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Italian Banking, Insurance and Finance Federation

FeBAF

FEBAF is a non-profit organisation and promotes the role of the banking, insurance and financial industry in line with the general interests of Italy and Europe.

Lobbying Activity

Response to Retail Investment Package

31 May 2022

As the Italian Banking, Insurance and Finance Federation (FeBAF), we agree with the importance of adopting measures to increase retail investor participation in capital markets. In view of increasing retail investor participation in capital markets, this we believe that the main regulatory options should aim at: • ensuring more coordination between the different pieces of EU legislation (MiFID II, PRIIPs, IDD) and removing any redundancies on information which make less effective the disclosure provided to retail clients; • reviewing the current criteria for client categorization, which are too strict and often difficult to be satisfied, with the consequence that several undertakings and individuals who are really large-sized/wealthy and well experienced investors are not able to access investment products that are restricted to professional clients. We agree with the importance to provide for an evidence-based assessment of current retail investor protection rules, in particular certain rules contained under MiFID II, PRIIPs and the IDD. Such evidence-based assessment should be disclosed in order to allow all stakeholders to properly contribute to identify the more effective and proportionate approach. We believe that radical changes should in any case be avoided as they require an adequate time to be applied and could not fit with the characteristics of each national market. With the attached reply to your Consultation on evaluation of impact, we currently would like to express possible changes which aim at increasing retail investor participation, while at the same time maintaining the current different service models to safeguard the huge investments made by intermediaries in order to adopt different approaches in providing investment services and freedom of choice for investors.
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Response to Long Term Investment Funds – Review of EU rules

25 Mar 2022

Le modifiche inserite nella proposta di revisione del Regolamento ELTIF presentata dalla Commissione europea il 25 novembre 2021 vanno, nel complesso, nella giusta direzione. Esse sono, infatti, volte a migliorare l’attrattività degli ELTIF rendendoli, da un lato, più flessibili in termini di politica d’investimento e politiche di rimborso, con l’ampliamento delle attività d’investimento e delle imprese di portafoglio ammissibili, nonché l’allentamento di alcune regole in tema di composizione, diversificazione e concentrazione del portafoglio, e contemporaneamente dall’altro li rende più accessibili da parte degli investitori retail “in un ambiente comunque protetto”. Nell'allegato si propongono ulteriori modifiche e chiarimenti con riferimento a: • l’operatività del Fondo dei Fondi ELTIF (art.13, p. 3 e art.17); • il perimetro di attività di investimento ammissibili (art.10), con riferimento anche alle specifiche in tema di attività reali; • gli obblighi aggiuntivi in materia di commercializzazione di ELTIF agli investitori al dettaglio (art. 30); • semplificazione dell’informativa nei confronti degli investitori retail (art. 23);i versamenti relativi alle quote/azioni sottoscritte dagli investitori; • limiti di composizione e diversificazione del portafoglio (art.13) e per l’assunzione in prestito di liquidità (art.16); • il conflitto di interesse (art.12); • la liquidazione delle attività dell'ELTIF (art.21).
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Meeting with Florian Denis (Cabinet of Commissioner Mairead Mcguinness), Nicolo Brignoli (Cabinet of Commissioner Mairead Mcguinness) and

12 Jan 2022 · Retail Investments Strategy

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis)

12 Feb 2020 · SUSTAINABLE FINANCE, DIGITAL FINANCE, Capital markets union

Meeting with Emma Udwin (Cabinet of Vice-President Johannes Hahn)

8 Nov 2017 · Co operation with Tunisia and other countries of North Africa

Meeting with Markus Schulte (Cabinet of Vice-President Günther Oettinger)

9 Jun 2017 · Capital Markets Union

Meeting with Juho Romakkaniemi (Cabinet of Vice-President Jyrki Katainen)

17 Nov 2016 · Banking Regulation