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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…
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Capital Markets Union: European Commission proposal on facilitating the cross-border distribution of investment funds. June 2018.
As part of the Capital Markets Union Action Plan, on 12 March 2018 the European Commission (EC) launched a package of measures which included a proposal for a Regulation and a proposal for a Directive aimed at facilitating the cross-border distribution of collective investment funds and reducing the cost of this activity, while at the…
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Applicable legislation in the event of conflicts of law in cross-border transactions of claims and securities. June 2018.
The European Commission (EC) has identified reducing legal uncertainty in cross-border transactions of securities and credits as one of the key elements for achieving more integrated capital markets, within the framework of the interim review of its Action Plan on the Capital Markets Union, conducted in June 2017. In fact, in the aforementioned document the…
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European Commission Action Plan to promote a more competitive and innovative European financial sector (FinTech). June 2018.
On 8 March 2018, the European Commission (EC) published its Action Plan to strengthen digital transformation in the financial sector, in an attempt to foster greater competition among market participants. In June 2017, and on the occasion of the mid-term revision of the draft Capital Markets Union (CMU), the EC highlighted the potential of FinTech…
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Mechanisms used by trading venues to manage extreme volatility and maintain orderly trading. June 2018.
On 7 March 2018 the International Organization of Securities Commissions (IOSCO) published a consultation document on “Mechanisms used by trading venues to manage extreme volatility and preserve orderly trading” with a view to encouraging the public to comment on its analysis and recommendations. The public consultation ended on 6 May and it is planned to…
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SEC/NASAA: The position of US securities markets authorities with regard to Initial Coin Offerings and cryptocurrencies. February 2018.
Markets are currently seeing a proliferation of cryptocurrencies and initial coin offerings (ICOs). Due to the size that this phenomenon is starting to take on, some competent authorities from various States have issued statements warning investors about the risks involved in these transactions. The aim of this article is to present the main messages launched…
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Capital Markets Union: the European Commission works on dismantling post-trade barriers. February 2018.
As part of the Action Plan on Building a Capital Markets Union, on 23 August 2017, the European Commission (EC) launched a public consultation with the aim of gathering opinions about the current state of post-trade markets, the main trends and challenges faced by post-trade services (e.g. clearing, settlement and collateral management) providers and their…
