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ESMA’s technical advice to the European Commission on integrating sustainability risks and factors in MiFID II, the UCITS Directive and AIFMD. June 2019.
Background In March 2018, the European Commission (EC) published its Action Plan for Financing Sustainable Growth, which has three main objectives: (1) reorient capital flows towards sustainable investment, (2) manage financial risks stemming from climate change, resource depletion, environmental degradation and social issues; and (3) foster transparency and long-termism in financial and economic activity. Subsequently,…
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The new Securitisation Regulation and its implementing measures. February 2019.
Regulation (EU) 2017/2402, of the European Parliament and of the Council, of 12 December 2017, laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (Securitisation Regulation) was published in the Official Journal of the European Union on 28 December 2017 and applies as of 1 January…
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IOSCO Final Report on conflicts of interest and associated conduct risks during the equity capital raising process. February 2019.
In August 2017, the IOSCO Board approved a mandate for Committee 3 on the Regulation of Market Intermediaries (C3) to examine conflicts of interest and associated conduct risks in the capital raising process. The work to be undertaken under the mandate is divided into two stages. The first stage focuses on the equity capital raising…
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European Securities and Markets Authority: 2019 Annual Work Programme. February 2019.
The Board of Supervisors of the European Securities and Markets Authority (ESMA) approved the ESMA 2019 Annual Work Programme at its meeting last September. ESMA’s mission is to enhance investor protection and promote stable and orderly financial markets. Its activities are divided into four categories: (1) promoting supervisory convergence, (2) assessing risks to investors, markets…
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ESMAs advice addressed to European Union Institutions on Initial Coin Offering and Crypto-Assets. February 2019.
On 9 January 2019, the European Securities and Markets Authority (ESMA) published its advice to the European Union Institutions (Commission, Council Parliament) on initial coin offerings (ICOs) and crypto-assets. The advice clarifies that current European Union (EU) rules apply to crypto-assets that qualify as financial instruments and provides ESMA’s position on any gaps and issues…
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IOSCO Consultation Paper on Leverage. February 2019.
In January 2017, the Financial Stability Board (FSB) issued a report entitled “Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities”, which sets out 14 strategic recommendations to address structural vulnerabilities from the asset management activities (vulnerabilities in collective investment schemes). These 14 recommendations specifically address the possible systemic risks associated with certain vulnerabilities…
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Preparatory measures by ESMA in the context of the United Kingdom withdrawing from the European Union. February 2019.
On 29 March 2017, the Prime Minister of the United Kingdom (UK) – Theresa May – in a letter addressed to the President of the European Council – Donald Tusk – announced the UK’s intention to leave the European Union (EU). As a result of this notification and the implications that this decision might have…
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Capital Markets Union: proposal by the European Commission to make it easier for small- and medium-sized enterprises to get financing. October 2018.
One of the objectives of the Capital Markets Union (CMU) is to extend the access of European companies, at all stages of their development, to the sources of finance offered by capital markets, thereby reducing their dependence on bank funding. Since its launch, the CMU Action Plan has encouraged an increase in the sources of…
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FSB: Report to the G-20 on work on crypto-assets by the FSB and other standard-setting bodies. October 2018.
The Financial Stability Board (FSB) has submitted – in response to the mandate received at the March meeting – to the G-20 Finance Ministers and Central Bank governors for their meeting in Buenos Aires (21-22 July) a report describing the work and other initiatives carried out on crypto-assets to date by the FSB and other…
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Sustainable Finance. European Commission Action Plan. October 2018.
In September 2016, as part of its objective to speed up the implementation of the Capital Markets Union, the European Commission announced the creation of a high-level expert group on sustainable finance with the aim of establishing a comprehensive strategy in this area. Finance supports the economy and provides funding for business activities. The European…
