On 22 April 2026, Bank of Italy published for public consultation the proposed circular on reporting obligations for crowdfunding service providers, together with the proposed amendments to Circular No. 286 of 17 December 2013 \u201cInstructions for the compilation of prudential supervisory reports for supervised entities\u201d and the proposed amendments to Circular No. 154 of 22 November 1991 \u201cSupervisory reports of credit and financial institutions. Reporting formats and instructions for the transmission of information flows\u201d (collectively, the \u201cCirculars<\/strong>\u201d).<\/p>\n In particular, the proposed amendments are aimed at introducing a structured reporting framework for crowdfunding service providers, with a view to transposing the information currently required through an ad hoc <\/em>survey into structured reports provided for by the Circulars. In this context, a greater level of detail is also required for certain information relating, in particular, to the composition of the own funds of specialized crowdfunding service providers.<\/p>\n Responses to the consultation<\/a> may be submitted within 60 days from the date of publication of the consultation document.<\/p>\n On 20 April 2026, Directive (EU) 2026\/806<\/a> of 30 March 2026, amending Directive (EU) 2014\/59 (the \u201cBRRD<\/strong>\u201d) as regards early intervention measures, conditions for resolution and funding of resolution action, as well as Directive (EU) 2014\/24 as regards valuation services in resolution, was published in the Official Journal of the European Union.<\/p>\n The amendments respond to the shortcomings that emerged from the practical application of the existing resolution framework, in particular the tendency of Member States to manage crises involving small and medium-sized banks through the use of public funds (bail-out) rather than the tools provided at European level (bail-in). The main changes concern: (i) the conditions for initiating a resolution action, with a reduction in the discretionary margins available to authorities in assessing the \u201cpublic interest\u201d; (ii) the expansion of the role of deposit guarantee schemes in the financing of resolution actions; (iii) the strengthening of early intervention measures and the introduction of an early warning notification mechanism between supervisory authorities and resolution authorities; (iv) the framework governing extraordinary public financial support outside resolution.<\/p>\n <\/a><\/a><\/a>Member States are required to transpose Directive (EU) 2026\/806 by 11 May 2028, with application from 12 May 2028.<\/p>\n On 16 April 2026, the Anti-Money Laundering Authority (\u201cAMLA<\/strong>\u201d) published for consultation two proposals aimed at harmonizing the framework on anti-money laundering (\u201cAML<\/strong>\u201d) and countering the financing of terrorism (\u201cCFT<\/strong>\u201d) risk.<\/p>\n In particular:<\/p>\n The first consultation<\/a> will remain open until 15 June 2026. The second consultation<\/a> will remain open until 15 July 2026.<\/p>\n On 16 April 2026, the European Securities and Markets Authority (\u201cESMA<\/strong>\u201d) published a Call for Evidence concerning two categories of evolving credit rating products: restricted subscription credit ratings and private credit ratings under Regulation (EC) No. 1060\/2009 on credit rating agencies (the \u201cCRA Regulation<\/strong>\u201d).<\/p>\n ESMA observes that recent market developments suggest the increasing use of private credit ratings (i.e. ratings produced pursuant to an individual request and provided exclusively to the commissioning party, which are not intended for public disclosure nor for distribution by subscription), which are currently excluded from the scope of the CRA Regulation, and of restricted subscription credit ratings (i.e. ratings issued by rating agencies, which are intended for distribution on a selective basis to a limited number of subscribers with an economic interest in the rated entity, instrument or exposure, and not disseminated publicly).<\/p>\n ESMA, accordingly, considering that the increased use of such products raises questions regarding:<\/p>\n encourages all interested parties to share views, data and analysis, providing concrete evidences and examples drawn from market practice.<\/p>\n The Call for Evidence<\/a> will remain open until 31 May 2026.<\/p>\n On 15 April 2026, the European Insurance and Occupational Pensions Authority (\u201cEIOPA<\/strong>\u201d) launched a public consultation on the treatment of proportional reinsurance treaties containing clauses may jeopardise the balance between the reduction of the solvency capital requirement (\u201cSCR<\/strong>\u201d) and the effective risk transfer achieved.<\/p>\n The document published for consultation is intended to respond to the need, recognised by national supervisory authorities, to ensure a uniform assessment at European level of the effectiveness of risk transfer.<\/p>\n Proportional reinsurance contracts transfer to the reinsurer a fixed percentage of each claim (in line with the standard formula under Directive (EC) 2009\/138 (Solvency II)). However, certain treaties include clauses (i.e.<\/em> loss limits or sliding-scale commissions) that may materially reduce the risk transferred to the reinsurer, without a corresponding increase in the SCR incumbent on the cedant: in such cases, the reduction of the SCR may not be proportionate to the risk transfer actually achieved.<\/p>\n The consultation document proposes to address this potential imbalance, ensuring that the effect of these features is properly considered in the assessment of the effectiveness of risk transfer. In particular, it proposes that undertakings entering into reinsurance treaties with such features should verify whether the effective risk transfer is commensurate with the reduction of the SCR. Where this is not the case, the risk mitigation effect of the reinsurance treaty should not be recognised in the calculation of the SCR of the undertaking.<\/p>\n The consultation<\/a> will remain open until 17 July 2026.<\/p>\n On 9 April 2026, the European Banking Authority (\u201cEBA<\/strong>\u201d) published for public consultation the draft revision of the guidelines (\u201cGuidelines<\/strong>\u201d) on limits on exposures to shadow banking entities (\u201cSBEs<\/strong>\u201d) carrying out banking activities outside a regulated framework, pursuant to Art. 395, paragraphs 2 and 2bis, of Regulation (EU) 2013\/575 (\u201cCRR<\/strong>\u201d).<\/p>\n The updated Guidelines align their scope of application and definitions with the CRR and Commission Delegated Regulation (EU) 2023\/2779, ensuring a harmonized framework. Institutions and supervisory authorities now rely on a single set of binding criteria for the identification of SBEs, while the Guidelines specify expectations in the areas of governance, risk management and internal limits. The fallback approach is also maintained, pursuant to which exposures to SBEs are subject to the general large exposures regime under Art. 395 of the CRR where institutions are unable to meet the requirements of the primary approach. This promotes a consistent application of the large exposure requirements relating to the shadow banking system throughout the European Union and enables institutions to effectively manage the risks arising from the activities of that system.<\/p>\n <\/a><\/a><\/a>The consultation<\/a> will remain open until 9 July 2026.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" 1) Bank of Italy: draft circular on supervisory reporting by […]<\/p>\n","protected":false},"author":3,"featured_media":124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[71],"tags":[],"crccd-news":[162],"class_list":["post-5151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crccd-news","crccd-news-banking-financial-insurance-regulation"],"acf":[],"yoast_head":"\n2) <\/a>BRRD: amendments on the resolution framework for credit institutions published in the OJEU<\/h4>\n
3) <\/a>AMLA: draft guidelines on money laundering risk self-assessment and RTS under the Anti-Money Laundering Regulation open for consultation<\/h4>\n
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4) <\/a>ESMA: call for evidence on restricted subscription and private credit ratings<\/h4>\n
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5)\u00a0<\/a> EIOPA: consultation on the treatment of proportional reinsurance treaties with features that jeopardise the effectiveness of risk transfer launched<\/h4>\n
6) <\/a>EBA: draft guidelines on limits on exposures to shadow banking entities under the CRR open for consultation<\/h4>\n