Italy: Financial Regulatory Newsletter – Payments and Banking Services – Supervision of the Bank of Italy

In short

Sound remuneration policies: amendments to Circular No.285 of the Bank of Italy (Circolare n. 285 of December 17, 2013 “Disposizioni di Vigilanza per le bance” – 37 ° aggiornamento – Politiche e prassi di remunerazione e incentivazione nelle banche e nei gruppi bancari)

On November 24, 2021, the Bank of Italy issued an order amending the circular of the Bank of Italy n ° 285 of December 17, 2013 relating to “Prudential provisions applicable to banks” (the “Circular no.285The changes to Bank of Italy Circular No.285 aim to align Italian regulations with the latest EU legislative developments on sound remuneration policies and practices, in particular Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36 / EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (Directive V on capital requirements) and the EBA (European Banking Authority) guidelines on sound remuneration policies under Directive 2013/36 / EU.

The modifications of Circular No.285 will come into force on the fifteenth day from their publication in the Official Journal of the Italian Republic (Gazzetta Ufficiale), and will be applicable to banks and parent companies of banking groups.

Securitization: communication from the Bank of Italy on risk profiles and supervisory guidelines (Service agents in operazioni di cartolarizzazione. Profili di rischiosità e linee di vigilanza)

On November 11, 2021, the Bank of Italy published a communication addressed to securitization service providers, highlighting the main risks underlying the credit securitization sector and making recommendations on the measures to be implemented. when performing service activities. The Bank of Italy has warned market operators that their organization is often inadequate given the ever-increasing operational complexities, exposing providers to operational and reputational risks. In particular, the authority identified several deficiencies in the control system and in the management of operational risks for repairers, as well as shortcomings in relations with the special service representatives, both during the initial assessment of the subjects and the permanent monitoring of collection performance.

In addition, the Bank of Italy has indicated the need to strengthen the current flow of information on securitization transactions carried out by services and, to this end, has added new models to the set of existing information before be periodically submitted to the Bank of Italy by the services. One model refers to securitization transactions backed by government guarantees, while the other model refers to other securitization transactions. The models will be submitted to the Bank of Italy via the INFOSTAT platform every six months, no later than the twentieth day after the reference date.

The first reference date for model submission is December 31, 2021, with the submission deadline being January 20, 2022.

IFRS: new provisions on the accounts of non-bank intermediaries (Il bilancio degli intermediari IFRS diversi dagli intermediari bancari)

On November 2, 2021, the Bank of Italy published the new version of the Provisions on the financial statements of IFRS intermediaries other than banking intermediaries (the “IFRS provisions“). The IFRS Provisions are applicable to the financial statements for the year ended December 31, 2021 or at a later date, and replace the previous Provisions on the Financial Statements of IFRS Intermediaries other than Banking Intermediaries of November 30, 2018.

PSD2: Bank of Italy adheres to EBA guidelines on major incident reporting (Comunicazione del 29 ottobre 2021. Attuazione per i prestatori di servizi di pagamento degli Orientamenti aggiornati dell’EBA in materia di segnalazione dei gravi incidenti ai sensi della direttiva PSD2 (EBA / GL / 2021/03)

On 29 October 2021, the Bank of Italy published a notice announcing the Authority’s full membership of the EBA Revised Guidelines for Major Incident Reporting under PSD2 (EBA / GL / 2021/03) (the “EBA guidelinesThe EBA guidelines provide for criteria to be used for the classification of major operational or safety incidents, as well as the content, form and procedures for communicating these incidents to national supervisory authorities. EBA Guidelines repeal and replace the EBA Guidelines on Major Incident Reporting under Directive (EU) 2015/2366 (PSD2) (EBA / GL / 2017/10).

The EBA guidelines will be applicable from 1 January 2022.

Qualified participations: Provisions of the Bank of Italy on the information and documents to be provided (Disposizioni di vigilanza della Banca d’Italia in materia di Informazioni e documenti da trasmettere alla Banca d’Italia nell’istanza di autorizzazione all’acquisto di una partecipazione qualificata)

On October 28, 2021, the Bank of Italy issued the Prudential Provisions on the Information and Documents to be Submitted to the Bank of Italy with the Request for Authorization to Purchase a Qualifying Participation (the “”Provisions of the Bank of Italy“). The provisions of the Bank of Italy are applicable to requests for authorization to purchase a qualifying holding in banks, financial holding companies, mixed financial holding companies, financial intermediaries, payment institutions, electronic money institutions, companies management, investment companies with variable capital and investment companies with fixed capital The provisions of the Bank of Italy transpose the common guidelines of the European supervisory authorities for the prudential assessment of acquisitions of qualifying holdings.

The provisions of the Bank of Italy will enter into force on April 1, 2022 and will be applicable to requests filed as of April 1, 2022. Consequently, as of April 1, 2022, the following provisions relating to the information to be provided to the Bank of Italy ‘Italy Italy by shareholders will be repealed:

  • Title II, chapter 1, of the circular of the Bank of Italy n ° 229 of April 21, 1999 and of the decree of the Bank of Italy published in the Bulletin of surveillance n ° 8/2002, first part, chapter I;
  • Title II, Chapter 2, Annex A and Annex C, of ​​Circular n ° 288 of the Bank of Italy of April 2, 2015;
  • Annexes IV.1.2, IV.1.3, IV.1.4, IV.1.5, IV.1.6 and IV.1.7 to the Regulations of the Bank of Italy on collective asset management.

The aforementioned provisions will remain applicable to requests filed before April 1, 2022.

Prudential reporting: modifications to several circulars of the Bank of Italy

On October 27, the Bank of Italy issued an ordinance concerning changes to the Circular no.154 of the Bank of Italy of 22 November 1991 on the “Monitoring report of credit and financial institutions. Templates for Data Collection and Instructions for Submission of Information Feeds ”.

On October 26, the Bank of Italy issued orders concerning modifications to two circulars of the Bank of Italy:

  • Circular n ° 272 of July 30, 2008 of the Bank of Italy on the “Matrix of accounts”, implementing Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021, relating to balance sheet items of credit institutions and of the monetary financial institutions sector (ECB / 2021 / 2) and Regulation (EU) 2020/2011 of the European Central Bank of 1 December 2020 (ECB / 2020/59), which amends Regulation (EU) No 1409/2013 on payment statistics (ECB / 2013 / 43) (the “Payment statistics regulation“);
  • Circular no.217 of the Bank of Italy of August 5, 1996 on the “Manual for the execution of surveillance reports for financial intermediaries, payment institutions and electronic money institutions”, implementing the regulation on payment statistics and aligning the provisions of circular n ° 217 of the Bank of Italy on the service with those of the circular of the Bank of Italy N ° 272.

Central Risk Office (Centrale dei rischi): update of Bank of Italy circular no.139 of 11 February 1991 (Circolare n. 139 dell’11 February 1991)

On October 14, 2021, the Bank of Italy issued orders regarding changes to the Circular no.139 of the Bank of Italy of February 11, 1991 on the central risks (Centrale dei rischi). These changes relate in particular to (i) a two-year ban on requesting data from the Central Risks Office in the event of false declarations (the ban becomes final if the behavior is repeated), (ii) participation in the Central Risks banks and financial intermediaries subject to judicial liquidation (liquidazione coatta amministrativa) or voluntary liquidation, if participation is necessary for the information needs of the Central Risks Office or for the proper functioning of the liquidation procedure , and (iii) the registration of additional registrations.

The changes to Circular No.139 of the Bank of Italy entered into force on November 2, 2021.

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