.07.2026 issued against Rakeshbhai K Pandya in the matter of Trading activity in the scrip of ANI Integrated Services Limited
SEBI published a notice cancelling Recovery Certificate No. 9229 of 2026, dated 29.07.2026, issued against Rakeshbhai K Pandya. The matter concerns trading activity in the scrip of ANI Integrated Services Limited. The publication does not state the reasons for the cancellation.
Verifiche da considerare
Check whether any internal records or client accounts reference Rakeshbhai K Pandya or the scrip ANI Integrated Services Limited in relation to this matter.