ADMINISTRATIVE & COMPETITION LAW
1) Council of State: on compensation for the outgoing maritime public-domain concessionaire
By Judgment No. 6539/2026, published on 18 August 2026, the Council of State (Section VII) ruled on compensation in favour of outgoing beach concession holders with regard to the investments made.
STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH
2) ESMA: Call for Evidence on tokenized collateral
On 9 October 2026, the European Securities and Markets Authority (“ESMA”) published a Call for Evidence on the use of tokenized collateral by central counterparties (“CCPs”). The objective is to verify whether, and under what conditions, such collateral can be used safely and effectively by EU CCPs.
3) Bank of Italy: transitional regime for bulk transfers of greater significance
On 8 October 2026, the Notice of Bank of Italy (“Bankit”) concerning amendments to Circular No. 288/2015, containing the supervisory provisions for financial intermediaries on the bulk transfer of legal relationships of greater significance, was published in Official Gazette No. 234.
4) ESMA: opinion on supervisory expectations regarding services related to unauthorized stablecoins published
On 8 October 2026, the European Securities and Markets Authority (“ESMA”) published an opinion aimed at clarifying supervisory expectations regarding the provision of crypto-asset services relating to stablecoins that do not comply with the Regulation (UE) 2023/1114 on crypto-assets markets (“MiCAR”).
5) Borsa Italiana: amendments to the MTF Rules on the admission of operators and error handling published
On 6 October 2026, Borsa Italiana published Notices No. 51120 and No. 51121, containing amendments to the Rules of the Multilateral Trading Facilities (“MTF”) organized and managed by Borsa Italiana.
6) Bank of Italy: consultation launched on amendments to the rules for financial intermediaries entered in the register under Article 106 of the TUB
On 30 September 2026, the Bank of Italy published a consultation document with proposed amendments to Circular No. 288/2015, which contains the supervisory provisions for financial intermediaries (the “106 Intermediaries”), and to Circular No. 286/2013, concerning the instructions for completing prudential reports for supervised entities.
EMPLOYMENT LAW
7) Legislative Decree No. 179 of 7 October 2026, regulating the use of AI in decisions on employment, workplace safety and training of professionals, published in the Official Gazette
On 8 October 2026, Legislative Decree No. 179 of 7 October 2026 (the “Decree”) was published in the Official Gazette. The Decree, implementing the delegation provided for by Article 24 of Law No. 132/2025, aligns national legislation with Regulation (EU) 2024/1689.
BANKING, FINANCIAL AND INSURANCE REGULATION
8) EBA: final report on the draft RTS amending the prudential requirements for central securities depositories providing banking-type ancillary services published
On 9 October 2026, the European Banking Authority (“EBA”) published the final report on the draft regulatory technical standards (“RTS”) amending Delegated Regulation (EU) 2017/390. The Delegated Regulation supplements Regulation (EU) 2014/909 (“CSDR”) with regard to the prudential requirements applicable to central securities depositories (“CSDs”) authorized to provide banking-type ancillary services.
CASE LAW
9) Italian Supreme Court: the attribution “on request” of the status of professional client does not relieve the financial intermediary of the duty to verify on a continuing basis that the requirements for that status are met
By Order No. 26039/2026, published on 1 October 2026, the Italian Supreme Court clarified the scope of the verification obligations incumbent on financial intermediaries with regard to the classification of clients as professional “on request”, pursuant to Annex 3 to Consob Regulation No. 16190/2007 (the “Intermediaries Regulation”).
CRCCD NEWS edited by:
Elena Ghi, Claudia Marcuzzo and Luca Simoni
Contributors to this edition:
Filippo Cantale, Ginevra Chini, Olga Loragno, Matteo Manenti, Anna Manfredini, Kristian Massimei, Maurizio Martucci, Nicolò Orlich, Benedetta Pedrolli, Mohammad Shamal, Gregorio Torazzi, Raffaela Tortora, Giulia Vianello and Livia Zaccheo