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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…
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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…
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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…
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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…
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Regulation 1286/2014 on Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPS). July 2015.
The Regulation No. 1286/2014 of 26 November 2014 on Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) entered into force on 29/12/2014 and shall apply from 31 December 2016. This Regulation establishes the minimum standards for the format and content of key information documents, which should be prepared by the manufacturers…
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An overview of crowdfunding in the European Union. July 2015.
Crowdfunding is a new form of financing which gives owners of projects -often innovative in nature, such as starts-ups- access to funding by raising funds from a large number of investors (crowd), who usually contribute with small amounts of money, using a platform hosted on a website or other electronic means through which promoter and…
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Peer Reviews, one of ESMA´s fundamental tool to achieve supervisory convergence. July 2015.
Peer reviews are one of the tools that ESMA uses to move towards its objective of achieving supervisory convergence in the European Union. ESMA is responsible, under Article 8.1.e) of the Regulation of its establishment, for organising and conducting peer review analyses of competent authorities, in order to strengthen consistency in supervisory outcomes. Peer reviews…
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Guidelines on Alternative Performance Measures. July 2015.
ESMA has published, on 30 June 2015, a report containing Guidelines on Alternative Performance Measures (APMs), which applies to issuers of securities admitted to trading on regulated markets of the European Union who must publish regulated information according to the Transparency Directive and to persons responsible for the prospectus according to the Prospectus Directive. The…
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Report on credible deterrance of misconduct in securities market regulation. July 2015.
IOSCO has recently approved a report on actions that regulators can adopt to deter securities market participants from engaging in misconduct or infringements that later might have a negative impact on their integrity and efficiency, thus undermining investor confidence and protection. This highly practical document is based on the collective experience of its members, including…
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European Commission´s Green Paper: Building a Capital Markets Union. March 2015.
On 18 February 2015, the European Commission (hereinafter "EC") published a consultation document (Green Paper) on its project to create a Capital Markets Union (hereinafter "CMU") for all 28 Member States of the European Union (hereinafter "EU"). The CMU, included in the guidelines of the current President of the EC Jean-Claude Juncker, is one of…
