Insights
Articles and analysis
Focused commentary on regulation, supervisory practice and market transactions across fintech, banking, M&A and tech.
AI Act: what changes from 2 August 2026 and how to prepare
Regulation (EU) 2024/1689 is in force, but applies its obligations in stages. From 2 August 2026, transparency, measures for innovation, and enforcement will apply. What is certain, what remains in motion with the Digital Omnibus, and the operational priorities for businesses and administrations.
DLT Pilot Regime Heads for Reform: What's Changing for Intermediaries and Businesses
After three years of limited adoption, the EU pilot regime for DLT-based market infrastructures (Regulation (EU) 2022/858) is heading for reform. The Commission's proposal of 4 December 2025 (MISP package) expands its scope and thresholds and makes the regime permanent. Analysis of the impacts for intermediaries and businesses.
Copyright and artificial intelligence before the CJEU: Case C-250/25 (Like Company v. Google)
The Court of Justice of the EU is called for the first time to rule on the application of copyright to the training and operation of generative AI models, in Case C-250/25 (Like Company v. Google Ireland). Analysis of the four questions for a preliminary ruling and the operational implications for data sourcing, licensing, and M&A due diligence, in light of Law 132/2025 and the AI Act.
ESMA: Weaknesses in Compliance and Internal Audit for Fund Managers (CSA 2025)
ESMA publishes the results of the 2025 Common Supervisory Action: general compliance with AIFMD and UCITS, but weaknesses in independence, governance, and internal policies require corrective actions.
The ECB's monetary policy decisions in 2026: implications for the fintech and digital assets sector
The ECB continues to calibrate its monetary policy instruments in response to the macroeconomic dynamics of 2026. Analysis of recent decisions and their impact on the innovative financial services sector: from interest rates to stablecoins, from the MiCA framework to the digital euro, and ESG sustainability strategies.
Quantum Bill and the financial sector: why banks and fintechs must act today
While the Italian bill on quantum technologies and the EU Quantum Act remain industrial policy initiatives, most cryptographic security obligations for banks and fintechs are already in force under DORA. An operational reading for CFOs and Compliance officers.
NFT and Artworks: the MiCA and AML Regulatory Framework
Digital tokens linked to artworks: when MiCA is triggered, when anti-money-laundering rules apply, and which obligations fall on Italian platforms and intermediaries.
MiCAR and Islamic Finance: Compatibility and Critical Issues
The MiCA regulation and Sharia principles present unexpected overlaps but also structural tensions. A concrete analysis for operators and compliance officers.
Targeted Financial Sanctions: Managing De-listing from UN Lists
A recent de-listing from the UN sanctions lists provides an opportunity to analyze the operational obligations of intermediaries, which extend beyond simple asset freezing and require dynamic and precise list management.
MiCAR and DeFi: Where the Protocol Ends and the Service Begins
MiCAR does not regulate DeFi as a whole: fully decentralized services remain outside its scope, but front-ends, aggregators, advanced wallets, and lending platforms may qualify as CASPs. An operational guide to distinguish between protocol, access layer, and service.
Cyber Resilience Act: le scadenze del 2026 e del 2027
The Regulation on products with digital elements has been in force since 10 December 2024: reporting obligations apply from 11 September 2026, and the main obligations apply from 11 December 2027.