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MiFID II / MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares. International Bulletin of June 2020.
ESMA has published a consultation document on the transparency regime for equity and equity-like instruments in compliance with the mandate under Article 52(1) to (3) of MiFIR, which requires ESMA to submit a report to the European Parliament and to the Council on the impact in practice of the transparency obligations established pursuant to Articles…
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European Commission Consultation on its Renewed Sustainable Finance Strategy. International Bulletin of June 2020.
Introduction and background On 8 April 2020, the European Commission (EC) published a consultation document on its Renewed Sustainable Finance Strategy. This strategy is part of the new European Green Deal published by the EC in a communication in December 2019, which aims to reinforce the EU’s climate and environment policy to reach climate-neutrality by…
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The review of the European Securities and Markets Authority (ESMA) in Regulation (EU) 2019/2175. International Bulletin of February 2020.
The review of the European Supervisory Authorities (ESAs) is contained in Regulation 2019/2175, called the omnibus Regulation, because it amends not one but several Regulations, including Regulation 1095/2010 creating the European Securities and Markets Authority (ESMA), Regulation 600/2014 regarding the markets of financial instruments (MiFIR) and Regulation 2016/1011 on the indices used as a benchmark…
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ESMA publishes a Report on undue short-term pressure on corporations. International Bulletin of February 2020.
On 19 December, the European Securities and Markets Authority (ESMA) published a report on undue short-term pressure on corporations. The report responds to a request from the European Commission (the Commission) to the European Supervisory Authorities for each of them, within their area of competence, to investigate the possible sources of this type of pressure…
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Report on the development in prices for pre- and post-trade data and consolidated tape providers. International Bulletin of February 2020.
On 5 December 2019, the European Securities and Markets Authority (ESMA) published a Report on price developments of the pre- and post-trade transparency data from trading venues — regulated markets, multilateral trading systems and organised trading facilities — approved publication arrangements and consolidated tape providers, in which it assesses the impact of the relevant provisions…
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Council Conclusions on the Deepening of the Capital Markets Union. International Bulletin of February 2020.
On 5 December 2019, the Council adopted conclusions on the deepening of the Capital Markets Union (CMU). The CMU is an European Union (EU) initiative which, implemented through an Action Plan launched by the European Commission in 2015 and subject to several subsequent revisions, aims to achieve a greater degree of financial integration, facilitate access…
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Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. International Bulletin of February 2020.
Introduction: Last December, Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector was published in the Official Journal of the European Union (Disclosure Regulation) in response to one of the items included in the European Commission’s Action Plan to finance sustainable economic development . This Action Plan was created to comply with the…
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Legislative initiative of the European Commission on sustainable corporate governance: public consultation. International Bulletin, February 2020.
The EU’s goal of becoming the first emission-neutral continent by 2050, as well as meeting the sustainability goals of the 2030 Agenda and the European Green Deal, have led the Eurpean Commission (EC) to consider the integration of sustainability into the legislative framework that regulates corporate governance. The reason is that many companies still persist…
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International Monetary Fund discussion note on a Capital Market Union for Europe. October 2019.
The IMF (International Monetary Fund) has published a discussion note on a Capital Markets Union (CMU) in Europe. This document, based on an analysis of the situation in Europe and the quantification of some of the costs of the fragmentation of capital markets as well as on the results of a survey among supervisors, market…
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European Central Bank initiative to promote a new mechanism for issuing and distributing debt securities (EDDI) in the European Union. October 2019.
The European Central Bank (ECB) is studying the possibility of developing a new system for the issuance and distribution of debt securities in euros (EDDI, or European Distribution of Debt Instruments) in the European Union, which would be part of the Eurosystem. To this end, the ECB held a public consultation in May 2019 to…
