Name
Global FinTech Guide
Country Name
Italy
SectionTitle
RegTech and compliance management
Body
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.

Introduction

Attitude of the country towards RegTech-services

Italian regulators have not specifically focused on RegTech issues yet, but it is likely that due to the high degree of regulatory activity in Italy, the attention to such kind of services will increase in the very next future.

Legal affairs  

Obligations and requirements to provide RegTech-services

Unlike other countries (such as the United Kingdom or Canada), RegTech services are not specifically regulated under Italian law. Therefore, no license is required to provide RegTech services in Italy unless a regulated activity is concerned.

Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area

CONSOB pays the highest attention to and constantly monitor the evolution of the market and foster the research of technological solutions consistently with financial stability and consumer protection. 

In this context, CONSOB set up a specific work stream under the FinTech Steering Committee aimed at monitoring RegTech, according to CONSOB’s 2018 Annual Report. However, as it will be further explained below, the RegTech market in Italy is at its early stages even though it is developing at a fast pace.

Economic conditions

Market size for RegTech-services and biggest companies in this business area

Also due to several newly issued regulations implementing EU rules (such as the Insurance Distribution Directive or the PSD2), the local RegTech sector has seen a remarkable increase in terms of new entrants recently.

There are 15 established providers of RegTech services that operate mainly in the following sectors: trading platforms, personal data and ID management; document management; tax advice; regulatory and compliance software development.

Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area

N/A.

Authors

Disclaimer

© 2022, JENNY.Avvocati; Portolano Cavallo. All rights reserved by JENNY.Avvocati; Portolano Cavallo as author and the owner of the copyright in this chapter. JENNY.Avvocati; Portolano Cavallo has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Close

Choose country