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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…
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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.
