AMF Italia - Associazione Intermediari Mercati Finanziari

AMF Italia considers the EU Inc proposal to be an important step towards strengthening European competitiveness and supporting the cross-border growth of innovative companies. In a context characterised by increasing competition among legal systems and persistent regulatory fragmentation, the creation of a genuinely European corporate form should be pursued with a pragmatic approach, also with a view to making the…

The European Commissions package of proposals on RIS aims to amend the existing MiFID, IDD, UCITS, AIFMD, Solvency II and PRIIPs regulatory framework in order to increase the participation of retail clients in the EU capital markets, enable more informed investment choices on the basis of easily understandable and comparable information, and improve the manufacturing and distribution process of financial products…

AMF Italia welcomes the opportunity to provide comments on the proposal referred to above. Generally, we consider the European Commissions analysis of the obstacles affecting the competitiveness of EU markets to be well founded.

Assosim expresses its general appreciation for the effort of the European Commission to establish a framework governing access to and use of customer data in finance, which could facilitate access to data also by smaller market participants at more proportionate costs.

In terms of entities subject to the settlement penalties, as we elaborated in our Response to the Commissions’ consultation on a Possible Review of the CSDR (run between December 2020 and February 2021), we continue to suggest the removal of CCPs’ responsibility on the collection and distribution of penalties to clearing members affected by the settlement fails, moving this responsibility on CSDs for both cleared…

Unbundling destroyed the market. Despite a very marginal reduction in costs for mutual funds subscribers, there was a significant reduction in research budgets. Those who produce and sell research had to adapt to profound changes in their business model, resulting in a lack of independent research and reduced market coverage.

Prospectus Regulation A6(4):While we welcome the intervention to simplify the structure and length of the prospectus,we believe that issuers should be allowed more flexibility where there is a need to expand the content for the sake of greater clarity or objective commercial needs.

We welcome the initiative launched by the European Commission to revise this framework in order to create a more coherent framework to facilitate compliance by operators subject to AML/CFT rules. The differences in application are causing considerable difficulties for operators, especially in cross-border relations and the introduction of common provisions valid for all Member States — and, hopefully, also in…

Filed in Italian · English published by the European Commission

We share the objective of increasing the production of financial research on SMEs, the level of which is currently not adequate to support their funding needs on the capital market. Still, the solution proposed by the European Commission appears to be an unsuitable remedy to the relevant causes. As correctly perceived by the Commission, unbundling has had a negative impact on SME research.

Milan, 2 April 2026 European Commission Submitted via the EC website Prot. n. 18/26 MFE/gc RE: AMF Italia’s response to the European Commission “Have your Say” – Proposal for a Regulation of the European Parliament and of the Council on settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements AMF Italia welcomes the opportunity to provide comments on…

Opening of the attached position paper · the full paper is on the Commission’s record (source link above)