New Italian law on the transposition of Mifid2 and Mifir

Legislative Decree no. 129 of 03.08.2017, in implementation of Mifid2 and Mifir, has opened to the possibility for non-EU third-country banks to operate in Italy in free provision of services to qualified counterparties or professional clients.

However, Banca Italia has the right, after consulting the Consob, to authorize the performance of such services without the obligation of having a branch in Italy for the professional clients.

To be able to operate in Italy, operators must demonstrate: the equivalence of the anti-money laundering legislation of the origin country with that resulting from the recommendations of the FATF, transposed into the IV EU Directive and then in Italy by Legislative Decree 90/2017; the existence of collaboration agreements between Italy and the home state authority on the automatic exchange of financial information in accordance with OECD standards.

The Italian legislator, wanting to pay more attention to anti-money laundering, requires the operator to meet the above-mentioned requirements in order to help the cooperation on cross-border financial activities and to protect investors.

The study remains available for further clarification. Contact us at: info@helvetiatrustcompany.ch