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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…
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ESMA’s proposal on the regulatory standards required by the new Prospectus Regulation. October 2018
The Prospectus Regulation (EU) 2017/1129 was published in the Official Journal of the European Union (EU) on 30 June 2017 and entered into force on the 20th day following that of its publication, on 20 July 2017, although a significant part of its provisions will not apply until 21 July 2019. This Regulation requires ESMA…
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IOSCO and BCBS document on criteria for identifying simple, transparent and comparable short-term securitisations. October 2018.
In July 2015, the Basel Committee on Banking Supervision (BCBS) and IOSCO published the criteria for identifying simple, transparent and comparable securitisations. In 2016, the BCBS revised these criteria in order to incorporate the relevant regulatory capital requirements for these securitisations. The aim was to promote a set of principles that might be used by…
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Proposal for a Regulation of the European Parliament and of the Council on European crowdfunding service providers (ECSP) for business. June 2018.
On 8 March the European Commission (EC) published a set of measures aimed at moving towards the achievement of a Capital Markets Union (CMU), together with the Communication entitled “It is time to accelerate delivery on completing the Capital Markets Union by 2019”. Among these measures is the proposal for a Regulation of the European…
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ESMA agrees on product intervention measures in relation to CFDs and binary options offered to retail investors. June 2018.
Article 40 of Regulation (EU) 600/2014 of the European Parliament and of the Council, of 15 May 2014, on markets in financial instruments (known as MiFIR), which came into force on January 3 of this year, grants the European Securities and Markets Authority (ESMA) temporary intervention powers. These powers allow ESMA under certain conditions to…
