{"id":5002,"date":"2026-04-17T11:01:07","date_gmt":"2026-04-17T09:01:07","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=5002"},"modified":"2026-04-17T12:44:40","modified_gmt":"2026-04-17T10:44:40","slug":"newsletter-aprile-2026-pt-1-regolamentazione-bancaria-finanziaria-assicurativa","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-aprile-2026-pt-1-regolamentazione-bancaria-finanziaria-assicurativa\/","title":{"rendered":"Newsletter April 2026 (pt. 1): Banking \/ financial \/ insurance regulation"},"content":{"rendered":"

1) Regulation on the Collective Management of Savings<\/h4>\n

On 7 April 2026, the Bank of Italy Measure of 23 March 2026<\/a>, containing the sixth update to the Regulation on the collective management of savings set out in the Bank of Italy Measure of 19 January 2015, as subsequently amended and supplemented (the \u201cBank of Italy Regulation<\/strong>\u201d), was published in the Official Gazette (Official Gazette, General Series No. 80, Ordinary Supplement No. 13).<\/p>\n

The measure affects almost all Titles of the Bank of Italy Regulation (Titles I, II, III, IV, V, VI, VII and VIII) as well as numerous Annexes, certain of which are repealed.<\/p>\n

The amendments respond to the need to update and reorganize the Bank of Italy regulatory framework on the collective management of savings in light of developments in the European and national regulatory landscape, including for reasons of accessibility for interested parties, simplification and adaptation to market developments.<\/p>\n

In particular, the intervention is aimed at coordinating the provisions contained in the Bank of Italy Regulation with: (i) the European regulatory framework on European venture capital funds (EuVECA) set out in Regulation (EU) 2013\/345, as subsequently amended and supplemented; (ii) the European regulatory framework on European social entrepreneurship funds (EuSEF) set out in Regulation (EU) 2013\/346, as subsequently amended and supplemented; (iii) the European regulatory framework on European long-term investment funds (ELTIFs) set out in Regulation (EU) 2015\/760, as subsequently amended and supplemented; (iv) the European regulatory framework on money market funds (MMFs) set out in Regulation (EU) 2017\/1131, as subsequently amended and supplemented; and (v) the European regulatory framework on depositaries of pan-European personal pension products (PEPPs) set out in Regulation (EU) 2019\/1238, as subsequently amended and supplemented.<\/p>\n

The amendments also take into account the simplifications introduced by Article 16 of Law No. 21 of 5 March 2024 (the so-called Legge Capitali<\/em>) in relation to the supervision of externally managed SICAVs and SICAFs, as well as the most recent guidance of the supervisory authorities.<\/p>\n

The new provisions entered into force on 8 April 2026; UCITS managers have a period of six months within which to achieve compliance.<\/p>\n

2) Bank of Italy: proposed amendments to the rules on the preparation of financial statements of banks and IFRS intermediaries open for consultation<\/h4>\n

On 31 March 2026, the Bank of Italy launched a consultation on the proposed amendments to Circular No. 262 and to the Measure of 17 November 2022, which govern the formats and rules for the preparation of the financial statements of banks and \u201dIFRS intermediaries\u201d, as defined by Article 1, paragraph 1, letter c), of Decree No. 136\/2015, other than banking intermediaries (the \u201cIFRS Intermediaries<\/strong>\u201d).<\/p>\n

The provisions subject to consultation are aimed at implementing:<\/p>\n

    \n
  1. the amendments to International Financial Reporting Standard (\u201cIFRS<\/strong>\u201d) no. 9 \u201cFinancial Instruments<\/em>\u201d and IFRS no. 7 \u201cFinancial Instruments: Disclosures<\/em>\u201d, already applicable with effect from financial statements commencing on or after 1 January 2026;<\/li>\n
  2. the new international accounting standard IFRS 18 \u201cPresentation and Disclosure in Financial Statements<\/em>\u201d, which will replace International Accounting Standard (\u201cIAS<\/strong>\u201d) 1 \u201cPresentation of Financial Statements<\/em>\u201d with effect from 1 January 2027; and<\/li>\n
  3. the guidance provided in the joint Bank of Italy\/Consob Communication of 6 March 2025 with regard to financial statement disclosures on crypto-assets.<\/li>\n<\/ol>\n

    The consultation is addressed to the categories of intermediaries currently governed by Circular No. 262 and by the Bank of Italy Measure of 17 November 2022 and, accordingly, to banks and IFRS Intermediaries, as well as to anyone who may have an interest in submitting observations and comments on the consultation document.<\/p>\n

    The consultation<\/a> will remain open for 60 days from the date of publication of the document.<\/p>\n

    3) EIOPA: ITS on Solvency II reporting amended<\/h4>\n

    On 30 March 2026, the European Insurance and Occupational Pensions Authority (\u201cEIOPA<\/strong>\u201d) published the final report<\/a> relating, inter alia<\/em>, to two implementing technical standards (\u201cITS<\/strong>\u201d) concerning the supervisory reporting and disclosure requirements provided for under Directive (EC) 2009\/138 (\u201cSolvency II<\/strong>\u201d), as recently amended.<\/p>\n

    The proposed amendments form part of the broader Solvency II review process and are aimed, on the one hand, at aligning the reporting framework with the regulatory changes that have taken place and, on the other hand, at supporting the European Commission’s initiative to reduce administrative burdens on operators, providing for a reduction in reporting obligations of at least 25% (up to 35% for SMEs).<\/p>\n

    To that end, EIOPA proposes:<\/p>\n