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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…
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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…
