Today the Bank of Italy announced the procedures (the English translation is forthcoming) that will be followed from now on in implementing, for the intermediaries it supervises, the guidelines and recommendations of the European supervisory authorities (European Banking Authority – EBA, the European Securities and Markets Authority – ESMA, and the European Insurance and Occupational Pensions Authority – EIOPA).
In line with the practices adopted by the supervisory authorities of the main European countries, the procedures take account of the competences attributed under the Single Supervisory Mechanism and help to simplify and render transparent the regulatory framework.
The guidelines and recommendations of the European supervisory authorities will be implemented by the Bank of Italy through supervisory guidance or regulations:
- supervisory guidance offers recommendations and is not binding. Intermediaries that use alternative methods to those suggested must demonstrate to the Bank of Italy, where requested, that these comply with the provisions of the European and national laws and regulations to which the supervisory guidance relates;
- regulations are binding on intermediaries. This implementation procedure will be used where the transposition of the European guidelines and recommendations requires, for example, coordination with other legislation or involves actions on the part of intermediaries that are essentially obligatory.
The new implementation procedures will take effect 17 July 2019.
