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Opinions issued by the European Securities and Markets Authority to support supervisory convergence in the context of the United Kingdoms withdrawal from the European Union. October 2017.
On 29 March 2017 the United Kingdom (UK) notified the European Council of its intention to leave the European Union (EU) in accordance with the procedures set out in Article 50 of the Treaty on European Union. In this new context of impending “Brexit” the European Securities and Markets Authority (ESMA) anticipated a surge in…
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European Commissions public consultation on the operations of the European Supervisory Authorities. June 2017.
On 21 March the European Commission announced a consultation on the future direction of the three European Supervisory Authorities (ESAs): the European Banking Authority, EBA, the European Insurance and Occupational Pensions Authority, EIOPA, and the European Securities Markets Authority, ESMA. The consultation forms part of the Commission’s mandatory three-year review of the operations of the…
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European Commission public consultation on FinTech: a more competitive and innovative European financial sector. June 2017.
The European Commission (the “Commission") has issued a document for consultation, running from 23 March to 15 June, on FinTech and achieving a more innovative and competitive European financial sector. The connected Digital Single Market is one of the priorities of the current Commission presidency, as stated in its 2015 communication “A Digital Single Market…
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Report on financial technology (FinTech). June 2017.
In February, the International Organisation of Securities Commissions (IOSCO) published a research report on the evolution of FinTech –technology affecting financial services– and how it interacts with financial markets regulation. The term FinTech is used to describe a variety of innovative business models and emerging technologies that have the potential to transform the financial services…
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Mid-term review of the Capital Markets Union action plan. June 2017.
In September 2015, the European Commission launched its Capital Markets Union (CMU) Action Plan to boost jobs and growth. On 14 September 2016 the Commission published Capital Markets Union – Accelerating Reform, a communication that reaffirmed its commitment to CMU and announced a review of priorities to step up the pace of planned reforms. On…
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European Commission report to the European Council and Parliament on national barriers to capital flows. Junio 2017.
In March the European Commission published its report “Accelerating the capital markets union: addressing national barriers to capital flows” on existing national barriers to capital flows within the capital markets union (CMU). Building integrated financial markets as part of the EU requires not only important decisions at EU level but also commitments by each Member…
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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…
