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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…
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European Commission Work Programme 2018. February 2018.
Every year, the European Commission (EC) presents a work programme that establishes its key initiatives for the following year. The work programme allows it to inform citizens and institutional agents about the Commission’s political priorities and how these will be converted into concrete actions. In October 2017, the EC presented its work programme for 2018.…
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Proposal of the European Commission on the Review of the European System of Financial Supervision. February 2018.
On 20 September 2017, the European Commission (EC) published a regulatory initiative with the intention of strengthening the European financial supervision framework in order to achieve a greater level of integration of financial markets across the European Union (EU). The proposal entails a reform of the European System of Financial Supervision, created as a result…
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ESMAs Technical Advice to the European Commission on the Short Selling Regulation. February 2018.
This 14 March marks the fifth anniversary of the publication of the Regulation of the European Union (EU) on short selling and certain aspects of credit default swaps (REGULATION (EU) No 236/2012, OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL, of 14 March 2012). This Regulation has led to greater coordination of the activities of…
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Good practices for the termination of investment funds. February 2018.
On 23 November 2017, the International Organisation of Securities Commissions (IOSCO) published a document on good practices for the termination of investment funds. These practices only apply to voluntary termination of investment funds as legislation at a national level in most jurisdictions addresses involuntary terminations. Voluntary terminations occur when an investment fund, although still solvent,…
