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ESMA Final Report to the European Commission on the pre- and post-trade transparency regime for non-equity instruments International Bulletin, November 2020.
Article 52(1) of MiFIR requires ESMA to submit a report to the European Commission (EC) on waivers of the pre- and post-trade transparency (publication) obligation for orders and transactions in non-equity financial instruments as referred to in sections 2 to 5 of Article 9 of MiFIR, among other matters, to be presented to the co-legislators…
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European Commission consultation on a new digital finance strategy for Europe / FinTech action plan. International Bulletin of June 2020.
On 3 April, the European Commission published a consultation on its new digital finance strategy. The aim of the consultation is to hear the views of a wide range of stakeholders, in particular: the Member States, national competent authorities (NCA), the European Supervisory Authorities, the European Central Bank, the EU financial industry (incumbent financial institutions,…
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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 is open until 18 May. The consultation document contains three sections. The first…
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Equity market development in Latin America. International Bulletin of June 2020.
The OECD has published a document called “Equity market development in Latin America: Enhancing Access to Corporate Finance”, in which it provides an overview of the problems and particular situation of the equity markets in six Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico and Peru). The report includes recommendations to support development of equity…
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Global stablecoin initiatives. International Bulletin of June 2020.
In mid-2019, the Board of the International Organization of Securities Commissions (IOSCO) agreed to set up a specific working group within its FinTech Network to consider and evaluate global “stablecoin” proposals, which are referred to either as “stable crypto-assets” or by its English term “stablecoins”, such as the well-known Libra project. This working group drafted…
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ESMA’s Technical Advice to the Commission on the impact of the inducements and costs and charges disclosure requirements under MiFID II. International Bulletin of June 2020.
On 31 March, the European Securities and Markets Authority (ESMA) published a report containing a series of proposals addressed to the European Commission aimed at improving the inducements and costs and charges disclosure requirements under MiFID II. This report includes an analysis of the information collected through a consultation carried out in July 2019 in…
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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…
