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MiFID II/MiFIR most remarkable changes related to the investors protection and conduct of business rules. 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. (For more information on MiFID II/MiFIR processing and on ESMA consultations papers about level…
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Draft European Commission Regulation on transparency of securities financing transactions. July 2014.
The European Commission adopted, on the 29th of January 2014, a proposal for a regulation aimed at increasing transparency of certain transactions outside the regulated banking sector. This proposal provides a set of measures to enhance regulators’ and investors’ understanding of securities financing transactions (hereinafter STFs). These transactions have been a source of contagion, leverage…
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ESMA, EBA and EIOPA Joint Committee final report on Guidelines for complaints-handling for the securities and banking sectors. July 2014.
The Joint Committee of European Supervisory Authorities (hereinafter ESAs) issued, on the 27th May 2014, a final report containing the guidelines for complaints-handling for the securities and banking sectors. The European Insurance and Occupational Pensions Authority (hereinafter EIOPA) published, in June 2012, its guidelines on complaints-handling by insurance undertakings. ESMA and the European Banking Authority…
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ESMA opinion on good practices on governance arrangements for structured retail products. July 2014.
ESMA has published, on the 27th March, a review of certain aspects linked to the manufacturing and distribution of retail structured products or structured retail products (hereinafter SRPs). 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). ESMA opinion takes into account relevant…
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CPSS-IOSCO report on update to initial level 1 assessment report about implementation of Principles for Financial Markets Infrastructures (PFMIs). July 2014.
IOSCO and the Committee on Payment and Settlement Systems (hereinafter CPSS) published, on the 28th May, the first update to the initial level 1 assessments of the implementation monitoring for the Principles for Financial Market Infrastructures (hereinafter PFMIs). The PFMIs were published by IOSCO and CPSS in April 2012 and members of IOSCO and CPSS…
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A new framework for market abuse. March 2014.
The Market Abuse Directive (MAD) (January 2003) will be replaced shortly by two dispositions that will constitute the legal framework for market abuse in the European Union: the Directive on criminal sanctions for insider dealing and market manipulation (the new MAD), and the Regulation on insider dealing, the improper disclosure of inside information and market…
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Maystadt report: should the International Financial Reporting Standards be more “European”? March 2014.
Michel Barnier, European Commissioner for Internal Market and Services of the European Commission (EC), appointed, in March 2013, Philippe Maystadt (a former president of the European Investment Bank) as a special advisor to the EC. The role as special adviser will be: 1) to strengthen the contribution of the European Union (EU) to the International…
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ESMA-EBA review of the implementation of the recommendations to Euribor-EBF. March 2014.
ESMA-EBA published, on 24th February, the results of their joint review on the implementation of the recommendations (January 2013) that were issued with the aim of addressing weaknesses and shortcomings in the governance and technical framework of the Euribor setting-process managed by the European Banking Federation (EBF). The recommendations are previous to the European Commission…
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2013 annual report on Credit Rating Agencies. March 2014.
ESMA has published on the 22th of February, its annual report 2013 on Credit Rating Agencies (CRAs) in the European Union. The report also outlines ESMA´s work plan for 2014. Analysis and registration of applications have increased substantially during 2013 and they are not expected to decline in 2014. ESMA assessed and approved the registration…
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ESMA opinion on MiFID practices on firms selling complex products. March 2014.
ESMA has published, the 7th of February, an opinion on the sale of complex products by investment firms to retail investors. 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). ESMA has issued, on the same date, a warning to investors about the…
