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The IOSCO Enhanced Multilateral Memorandum of Understanding. February 2017
NEW MMOU APPROVED (EMMoU) The IOSCO Annual Conference held in Lima, Peru, in May 2016, approved the new "Enhanced" Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information, known as the EMMoU. The EMMoU introduces major updates to IOSCO’s current Multilateral Memorandum of Understanding concerning Consultation and Cooperation and the Exchange…
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Green Paper on retail financial services: European Parliaments Resolution. February 2017.
The European Commission (EC) published its “Green Paper on retail financial services” on 10 December 2015, thereby throwing open a consultation process to any interested parties on how best to improve choice, transparency and competition in retail financial services. The starting point for the Green Paper is that retail financial services are still highly fragmented…
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FSB policy recommendations to address structural vulnerabilities in asset management activities. February 2017.
INTRODUCTION As part of its work on understanding the potential risks to financial stability, the Financial Stability Board (FSB) launched a project in March 2015 to analyse vulnerabilities in asset management. The document focuses on assessing recent changes in the structure of asset management activities, identifying and prioritising potential sources of vulnerability that could affect…
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The future Regulation on Money Market Funds. February 2017.
On 7 December 2016, the Permanent Representatives Committee approved, on behalf the European Union’s behalf, an agreement with the European Parliament creating the draft Regulation of the European Parliament and Council on Money Market Funds (MMFs). The 2007-2008 financial crisis had shown the vulnerability of MMFs when mass redemptions forced them into fire sales of…
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ESMA 2017 Work Programme. February 2017.
ESMA notified the key priorities of its 2017 Work Programme to European institutions at the end of September 2016. The Programme consists of four sub-Programmes addressing the following issues: supervisory convergence, risk assessment, regulatory and supervision of institutions for which it has a direct supervisory remit. It will also be continuing work on the multi-annual…
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Communication on Capital Markets Union-Accelerating reform. October 2016.
The European Commission (hereinafter, EC) published 16 September a communication addressed to the European Institutions (The European Parliament, The Council, The European Central Bank, The European Economic and Social Committee and The Committee of the Regions) in order to accelerate the reform which allows stepping up the creation of the Capital Markets Union (hereinafter, CMU).…
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Assets segregation in the delegation of custody services as a measure to ensure investment funds clients´ protection. October 2016.
Directive 2011/61/EU on Alternative Investment Fund Managers (hereinafter, AIFMD), and more recently, Directive 2014/91/EU (known as UCITS V Directive) which amends Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (UCITS), and regulates depositary tasks, remuneration policies and sanctions contain the depositary provisions on assets segregation. These provisions state that assets belonging to investment…
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FSB´s second annual Report on Implementation and Effects of the G-20 Financial Regulatory Reforms. October 2016.
The Financial Stability Board, hereinafter -FSB-, published August 31, 2016, its 2nd Annual Report with the purpose of bringing the attention to the G20 on the implementation progress and the effects of its “Programme of Financial Regulatory Reforms” to address the fault lines that caused the latest financial crisis. The main objective of such reform…
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The Fintech phenomenon. October 2016
The so-called Fintech phenomenon is one of the most relevant issues which are currently attracting the attention of the financial services sector. The Financial Stability Board -FSB- defines Fintech as the financial innovation endowed with the technical capacity to develop new business models, undertake different financial applications, processes or products which involve substantial associated impact…
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Guidelines on the Market Abuse Regulation-market soundings an ddelay of disclosure of inside information. October 2016.
ESMA published 13 July 2016 the Final Report with two sets of Guidelines which implement the Market Abuse Regulation (hereinafter, MAR): one addressed to persons receiving market soundings and the other, regarding delay of disclosure of inside information. The referred final report was, firstly, preceded by a Discussion Paper (November 2013), and later by a…
