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New Italian laws implementing Directive 2014/65/EU of 15 May 2014 on markets in financial instruments (MiFID II) and complying with Regulation (EU) 600/2014 of 15 May 2014 on markets in financial instruments (MIFIR) also entered into force in August.

The changes are relevant for Italian banks, investment firms, financial intermediaries, asset managers, operators of regulated markets and energy and commodity players include:

  • new product intervention powers for the Italian supervisory authorities;
  • enhanced investment services supervision;
  • introduction of investment advice on an independent basis;
  • enhancing investor protection – new requirements for firms providing investment or ancillary services, including rules on disclosure, conflicts of interest and inducements. Investment firms providing advice on an independent basis or portfolio management cannot accept or receive fees, commissions or any monetary benefits from third parties, except for minor non monetary benefits, which must be clearly disclosed to clients;
  • new obligations on the creators of new types of financial instruments – a product approval process to identify the target market and assess all relevant risks;
  • a single set of rules on whistleblowing;
  • a new category of trading venue, ie OTFs; and
  • new rules for firms using algorithmic trading.


Further information

This case summary is part of the Allen & Overy Legal & Regulatory Risk Note, a quarterly publication.  For more information please contact Karen Birch –, or tel +44 20 3088 3710.

Legal and Regulatory Risk Note

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