-
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…
-
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…
-
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,…
-
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…
-
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,…
-
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…
-
ESMA 2016 work programme. November 2015.
ESMA published its work programme (07/10/2015) for 2016, describing its priorities and the activities it shall carry out in order to meet its objectives of enhancing investor protection and promoting stable and orderly financial markets. ESMA’s priorities for 2016, in line with its Strategic Orientation 2016-2020 (15/06/2015), confirm the shifted focus of activities, in the…
-
New principles of corporate governance. November 2015.
The Organisation for Economic Cooperation and Development (hereinafter OECD) and the G20 approved, at the Antalya summit held in September 2015, the updated Principles of Corporate Governance for listed companies. The principles of corporate governance, published in 1999 and updated for the first time in 2004, are a benchmark for jurisdictions all over the world…
-
An Action Plan on Building a Capital Markets Union. November 2015.
On September 2015, the 30th, the European Commission (hereinafter EC) published an Action Plan on Building a Capital Markets Union. This Plan forms part of the Framework designed by the Juncker Commission to foster employment, growth and investment, representing a fundamental pillar of two of its essential elements, the Investment Plan and the Economic and…
-
Cumulative Impact of the EU Regulatory Framework for Financial Services. November 2015.
The last six years have been a period of intensive rule making. The EU has taken essential steps as part of an international consensus to restore financial stability and public confidence in the financial system. Significant progress has been made in building a Single Rulebook for the single market and, as a result, the EU…
