{"id":6080,"date":"2026-11-05T14:54:02","date_gmt":"2026-11-05T13:54:02","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=6080"},"modified":"2026-11-05T14:54:02","modified_gmt":"2026-11-05T13:54:02","slug":"newsletter-october-2026-pt-2-structured-finance-capital-markets-and-fintech","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-october-2026-pt-2-structured-finance-capital-markets-and-fintech\/","title":{"rendered":"Newsletter October 2026 (pt. 2): Structured Finance, Capital Markets and Fintech"},"content":{"rendered":"<h4>1) Bank of Italy: supervisory reports for crowdfunding service providers updated<\/h4>\n<p>On 21 October 2026, Bank of Italy published the 78th update of <a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c154\/78-aggto\/Atto-di-emanazione_154_78agg_UFFICIALE.pdf\">Circular No. 154 of 22 November 1991<\/a> \u201cSupervisory reports of credit and financial institutions. Reporting templates and instructions for the submission of information flows\u201d, which amends the reporting templates and the related coding system, with particular reference to crowdfunding service providers.<\/p>\n<p>The measure implements: (i) Circular No. 326 of 13 October 2026 (\u201cReporting by crowdfunding service providers\u201d); (ii) the 19th update of Circular No. 286 of 17 December 2013 (\u201cInstructions for the preparation of prudential reports by supervised entities\u201d), containing amendments to the rules on own funds and on the capital requirements of specialized crowdfunding service providers; and (iii) the Communication of 17 April 2025 (\u201cNew ATECO 2025 classification\u201d).<\/p>\n<p>The update repeals the Communication of 23 October 2025, while that of 17 April 2025 remains in force for the content not connected with Circular No. 154.<\/p>\n<p>The new measures apply from the reports referring to the accounting reference date of 30 June 2027, with the exception of the additions to the domains of the attributes \u201cMCC\u201d and \u201cDebit scheme\u201d, which are immediately applicable as they are purely operational in nature.<\/p>\n<h4>2) ESMA: RTS on post-trade risk reduction (PTRR) services for the purposes of the exemption from the clearing obligation<\/h4>\n<p>On 20 October 2026, the European Securities and Markets Authority (\u201c<strong>ESMA<\/strong>\u201d) published the <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2026-10\/ESMA74-1049116226-981_Final_Report_on_post_trade_risk_reduction_services_RTS_Exemption_CO.pdf\">final report<\/a> containing the draft regulatory technical standards (\u201c<strong>RTS<\/strong>\u201d) specifying the requirements for post-trade risk reduction (\u201c<strong>PTRR<\/strong>\u201d) services for the purposes of the exemption from the clearing obligation provided for by Article 4b of Regulation (EU) No 648\/2012 (the so-called EMIR), as introduced by Regulation (EU) 2024\/2987 (\u201c<strong>EMIR<\/strong> 3\u201d).<\/p>\n<p>The ESMA\u2019s RTS \u2013 which reflect the outcome of the related consultation \u2013 identify the eligible PTRR services \u2013 portfolio compression, portfolio rebalancing and basis risk optimization \u2013 and set out the conditions, including market risk neutrality, effective risk reduction and the absence of any increase in net uncleared risk, as well as the obligations of providers concerning the algorithm, transparency, controls, record-keeping and monitoring of the exemption, so that such PTRR services may be exempted from the clearing obligation under EMIR 3.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1) Bank of Italy: supervisory reports for crowdfunding service providers  [&#8230;]<\/p>\n","protected":false},"author":2,"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":[166],"class_list":["post-6080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crccd-news","crccd-news-structured-finance-capital-markets-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Newsletter October 2026 (pt. 2): Structured Finance, Capital Markets and Fintech - Cappelli Riolo Calderaro Crisostomo Del Din &amp; 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