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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…
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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…
