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Liquidity in corporate bond markets in market stress situations. October 2019.
The International Organization of Securities Commissions (IOSCO) in June 2019 published the final report that analyses corporate bond market liquidity in market stress situations. The report is structured into eight chapters. The first chapter is an introduction in which it is outlined that in order to analyse stress situations in corporate bond markets, further analysis…
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Sustainable Finance: The European Commission publishes Guidelines to disclose non-financial information related to climate and presents three reports from the Technical Expert Group on taxonomy, green bonds standards and benchmarks. October 2019.
Background: European Commission Action Plan On 18 June 2019, the European Commission published Guidelines to disclose non-financial climate information and submitted three reports from the Technical Expert Group, two of them on legislative proposals regarding taxonomy and benchmarks and a third on green bonds standards. These Guidelines and reports are framed within the Commission’s Action…
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ESMA consults on its proposal for Guidelines on performance fees in UCITS. October 2019.
On 16 July, the European Securities and Markets Authority (ESMA) published a consultation on its proposal for Guidelines on performance fees (management fee or success fee) for undertakings for collective investment in transferable securities (UCITS or funds). At the beginning of 2018, ESMA carried out a mapping exercise to analyse the practices in relation to…
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European Securities and Markets Authority: 2020 Annual Work Programme. October 2019.
The mission of the European Securities and Markets Authority (ESMA) is to improve investor protection and promote stable and orderly financial markets. In order to achieve this, this Authority publishes an Annual Work Programme which details the activity that it plans to carry out during the coming year to meet the three objectives entrusted…
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Comunication by the European Commission on equivalence in the field of financial services. October 2019.
On 29 July, the European Commission (EC) published a Communication on the application of the equivalence regime in the field of financial services. This process is characterised fundamentally because during this the institution assesses whether the regulatory, supervisory and compliance (enforcement) framework of a third country pursues the same results as those of the European…
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Consultation Report on issues, risks and regulatory considerations relating to crypto-asset trading platforms. June 2019.
On 28 May 2019, the International Organisation of Securities Commissions (IOSCO) published a consultation report on “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms” in order to encourage the public to comment on the issues identified, risks, key considerations and related toolkits set out in the document. The emergence of crypto-assets is an…
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Report of the Joint Committee of the European Supervisory Authorities on regulatory sandboxes and innovation hubs. June 2019.
On 7 January 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a report on the different types of innovation facilitators: innovation hubs and regulatory sandboxes. The report, based on the responses to a questionnaire sent to the National Competent Authorities (NCAs), sets out a comparative analysis of innovation facilitators established to date in…
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ESMA Guidelines on risk factors under Propectus Regulation. June 2019.
Article 16 of Regulation (EU) 2017/1129, of the European Parliament and of the Council, of 14 June 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the Regulation) gives the European Securities and Markets Authority (ESMA) a mandate to develop guidelines to…
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IOSCO Report on Market Fragmentation and Cross-border Regulation. June 2019.
The G-20 Leaders, during their Saint Petersburg summit in 2013, agreed that “jurisdictions and regulators should be able to defer to each other when it is justified by the quality of their respective regulatory and enforcement regimes, based on similar outcomes, in a non-discriminatory way, paying due respect to home country regulation regimes.” That same…
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Preparatory measures by ESMA in the context of the United Kingdom withdrawing from the European Union (II). June 2019.
29 March 2019 marked the end of the two-year negotiation period for the United Kingdom (UK) granted under Article 50 of the Treaty on European Union (EU) to those Member States that decide to leave the Union in order to organise their exit in the most orderly manner possible. However, at the UK’s request, the…
