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Summary of contributions to the “Call for Evidence”: the cumulative impact of the EU regulatory framework for financial services. October 2016.
The European Commission launched, 30 September 2015, a Call for Evidence, “EU regulatory framework for financial services”. The objective of this Call for Evidence -a consultation which stems from the crisis-, is to assess the impact the new regulatory framework is currently having on the financial services within the European Union (hereinafter, EU). To this…
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Cyber Security in the Securities Markets-An international perspective. May 2016.
At its February 2014 meeting, the IOSCO Board decided to support a range of initiatives being considered in the field of cyber security in the securities markets, recognizing the need to confront a threat to the integrity, efficiency and soundness of the world’s financial markets. The Quebec AMF is coordinating a number of IOSCO Policy…
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European Commission Delegated Directive on the rules applicable for inducements. May 2016.
On 7 April 2016 the European Commission (EC) published the Delegated Directive supplementing Directive 2014/65/EU on markets in financial instruments1 (MiFID 2), with regards to the rules applicable to the provision or reception of inducements2 by or from an investment firm when providing investment services. This Directive, which also contains provisions with regard to safeguarding…
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First EU-wide central counterparty stress test exercise. May 2016.
On 29 April, ESMA published its report on the first stress tests on European central counterparties across the European Union. The tests were run in cooperation with the National Competent Authorities responsible for their supervision through the Supervisory Colleges and the European Systemic Risk Board, using end-2014 data.
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ESMA 2016 Regulatory Work Programme. May 2016.
At the start of October 2015, ESMA published its 2016 Work Programme and, at the same time, the Joint Committee of European Supervisory Authorities (ESMA, EBA and EIOPA) published their Joint Work Programme for the same year. In February this year, ESMA published, alongside a newly revised work programme, two specific programmes: the Regulatory Work…
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Regulation on transparency of securities financing transactions and reuse. May 2016.
The Regulation on transparency of securities financing transactions and reuse was published in December 2015 and is the EU’s response to a global initiative to bring more transparency to shadow banking activities. Shadow banking is a term often used to refer to credit intermediation transactions by non-banking institutions. These can be beneficial to the economy…
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MiFID 2/MiFIR QUICK FIX: co-legislators agree on the postponement in a year of the date of application. May 2016.
The onset of the last great financial crisis prompted an urgent review of MiFID, the Directive that had hitherto regulated the Union’s markets in financial instruments, to improve their integration, functioning and efficiency. The review led to publication on 12 June 2014 of two different rules: first, Directive 2014/65/EU of the European Parliament and Council,…
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ESMA 2016 Supervisory Convergence Work Programme. May 2016.
ESMA, having completed most of its work drafting new standards to support the regulatory reforms in response to the recent crisis, mainly through its contribution to the single rule book, has decided to refocus its activities and give greater priority to supervisory convergence. Its aim is to achieve a consistent, efficient and effective application of…
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Final report with draft Regulatory and Implementing Technical Standards on MiFID II/MiFIR. November 2015.
ESMA published, on 28 September 2015, a package of 28 regulatory and implementing technical standards developing several provisions of the new Directive 2015/65/EU in relation to the financial instruments markets (hereinafter MiFID II) and the Regulation on financial markets and amending Regulation No 648/2012 EMIR (hereinafter MiFIR). In relation to the above mentioned technical standards,…
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Final report with draft regulatory and implementing technical standards on the Market Abuse Regulation. November 2015.
On 28 September 2015, ESMA published a package of 11 regulatory and implementing technical standards developing several provisions of the Market Abuse Regulation No 594/2014 (hereinafter MAR). In relation to the above mentioned technical standards, ESMA published a document for discussion (November 2013) and initiated a public consultation (July 2014). In this final report, ESMA…
