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28 February 2018
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Financial, Stock Exchange, Financial Markets, the cost of the Mutual Funds in Italy, Time evolution and international comparison

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New discipline introduced by MiFID2 The work analyzes the structure and the evolution of the cost of Italian open-end mutual funds in the period 2012-2016. As a preliminary point, the work shows that a very high share of the costs goes to remunerate the distribution activity. In particular, around 70% of the commissions paid to asset management companies are absorbed by distribution costs. It is likely that the new regulation introduced by MiFID2, which contains more restrictive provisions regarding incentives, may lead to a revision of the current distribution and commission models. The study then analyzes in detail the costs of the funds, distinguishing between...

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27 February 2018
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Banking and Financial, Bank of Italy and Consob, signed integration with the Memorandum of Understanding on the Intermediary Regulation on the management of conflicts of interest that are potentially detrimental to customers

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The Bank of Italy and Consob have signed an addition to the Memorandum of Understanding adopted pursuant to art. 5, paragraph 5-bis, of Legislative Decree 58/1998 (TUF). The integration enabled the Bank of Italy to issue the CONSOB agreement on the intermediary regulation issued by the latter; the agreement concerns the relevant aspects concerning the "management of conflicts of interest that are potentially detrimental to customers, including those deriving from remuneration and incentive systems". February 16, 2018 Source Bank of Italy Prot_Cnsb_BI_20180215...

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26 February 2018
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Environment, Renewable Energy and Energy Efficiency, Companies, New Growth Opportunities, Memorandum of Understanding between the Italian Ministry of the Environment and the Ministry of Energy and Public Services of the Republic of Mauritius

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Signed in Port Louis a Memorandum of Understanding between the Italian Ministry for the Environment and Protection of the Italian Territory and the Ministry of Energy and Public Services of the Republic of Mauritius for cooperation in the field of renewable energy, of energy efficiency and the fight against climate change. They signed the Memorandum of Understanding, the General Manager Francesco La Camera, for Italy, and the Senior Chief Executive Nirmaladevi Nababsing, for Mauritius. The strong exposure and vulnerability to climate change makes the Small Islands in Development a strategic priority for the Ministry of the Environment. To date, in fact, almost 50...

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26 February 2018
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Environment, Companies, New growth opportunities, LIFE Program, EU funding dedicated exclusively to the environment, nature conservation and climate action

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Implementing Decision (EU) 2018/210 of 12 February 2018 With the Implementing Decision (EU) 2018/210 of 12 February 2018, the LIFE Multi-Year Work Program for the period 2018-2020 (MAWP 2018-2010) was adopted, taking into account recent updates in EU policy, such as the "circular economy action plan" and the "action plan for nature, citizens and the economy". The document specifies how, over the next three years, the LIFE program - the only EU funding instrument dedicated exclusively to the environment, nature conservation and climate action - will guide applicants towards strategic priorities of the EU, will divide its overall budget (amounting to EUR...

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24 February 2018
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Companies, Smart & Start Italy, innovative start-ups throughout Italy, facilitations aimed at supporting birth and development, Ministerial circular 14 February 2018, n. 102159 Mise

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Modifications and additions The circular introduces some changes and additions to the ministerial circular December 10, 2014, n. 68032 laying down the criteria and methods for granting subsidies aimed at supporting the creation and development of innovative start-ups throughout Italy. The press release relating to the circular was published in the Official Gazette no. 42 of 20 February 2018. Source Ministry of Economic Development   Circolare-14-02-2018-n-102159 Mise Testo-aggiornato-Circolare-10-dicembre-2014-n68032...

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19 February 2018
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Companies, National Business Plan 4.0, 2017 Results and Actions for 2018

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Minister Carlo Calenda in Turin presented the results for 2017 and the actions for 2018 of the National Business Plan 4.0 He opened the proceedings, moderated by Andrea Cabrini (CNBC Class), the Minister of Economy and Finance, Pier Carlo Padoan. The President of the Council of Ministers, Paolo Gentiloni, closed the meeting. The presentation took place at the Officine Grandi Riparazioni (OGR), the new hub dedicated to creativity, innovation and business acceleration. One year after the introduction of Business Plan 4.0, I share the budget with you. Here are some data from the monitoring analysis that you can find on the website of the Ministry...

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17 February 2018
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Financial, Stock Exchange, Corporate governance of Italian listed companies

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Evidence regarding ownership structures, corporate bodies, meetings and transactions with related parties. The 2017 Report also analyzes the issues of transparency on non-financial information in Italy and board diversity in the main European countries. Consob report on corporate governance of Italian listed companies for 2017 The corporate governance of Italian listed companies Control models and ownership structures The evidence relating to the 230 companies listed on the MTA at the end of 2016 confirm the net prevalence of issuers (around 7 cases out of 10) in whose shareholders there is a reference shareholder (of absolute majority or relative capital). Among the non-controlled companies, there was...

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