Country Manuals Retail Banking –
Dear Client,
We would like to inform you that BRP has updated its COUNTRY MANUAL RETAIL BANKING for the following jurisdiction:
- ITALY
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law / Regulation | NO |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | NO |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The documents have been reviewed following consultation with our local counsel. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
However, as we have highlighted in our recent webinars and training sessions on Italy, the signing of the MoU between FINMA, the Bank of Italy and Consob is a new factor to consider in the management of the cross-border risk. It is likely that the Italian supervisory authorities will be able to request and have access to new statistical data on cross-border activities of Swiss banks. In practice, this means that although the rules and assessment methods should not change, Italian supervisory authorities will have an additional tool to monitor activities of Swiss banks.
Non-material changes
Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
Implications for business relations with third parties
The documents have been reformatted onto the latest template.
For more information, please contact us: info@brpsa.com
Best regards,