Relations with national, Eu and international institutions and advocacy actions
Through the International and Regulatory Affairs Department, Intesa Sanpaolo develops and manages the relationships with local, European and international stakeholders, institutions, regulators and supervisors, with the aim to support, on the one hand, the Group, its partners and customers on their sustainable development path and to participate, on the other hand, in the debate on the regulatory proposals, ensuring awareness and updates on regulations evolution and relevant consultation processes as well as the timely implementation of the corrective measures required by the supervisory authorities.
At national level During 2015 the Department has carefully monitored the definition of the measures related to the economic growth support (with a particular focus on those instruments incentivizing access to credit facilities), enhancement of R&D investments, the completion of the liberalization process of economic activities and the strengthening of the international dimension of the business environment. In this perspective, it has coordinated at Group level the Start City project work, the analytical study on Italian metropolitan cities promoted by the National Association of Italian Municipalities (ANCI) and carried out by The European House-Ambrosetti with the support of Intesa Sanpaolo as a strategic partner. Read more
At European level During 2015, the Department on the one hand followed initiatives to support innovation and growth, in line with the European Union plans and targets, while on the other hand promoted advocacy towards regulators in order to actively participate in the process of redefinition of the regulations in the banking and financial sectors and support retail customers, with the aim of contributing to the recovery of real economy.
In particular, opportunities arising for the Group from the European Fund for Strategic Investments (EFSI) have been evaluated. The Fund has been launched at the European level to promote strategic investments in infrastructure and to support innovative SMEs. On this issue internal working groups have been organised as well as a training event for the International Subsidiary Banks Division aimed at showcasing the features of this instrument and explore the possibilities of business for the Group's subsidiaries.
There is a constant participation in internal and external working groups on issues such as cyber security and the development of innovative digital solutions in order to promote the Group's position in Europe and update business structures on the challenges and emerging opportunities in these sectors, with the aim to improve customer satisfaction and to help ensuring the maximum protection of the Bank and its customers.
In terms of banking regulation and prudential requirements, the Department has followed the legislative activities related to capital requirements regulation, management of banking crises, Banking Union, structural separation of banks, reduction of systemic risks. In addition, it cooperated with other Bank’s departments in drafting the Restructuring Plan required by the Directive on the management of banking crises, and coordinated internal working groups aimed at deepening the requirements of the Directive in order to apply it to the Group.
With regard to the financial markets DIRA monitored, among others:
market abuse regulation,
the Capital Markets Union (CMU) project, in particular on issues relating to Cover Bonds and Securitization Market
the evolution of the Second Level legislation for MiFID II (Regulation on the transparency of financial transactions in transferable securities) and EMIR (European Market Infrastructure Regulation)
The Group functions concerned in these matters are constantly updated through periodic newsletters about European policies for growth, innovation, business support, policies on the digital market and measures relating to banking and financial market regulations. Targeted updates (so-called EU Regulatory Alerts) are also sent, upon the occurrence of significant new regulations that require the attention of the departments involved for their impact on the Group strategy and activities as well as, depending on the priority indicated, necessitate the definition of a Group position to share with the European institutions and other stakeholders.
In order to make more effective the activity of the internal working groups, training and support are provided to Group’s departments, in particular through seminars aimed not only at presenting the peculiarities of the European legislative process and the Group’s possibility to influence final decisions, but also at illustrating the status and details of the relevant current and future regulatory dossier.
Since the launch of the SSM (Single Supervisory Mechanism) at the end of 2014, the Department has been keeping and fostering an ongoing relationship with the single European supervisor, coordinating the Group's annual plan of supervision, aiming at ensuring consistency in the processes of interaction with the supervisor and promoting a widespread culture of "supervisory awareness", to further strengthen the response capacity to the supervisor’s requests.
At International level The Department oversees and manages relations with international institutions and organizations promoting the debate in the interest of the Group and its stakeholders and with the broader objective of supporting the growth and stability of the Country’s financial and productive sectors. In this perspective, advocacy activities on the international regulatory framework are particularly relevant as well as the monitoring of the main economic and geopolitical events and the effective support to the SMEs and large companies’ internationalization process.
Among the most significant international initiatives supported by Intesa Sanpaolo it is worth mentioning "2015 ROME - MED Mediterranean Dialogues - Beyond Turmoil, a Positive Agenda", event organized by the Ministry of Foreign Affairs and International Cooperation and ISPI under the high patronage of the Presidency of the Italian Republic. Key focus of the discussion between the international institutions was the debate on the Mediterranean area, to be considered as a reference point and meeting place for cultural exchanges and trade. In the debate on the necessity to ensure sustainable development in the region, the emphasis was placed on the attention to young people, and on the need to propitiate a growth not only in the economic field, but also in the ability to provide education, training and social cohesion. The need to rethink migration policy beyond the humanitarian crisis and the project to nurture a growth that necessarily include security and development were the most commonly shared points, taken as program objectives.
In order to ensure reliability and security to customers and stakeholders, as well as to maintain its international credibility, Intesa Sanpaolo followed the developments that, in the short and long term, have led and will lead to changes in the international geopolitical balance, in reference to the application, suspension or abolition of the so-called trade sanctions. A thorough understanding of the international scene, through a constantly updated dialogue with representatives of institutions and authorities in the countries of interest for the Group, offers the chance to look at a less uncertain horizon and to timely identify potential risks as well as new opportunities .
Furthermore, Intesa Sanpaolo contributed to the Amcham Report, "Sustainable Technologies, an opportunity to boost growth and employment" presented in Milan in October 2015. Read more