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ESMA’s response to the European Commission’s public consultation on the review of macroprudential regulatory policies for non-banking financial intermediation
February 2025 On 22 May 2024 the European Commission (EC) launched a targeted public consultation on the adequacy of macroprudential policies for Non-Bank Financial Intermediation (NBFI), as a response to the different events in recent years related to financial stability. ESMA responded to the consultation in November 2024 highlighting the need to implement a macroprudential…
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European Commission targeted consultation on the functioning of the European Union securitization framework
February 2025 The Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) of the European Commission (EC) published a consultation in October 2024, asking for stakeholders´ views regarding the adequacy of the securitization framework currently in place in the European Union (EU). The framework for the European securitisation market was established in…
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Call for evidence on the review of the Commission Directive on UCITS Eligible Assets
February 2025 Between 7 May and 7 August 2024, the European Securities and Markets Authority (ESMA) collected data from stakeholders in order to answer to the European Commission’s technical advice request to assess the implementation of the Commission Directive 2007/16/EC on Eligible Assets related to Undertakings for Collective Investment in Transferable Securities (EAD Directive). Its…
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ESMA Consultation Paper on Active Account Requirement under EMIR 3
February 2025 On 20 November 2024, ESMA published a public consultation on Active Account Requirement (AAR) set out in the new Regulation known as EMIR 3¹, which includes a proposal with the appropriate regulatory technical standards (RTS) detailing operational conditions, representativeness obligation and reporting requirements of said obligation. With the said initiative, ESMA aims to gather…
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IOSCO’s Final Report on Transition Plans
February 2025 Transition plans represent a key element of information related to climate change, as they structure the strategic plans and risk management processes proposed by an entity to address the risks, opportunities and potential changes associated with the transition to a lower carbon economy. Entities increasingly consider such plans necessary to ensure appropriate access…
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IOSCO Consultation Report on Finfluencers
February 2025 The use of social networks to share any type of content, especially among the younger population, is an increasingly common practice. The so-called “finfluencers” are individuals who present themselves as experts who share personal experiences, market analysis and investment advice in an engaging and accessible way. Their growing influence is changing the way…
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European Commission public consultation on the review of the MiFID II/MiFIR regulatory framework. International Bulletin of June 2020.
On 17 February, the European Commission published a consultation to obtain the views of stakeholders on certain aspects of the legal regime for financial markets instruments regulated by MiFID II1/MiFIR2 and, where appropriate, propose any review that is deemed appropriate. The consultation was open until 18 May. The consultation document contains three sections. The first…
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Final report published by the Financial Conduct Authority on its asset management market study
On 28 June, the Financial Conduct Authority (FCA) published the results of its asset management market study and announced a set of remedies to improve competition and to address the concerns identified. The UK’s asset management industry is the second largest in the world, managing around £6.9 trillion of assets. Over £1 trillion is managed…
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The new Prospectus Regulation and its implementing measures
Prospectuses are documents that set out information about an issuer and the securities they intend to issue or wish to have admitted for trading on a regulated market. Prospectuses are mandatory in this latter case and when making a public offering. The prospectus should give investors the information they need to make an informed decision…
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European Commisssion Communication on the Capital Markets Union Mid-term review
In September 2015, the European Commission launched its Capital Markets Union (CMU) Action Plan to boost jobs and growth in the EU. Two years on, in January, the Commission held its scheduled public consultation based on the mid-term review of the Plan. The consultation closed on 17 March having garnered 178 responses. It had three…
