ASSOCIAZIONE NAZIONALE CONSULENTI FINANZIARI
ANASF
ANASF is the Italian association representing financial advisors authorised to offer investment services outside the premises of the financial intermediaries on whose behalf they act and registered in the public register.
ID: 019623738105-69
Lobbying Activity
Response to Recommendation on savings and investment accounts
4 Jul 2025
As ANASF, the Italian association of financial advisors, we welcome the European Commission's initiative to promote simple, accessible, and effective savings and investment accounts for European citizens. However, based on our experience in Italy, we would like to make a few comments. One of the elements considered essential for the success of the initiative is the introduction of effective tax incentives. The example of Piani Individuali di Risparmio (PIR) in Italy shows how excessively stringent constraints, even in the presence of tax advantages, can compromise the efficiency and effective dissemination of these instruments. Instead, an approach that rewards investment based on the length of time it is held, emphasizing the relationship between duration, risk, and return, is desirable. Citizens' awareness of risk is key. Even instruments that replicate existing funds, such as bond or equity indices (e.g., the Bloomberg Bond Index or the Eurostoxx 600), do not eliminate the implicit risk of investment. It is therefore crucial to accompany such proposals with adequate financial education and transparent communication, so that the relationship between expected return, risk exposure, and time horizon is clear. The idea of offering zero-cost solutions may seem attractive, but it hides pitfalls: the absence of charges could be detrimental to the quality and sustainability of the offer. Competition on costs must necessarily be balanced by criteria of suitability, diversification, and transparency in order to protect end investors. Another key aspect concerns the gradual nature of risk. Significant returns are achieved over time, which is why the structure of the instruments should provide for a minimum time horizon of at least five years, with progressive exposure to risk. ANASF also proposes considering forms of automatic investment, which can be activated when certain liquidity thresholds are exceeded in bank accounts, according to predefined criteria consistent with the investor's profile, transparent and with adequate mechanisms for entering/exiting investments, in line with citizens' needs. In this way, even the most cautious savers could be encouraged to participate. Finally, consideration should be given to the fiscal sustainability of the project. A reward system that takes into account not only official rates, of which an appropriate portion should be allocated to remunerate deposited liquidity, but also the ability of the instruments to generate value over time, could represent an effective compromise. However, it should be recognized that for the initiative to be successful, intermediaries must be willing to reduce part of their margins and the Treasury must initially accept a reduction in tax revenue, with a view to broader economic and social benefits in the medium to long term. A flexible model, introducing initial limits that would be relaxed over time, could allow for greater acceptance and facilitate the integration of the initiative's economic objectives with the fiscal objectives of Member States.
Read full responseResponse to Savings and Investments Union: Directive fostering EU market integration and efficient supervision
3 Jun 2025
ANASF welcomes the European Commission's initiative to develop rules that promote market integration and more efficient supervision. We believe that, in order to achieve this goal, it is essential to address the obstacles that still prevent a truly competitive and open capital market. The main obstacles faced by financial advisors are of a fiscal and legislative nature. Regulatory and fiscal fragmentation between Member States continues to complicate cross-border operations. For example, an Italian financial advisor wishing to operate for a Croatian client under the free services provision regime faces bureaucratic and regulatory difficulties that hinder the smooth provision of services. Furthermore, almost all of the financial products available (estimated at over 90%) are based on Luxembourg legislation, with no significant changes having been made over time to ensure greater uniformity at European level. Another critical issue is the concentration of capital and its intermediation in the hands of a few players, a phenomenon that can be positive in a global context but poses risks for the domestic market in terms of distribution, coverage, and fairness. We need to ask ourselves how to make European capital markets more efficient and competitive, even outside the European Union. In our view, the heart of the matter is tax treatment: uniform European rules and taxation would be a decisive step towards overcoming the current barriers. To this end, we propose to take action on PEPPs (Pan-European Personal Pension Products) as a pilot project. Good harmonized legislation could serve as a model and contribute to the spread of high-quality solutions across Europe, which could be followed by effective sectoral harmonization, considered a key element for a common solution. It is essential to ensure effective protection for small and medium-sized enterprises, avoiding systemic risks arising from excessive concentration of capital. Another crucial aspect concerns the mobility of European citizens. Currently, each country offers national financial products, without cross-border instruments that allow citizens to manage their savings freely. A financial advisor must check, for example, whether a client who moves to Frankfurt for work can still make payments into products already subscribed to in their country of origin without any formal or tax obstacles. Furthermore, the lack of a transferable pension system between countries is a significant obstacle, particularly under the existing treaties on the free movement of citizens (and workers) within the European Union. The existence of 27 different tax systems within the UE hinders the efficient and consistent management of savings and investments at European level. ANASF thanks the European Commission for identifying these issues, which financial advisors deal with on a daily basis. We fully agree with the analysis of the potential impact of the proposed measures, in particular the removal of obstacles for products that directly affect citizens' well-being, such as pension funds, and we are fully available to cooperate in any appropriate studies and/or further analysis.
Read full responseResponse to Revision of EU rules on sustainable finance disclosure
21 May 2025
The revision of the SFDR Regulation represents a crucial moment for the evolution of sustainable finance in Europe. Anasf the National Association of Financial Advisors in Italy has expressed proactive positions in the context of the European debate, highlighting both operational criticalities and areas for regulatory improvement. One of the key points of Anasf's position concerned the communicative effectiveness of the SFDR Regulation. In particular, the distinction between Article 8 and Article 9 products is not sufficiently clear for financial advisors or, above all, for end customers. According to data collected by the Association in a monthly survey of a panel of members, only 26% of financial advisors believe that the classification has actually influenced savers' ESG choices. This highlights a gap between the regulatory framework and the reality of distribution: the legal definitions and technicalities provided for in the regulation do not always translate into tools that are easily accessible to customers, creating confusion rather than transparency. Anasf has also always emphasized the growing responsibility of financial advisors in guiding clients through sustainable finance. The SFDR Regulation intersects with the suitability and sustainability assessments required by MiFID II, requiring an integrated and competent interpretation. In its contribution to the public consultation of the ESAs (European Supervisory Authorities), Anasf put forward a series of concrete proposals, including: - Clarity in the categorization of ESG products, avoiding ambiguity and divergent interpretations among market players; - Introduction of shared minimum standards for each product category; - Streamlining of documentation requirements to reduce the bureaucratic burden on intermediaries and focus disclosure on elements that are truly relevant to retail investors. The Association also called for greater convergence between regulatory language and that used in financial advice, so that ESG labels do not become mere formalities, but tools for informed choice. Anasf supports the approach that provides for uniform disclosure requirements for all products, regardless of their sustainability claims, and simple and unambiguous communication that includes, for example, the use of graphical indicators. Finally, Anasf points out that the revision of the SFDR cannot be limited to a technical update, but must be part of a broader plan for sustainable financial literacy. Hence the call for greater commitment from national and European institutions to build a widespread culture of sustainability, supported by authoritative, accessible, and transparent information.
Read full responseResponse to Savings and Investments Union
28 Feb 2025
It has become imperative to find effective ways of channelling the savings of European citizens towards investments in the real economy, in particular in FIAs and European innovative start-ups, thus avoiding capital flight to non-EU countries. We believe that tax leverage is the key to attracting investment to the EU, for example by providing specific tax deductibility for certain investments. In our opinion, this leverage should be common and integrated into already defined and regulated instruments, such as ELTIFs, which could be given catchy names. There is a need to focus on investment products that prioritise the financing of European companies, prompting issuers to create attractive savings products that can be distributed among investors, giving them the opportunity to earn a good return. Specific products could be developed for institutional investors and others for retail investors; for the latter, simple instruments with short to medium-term liquidity, even three years, could be envisaged. Cross-border pension funds could be encouraged to invest in start-ups, private equity and venture capital.
Read full responseResponse to Open finance framework
30 Oct 2023
We are basically satisfied with the proposal for a regulation presented by the Commission. However, we consider it appropriate to specify in the Regulation, in a clear manner, that is permissible the compensation for data retention by the data holders, and that it is not instead permissible to provide for a compensation for the sale of customer data by the data holder to an end-user: customers data are in fact the exclusive property of the customers and, in the event of their sale, it is the customers who should receive a fee. It is equally important that customers are free not to provide their authorisation to process data. In addition, it is also important that the obligations concerning the activity of data users within the European Union also apply to data users of European citizens data outside the European Union. We would like to point out that it is important that big data owners (such as Meta, Microsoft, Google) cannot register in the central electronic register defined in Article 15 of the proposed regulation, in order to avoid the creation of dominant positions, to protect savers. Finally, the decision to set up standards for the dashboard for data management seems to us to be a good solution, but we invite the Commission to also consider the provision of a single, centralised dashboard, which would ensure the maximum degree of usefulness and time savings for users (who would thus not have to manage several different interfaces).
Read full responseResponse to Retail Investment Package
28 Aug 2023
ANASF, Associazione nazionale consulenti finanziari, is the national association representing financial advisors authorised to offer investment services off the premises of financial intermediaries (consulenti finanziari abilitati allofferta fuori sede) registered in the official national register pursuant to Article 31 of the Consolidated Law on Finance (Legislative Decree no. 58/1998). ANASF would like to express a few considerations regarding the Retail Investment Strategy (RIS), especially with regard to the provision of the financial advice service. General considerations The European Commission, through the RIS, aims to assure that the legal framework for retail investments provides sufficient consumer protection, encourages better and fairer market outcomes and finally creates the necessary conditions to increase market participation of retail investors in the capital markets. These goals are fully endorsed by our Association. ANASF shares the will of the Commission to provide common rules for the financial and insurance sectors, in order to give European citizens the same protection, regardless of the type of investment. The Association has always stressed the need to establish maximum harmonisation between disciplines and is therefore satisfied with this important achievement. ANASF appreciates the choice of the Commission of not introducing the ban on inducements for the provision of the service of advice, which regards solely execution-only services. Financial advice, whose main characteristics are the personalization of the service and the relationship of trust that the financial advisor establishes and maintain with his/her clients, has proven to be essential to promote a sound financial planning and the subsequent making of informed choices. The Association believes that the legal framework concerning inducements, if correctly implemented (providing the due protection to the investor) encourages the provision of high-quality services to the client. Inducements allow the access to a wide range of financial products suitable for the client, in open architecture, the monitoring (at least, yearly) of persisting of suitability of the financial products in which the client has invested and the reception of high-quality services like advice for the optimal asset allocation. Inducements remunerate the activity of the financial advisor from the beginning of the relationship to the definition of the solutions, that are the essential derivative of the whole advice process. This process continues over time, as highlighted, with the monitoring of the continuous suitability of financial products that compose the clients portfolio. Financial advice is not functional only to the offer of the product, but also to a definition of investment solutions that differ for each client and life-cycle stages.
Read full responseResponse to Instant Payments
20 Dec 2022
Dear Commission, in accepting the invitation in the consultation paper on the Proposal for a regulation of the European Parliament and of the Council on amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro, ANASF - National Association of Financial Advisors intends to express the following remarks. There is general agreement with the proposal for a regulation aimed at coordinating the regulations existing to date, in particular by including rules on the procedure or instruments to be used by payment service providers PSPs in order to effectively meet their obligations arising from Union sanctions against persons, bodies or entities. Paragraph 2 of Article 5d provides that during the execution of an instant credit transfer, the payers PSP and the payees PSP involved in the execution of such transfer shall not verify whether the payer or the payee whose payment accounts are used for the execution of that instant credit transfer are listed persons or entities, since such verification takes place for each calendar day. It is considered that such verifications during the execution of an instant credit transfer, although not mandatory, are advisable for greater control over transactions, using the basic blockchain technology that allows for immediate checks. It is therefore suggested to include in the above-mentioned rule that such verification is advisable.
Read full responseResponse to Distance Marketing of Consumer Financial Services - Review of EU rules
4 Jul 2022
Dear Commission,
In responding to the invitation contained in the consultation document on the Proposal for a Directive of the European Parliament and of the Council amending Directive 2011/83/EU concerning financial services contracts concluded at a distance and repealing Directive 2002/65/EC, ANASF – Associazione Nazionale Consulenti Finanziari, representing over 12.000 Italian financial advisors, intends to express the following considerations.
The European Commission's doubt that there may be an excess of rules regulating the same areas of investor protection is comprehensible. We believe that the integration of Directive 2011/83/EU, which establishes guaranteed protections for the telematic consumer, through a maximum harmonization approach, can serve as a basic protection standard, to cover any areas left uncovered by other regulations, especially in consideration of the continuous evolution of the markets, also as a result of digitalization.
Directive 2011/83/EU could also be applied for new case studies that do not yet have specific legislation, for example in the case of gaming APPs on smartphones and tablets, with rotating advertisements about cryptocurrencies or online trading. Such advertisements are constructed to induce users to conclude minimal contracts through typical gambling methods and are therefore extremely risky. Basic protection for investors is therefore necessary.
Article 16b “Right of withdrawal from distance contracts for financial services” provides that right of withdrawal does not apply in the case of consumer financial services whose price depends on financial market fluctuations beyond the control of the trader, which may occur during the withdrawal period. The financial instruments mentioned in the article have detailed rules governing their distribution and protecting consumers, for example, monetary market instruments or units of undertakings for the collective investment in transferable securities.
Pending the definition of MICA Regulation, these instruments include crypto assets, which currently lack any kind of regulations to protect investors. Therefore, we believe that for crypto-assets there should be the possibility of withdrawal for investors, considering that currently there is no prior risk warning clearly indicating to investors the possibility of losing all the money invested or converted into crypto-assets.
Read full responseResponse to Retail Investment Package
31 May 2022
We agree that the problem of low financial literacy is relevant and that targeted financial education initiatives are needed, as is the education activity carried out by financial advisor to clients.
The PRIIP Regulation has improved the comprehension of investment products. An assessment of its effectiveness will only be possible when it will be effectively implemented.
As indicated in response to question 8.1 of the Consultation on the EU Strategy for Retail Investors, we believe that the inducement discipline, correctly applied with the due protection of the investor, encourages the provision of high quality services to the client. Inducements allow access to a wide range of financial instruments suitable for the client in open architecture, the assess, at least on an annual basis, of the continuing suitability of the financial instruments in which the client has invested and access to on-going service that is likely to be of value to the client such as advice about the suggested optimal asset allocation of the client. The imposition of the single advice model (on an independent basis) would have, as a first consequence, the disintegration of consolidated business models, with immediate damage to the entire market system. As an alternative best practice, we propose replacing inducements with an advisory commission, which would resolve possible conflict of interests and contain overall costs.
Esma has already established knowledge and competence standards in specific Guidelines that are widely applied.
As indicated in response to question 1.2 of the Consultation on the EU Strategy for Retail Investors, there are cases that are blocked by rigid regulations, for example, young people who do not have financial resources or experiences for whom financial instruments with a long-time horizon that are optimal for their life goals might be useful.
The European Commission has proposed a suitability assessment based on asset allocation and portfolio assessment; we agree with this proposal, which has already been widely implemented by financial advisors.
In response to questions 3.1, 3.7 and 3.9 of the Consultation on the EU Strategy for Retail Investors, we listed the risks associated with overconfidence in the use of artificial intelligence. The influence of social media is relevant because it is unsupervised, misleading and potentially risky due to the improper use of citizens’ data without the necessary safeguards. Effective and targeted regulation is needed.
The rules adopted in recent years have significantly improved protections for investors, especially for retail investors. The application of new regulations has revealed possible areas to improve, particularly in order to promote their better comprehensibility. We believe that it is not appropriate to make substantial changes at this stage because the new disciplines are recently implemented, but rather targeted initiatives to take into account technological innovation, the spread of social media and also to remedy the indiscriminate and to the present unchecked proliferation of cryptocurrencies that are affecting many citizens unaware of the risks.
Read full responseResponse to Alternative Investment Fund Managers – review of EU rules
23 Mar 2022
Dear Commission,
In responding to the invitation contained in the consultation document on the Proposal for a Directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds, ANASF – Associazione Nazionale Consulenti Finanziari, representing over 12.000 Italian financial advisors, intends to express the following considerations.
ANASF supports the Commission’s aim to fully capture the specific features of the management of direct lending activities by AIFs and to address potential micro-prudential and macro-prudential risks by improving the collection of relevant data and removing inefficient duplication of disclosures.
Although the Association agrees with the provision of specific safeguards for the management of lending activities by AIFs, it invites the Commission to avoid generalization by extending such safeguards to UCITS in the same measures, considering that UCITS are instrument addressed prevalently to the mass market and, if specific limitations were introduced, these limitations would translate into costs for managers, that would probably be reflected in the final client.
Read full response23 Mar 2022
Dear Commission,
in accepting the invitation referred to in the consultation paper on the Proposal for a Regulation of the European Parliament and of the Council establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability, ANASF – Associazione Nazionale Consulenti Finanziari, representing over 12.000 Italian financial advisors, intends to express the following considerations.
As indicated in its response to the consultation launched by the Commission in 2021, ANASF appreciates the legislator’s initiative to establish a European single data access point (ESAP) that will make it possible to find a variety of information on the activities and products of the various categories of entities required to provide such information by European legislation.
It is considered that the ESAP will contribute to integrating financial services and capital markets into a single market, by allocating capitals in more efficiently way across the EU. The possibility for unlisted entities, including small and medium-sized enterprises (SMEs), to provide information available on a voluntary basis, thus facilitating their access to capital, is also welcomed.
Lastly, we agree with the methods, identified by the Commission, for the collection, management and monitoring of data, as well as the provision that data should be free, expect where large volumes of data or frequently updated information are required, as highlighted by ANASF in its response to the 2021 consultation.
Read full responseResponse to Long Term Investment Funds – Review of EU rules
23 Mar 2022
Dear Commission,
in accepting the invitation referred to in the consultation paper on the proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 2015/760 as regards the scope of eligible assets and investments, the portfolio composition and diversification requirements, the borrowing of cash and other fund rules and as regards requirements pertaining to the authorisation, investment policies and operating conditions of European long-term investment funds, ANASF – Associazione Nazionale Consulenti Finanziari, representing over 12.000 Italian financial advisors, intends to express the following considerations.
We generally appreciate the legislative initiative to improve the attractiveness of ELTIFs as a benchmark fund structure for long-term investments, with the aim of ensuring that more investments are channelled to businesses in need of capital and to long-term investment projects, particularly during the recovery from the COVID-19 pandemic.
The review of the regulatory framework for ELTIFs aims to encourage the attractiveness of this type of funds also through the removal of certain limitation that have been in place until now, in particular the requirement for an initial investment of 10 000 EUR and the maximum aggregate threshold of 10 % for retail investors whose financial portfolios are less than 500 000 EUR. Even though we understand the purpose of this provision, we believe that a threshold should be provided for access to these instruments, with regard to the subscriber’s movable assets, of EUR 100,000, below which this type of investment should not be allowed or, in the alternative, a maximum threshold of 10% should be provided for in the case of the client’s movable assets <= to EUR 100,000, to protect retail investors with small portfolios.
In order to ensure the effective functioning of the secondary market trading mechanism for ELTIF shares or units introduced in Article 19, which allows ELTIF managers to provide for the possibility of an early exit of ELTIF investors before the end of its life cycle, we believe that in order to facilitate the liquidity of the fund units, market makers should be authorised to take on the task of ensuring, on an ongoing basis, the negotiability of the fund units. Today, in fact, the value of the share is attributed with a large periodicity (3/6/12 months) and with additional technical deference times for publication, the date on which the liquidation of the share could effectively be requested. This mismatch may result, without the institution of the market makers, in the application to the client of heavy reductions on the value of the share, which could reach up to 50% less than its value.
The newly proposed wording of Article 1(2) provides that investment strategies of ELTIFs can pursue a global investment mandate and no longer be confined to the European context. In our view, in this way there is the risk that the original mission of ELTIF will be distorted, which was to support the European real economy.
Read full responseResponse to EU Standard for Green Bond
3 Sept 2021
The proposal for a Regulation presented by the European Commission lays the foundations for a common framework of rules governing the bonds that follow environmental sustainability objectives in accordance with the provisions of Regulation (EU) 2019/2088 on taxonomy resolving, as pointed out by Anasf in the response to the Commission consultation last year, some of the problems that have negatively affected the EU green bond market so far: uncertainty about the eligibility of certain types of assets (physical and financial) lack of transparency and comparability, doubts about the quality of green bonds and the high risk of greenwashing.
The lack of common definitions of sustainable economic activities has created uncertainty as to which economic activities could be included in the field of green bonds. The Commission proposal now enhances transparency, creates clear standards and allows, in the Association’s view, to improve the ability of investors to identify green bonds, to facilitate their issuance, reducing at the same time the potential reputational risks for issuers resulting from potential greenwashing allegations, especially in transition areas.
Anasf also agrees with the types of reporting required by the Regulation and specified in detail in the annexes. The Association also welcomes the choice to align eligible green projects with the EU taxonomy, so as to consistently harmonise disciplines. Anasf also agrees with the obligation to publish a Green Bond Framework prior to issuance and an annual allocation report, as well as the obligation to publish an environmental impact report at least once before the final assignment.
Anasf considers that the standardisation/simplification of information activity, which the European Commission has drawn attention to in this legislative proposal, will enable all stakeholders, also those who operated on the market in the past and who will have to adapt to the new standards, to operate under the same conditions, with greater transparency and benefits for investors, distributors and issuers. Finally, Anasf suggests revising the provisions on the taxation of these instruments, providing for reduced taxes, or some specific exemptions (for example, exemption from capital gains). Such changes would lead to a considerable increase in new investments in green bonds.
Read full responseResponse to Consumer Credit Agreement – review of EU rules
30 Aug 2021
Anasf shares the possibility, identified in recital 43 and in Article 16 of the European Commission’s proposal for a Directive, to provide advice in the form of personalised recommendations in combination with the granting or intermediation of credit, provided that it is clear to the consumer what the advice service consists of, precisely because of the importance of this service in other areas. The Commission therefore agrees that Member States should be able to impose guarantees in cases where advice is described as independent, in order to ensure that the range of products covered and the remuneration arrangements are commensurate with consumers' expectations for such advice and in their best interest. It is essential that the consumer is provided with the necessary information about his financial situation, preferences and objectives in relation to the credit agreement or crowdfunding credit services, so as to recommend appropriate credit agreements or credit services to the consumer. In particular, the Association welcomes the Commission’s decision to provide that consumers who encounter difficulties in meeting their financial commitments may benefit from specialised aid to manage their debts through independent professional operators, before enforcement proceedings are brought against them. Anasf also agrees that Member States should take appropriate measures to promote responsible practices at all stages of the credit relationship, taking into account the specificities of the credit market, for example, by informing and educating consumers and also by warning about the risks of non-payment or over-indebtedness. Above all, it will be essential to encourage consumer education on responsible debt and debt management, particularly as regards consumer credit agreements. The Commission proposal to identify examples of best practices to facilitate the further development of measures to increase consumer financial awareness is also welcome. Finally, as is the case in other sectors, creditors, credit intermediaries and crowdfunding providers should require their staff to have and maintain an adequate level of knowledge and competence to offer and conclude credit agreements or credit services
Read full responseResponse to Revision of Non-Financial Reporting Directive
14 Jul 2021
The targets of the proposed legislative act are acceptable. In particular, we agree on the broadening of the scope of application of corporate sustainability disclosure to include all big companies and listed companies (except for SMEs), the assurance requirement of sustainability disclosure, the more detailed definition of the information that companies should disclose.
Nevertheless, we think that consistency of approach is necessary. In these last years we have seen a continuous proliferate of rules regarding sustainability reporting. The target at which we should aim is to streamline and ease, or the risk is that it would be impossible to implement new provisions. It is necessary to define and apply the rules already realized, in particular the Taxonomy regulation, and only after that proceeding with amendments and integrations.
With reference to article 1, that intervenes on Directive 2013/34/UE (Financial Statement Directive), we suggest a standard amendment of the european financial budget by inserting specific and explicit cost and revenue items that take into account the new ESG parameters provided by the ruler. In this way, even the introduction of a single standard certification for ESG parameters in the context of the european financial budget will be possible.
It's important that basic harmonized criteria - also applicable to SMEs - are defined, specifying more structured and detailed criteria for bigger companies.
According to us, it would be absolutely negative and the harbinger of the failure of this project not to make the basic laws perfectly harmonized with respect to the integration of ESG data into the financial budget, with different assessment of the law itself, in such a broad context like the european one. We think that the financial budget should be unambiguous in all Member States in order to carry out a reclassification of the various cost and revenue items automatically. It’s up to the Commission to lie down the junction lines, so as to say: the “equivalences” inside the European Union.
With reference to articles 2, that modifies Directive 2004/109/CE (Transparency Directive), and 3, that modifies Directive 2006/43/CE (Audit Directive), we propose, in order to achieve the maximum possible transparency, a definitive distinction of the roles inside the reporting process and the subsequent certification process. According to Anasf, it is necessary to create a marked separation between analysts, statutory auditors and subjects providing assurance certification for what concerns ESG framework compliance. Taking a cue from the Data Protection Officer (DPO) set out by the Regulation n°2016/679 (GDPR), a third subject, that performs auditing and ESG accreditation with unambiguous criteria, is needed. The key principle is that of ‘impartiality’: who carry out this function must be a third party, whose function do not overlap with other functions in order to avoid a harmful mixing of roles.
Read full responseResponse to Directive/regulation establishing a European framework for markets in crypto assets
11 Jan 2021
Dear Commission,
in accepting the invitation referred to in the consultation paper on the Proposal for a regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937, ANASF - National Association of Financial Advisors intends to express the following remarks.
The legislative initiative aimed at clarifying the applicability of EU financial regulation to crypto assets, promoting innovation and competition while maintaining a high level of investor protection, as well as market integrity, is generally welcomed.
The provision of token ownership rights on crypto-assets held by customers is a significant evolution that will allow real protection of customers through adequate controls by the Supervisory Authorities, hitherto difficult to achieve.
The Association agrees with the choice of the legislator to establish specific authorizations for each token issuer, as well as the provision that consumers are informed, before purchasing, about the characteristics and risks of the crypto-assets they intend to purchase, i.e. through the obligation for issuers, prior to the listing of a crypto-asset on their trading platform, to publish a 'White Paper’.
The Regulation, in order to avoid the creation of administrative burdens, exempts small and medium-sized enterprises (SMEs) from the publication of the white paper if the total consideration of the crypto-asset offer is less than 1.000.000 EUR over a period of 12 months. While understanding the reasons, ANASF believes it is necessary to inform customers with a clear disclaimer of the greater risk they face in the absence of a white paper, due to the lack of information. The Association also considers that this disclaimer should be replaced, within a period of 18 months, by the White Paper provided by the Regulation in order to harmonise the market, ensuring the same conditions to all stakeholders.
With regard to the consultation on crypto assets, ANASF agrees with the provision included in paragraph 5 of art. 73 and in recital 63 which states that in order to ensure consumer protection, service providers for crypto-businesses providing advice, at the request of third parties or on their own initiative, must carry out a preliminary assessment of experiences, knowledge, objectives and their customers' ability to bear losses.
The Regulation also establishes that if customers do not provide the requested information, or if the service providers for crypto-assets believe, on the basis of the information received, that the customers do not have sufficient knowledge, the service providers shall inform these customers that crypto-assets or services for crypto-assets may not be suitable for them and give them a warning about the risks associated. In particular, ANASF appreciates the warning on risks which must clearly indicate the possibility of losing all the money invested or converted into crypto-assets.
Article 123 paragraph 1 provides that various provisions, including the drafting of the White Paper, marketing communications or the right of withdrawal do not apply to crypto-assets, other than tokens linked to activities and electronic money tokens, offers to the public in the Union or admitted to trading on a crypto-asset trading platform before the date of entry into application of the Regulation.
ANASF, considering the relevance of these provisions, believes that a transitional period should be provided, in place of the exemption, to allow crypto assets to become compliant with the Regulation, in order to ensure precise and complete disclosure to investors.
The digitalization of processes allows a significant decompression of the burdens of operators, but also of the supervisory and control authorities. It is therefore considered that the Commission should evaluate the simplification of the control procedures by the supervisory authorities.
ANASF
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