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The review of the Prospectus Directive as a priority of the European Commission for 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"). In order to develop the CMU, the EC proposes a set of short-term measures, mainly the simultaneous publication…
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Technical advice on possible delegated acts for the development of level 2 dispositions of the Market Abuse Regulation. March 2015.
On 3 February 2015, ESMA published a technical advice to the European Commission on possible delegated acts for the development of level 2 of Market Abuse Regulation No. 596/2014 (hereinafter "MAR"), in response to two formal requests (October 2013 and June 2014) by the European Commission (hereinafter "EC"). With the aim of enhancing market integrity…
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Report on the review of compliance with IOSCO´s principles for financial benchmarks. March 2015.
IOSCO has reviewed the implementation of its principles for financial benchmarks (July 2013) in benchmarks other than interbank rates (Euribor, Libor and Tibor). The review is based on administrators’ self-assessments of benchmarks through a questionnaire sent by IOSCO. The responses have revealed a high rate of participation by the industry and have confirmed that, in…
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Report from the European Commission to the European Parliament and the Council on the operation of the European Supervisory Authorities (ESAs) and the European System of Financial Supervision. November 2014.
The European Commission has published on 8 August 2014 its report to the European Parliament and the Council on the operation of the European Supervisory Authorities (hereinafter ESAs) and the European System of Financial Supervision (hereinafter ESFS). Articles 81 of ESMA, EBA and EIOIPA founding Regulations require the European Commission to publish a general report,…
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ESMA 2015 work programme. November 2014.
ESMA has published, on the 30th September 2014, its work programme for 2015 recently approved by the Board of Supervisors that describes the strategic and operational objectives of its activities and is in line with the ESMA´s multiannual work programme 2013-2015. The ESMA´s 2015 work programme is based on a budget of € 38,639,000 and…
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Research note on market-based long-term financing solutions for Small and Medium Enterprises (SMEs) and infrastructures. November 2014.
IOSCO has published, on the 29th September, a research note describing a compilation of recent examples of capital market solutions that have contributed to the financing of Small and Medium Enterprises (hereinafter SMEs) and infrastructure projects, that has been prepared for the G 20 Finance Ministers and Central Bank Governors. The banking sector reduced ability…
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Questions and Answers (Q&As) on the implementation of Regulations, Directives, Guidelines and issues of interest. November 2014.
Article 8.1 b) of Regulation Nº 1095/2010 establishing a European Securities and Markets Authority (ESMA) provides that ESMA shall have the task to contribute to the consistent application of legally binding European Union acts, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislation, preventing regulatory arbitrage,…
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Draft Regulatory Technical Standards on major shareholdings and an indicative list of financial instruments subject to notification requirements under the revised Transparency Directive. November 2014.
ESMA has published, on the 29th September 2014, the final report on draft regulatory technical standards on major shareholdings and an indicative list of financial instruments subject to notification in Directive 2013/50/EU, of 22 October 2013, amending Directive 2004/109/EC on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted…
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Opinion on the review of the CESR guidelines on a common definition of European Money Market Funds. November 2014.
ESMA has published, on the 22nd August, a review of the CESR (ESMA´s predecessor) on a common definition of European Money Market Funds. ESMA´s competence to deliver opinions to competent authorities is based on article 29.1.a) of the Regulation nº 1095/2010 (the ESMA Regulation). CESR adopted, in May 2010, the Guidelines on a common definition…
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MiFID II/MiFIR most remarkable change related to market infrastructures. July 2014.
The new Directive on Markets in Financial Instruments (hereinafter MiFID II) and the Regulation on Markets in Financial Instruments and amending Regulation 648/2012 (hereinafter MiFIR) have been published in the Official Journal of the European Union on the 12 of June. Over three and a half years after the publication of the first draft (October…
