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    EC Prolongs Liquidation Scheme for Italian Banks; ESMA Updates Q&A

    January 28, 2022

    The European Securities and Markets Authority (ESMA) updated the Questions and Answers (Q&A) on several regulations, including the Benchmarks Regulation, the European crowdfunding service providers for business Regulation, and data reporting under Securities Financing Transactions Regulation. Additionally, under the European Union State Aid rules, the European Commission (EC) extended the Italian orderly liquidation scheme for small banks (other than cooperatives) with total assets of less than EUR 5 billion from November 2021 to November 20, 2022. The scheme was initially approved in November 2020 for a one-year period.

    The orderly liquidation scheme facilitates the work of the Italian authorities when the competent national authorities have found an eligible bank to be failing, have concluded that the resolution of the bank was not in the public interest, and consequently put the bank into compulsory administrative liquidation. The scheme enables the Italian State to support the sale of assets and liabilities of a failed bank to another bank. Under the scheme, the buyer will be selected on the basis of a competitive bidding process and should viably integrate the acquired activities within one year. The shareholders and subordinated creditors of the failed banks will have to contribute to cover the losses, thus helping to minimize the need for aid. Given the ongoing exceptional circumstances linked to the coronavirus outbreak, EC has approved the prolongation of the scheme under European Union State Aid rules.

     

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    Keywords: Europe, EU, Italy, Banking, Securities, Benchmark Reforms, Q&A, SFTR, Crowdfunding Service Providers, State Aid Rules, Liquidation Regime, Resolution Framework, Small Banks, Covid 19, Lending, ESMA, EC, ECSPR

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