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Report on the impact of trading fee models on trading behaviour. March 2014.
The International Organization of Securities Commissions has recently published its final report on trading fee models and their impact on trading behavior, which provides a comprehensive overview of trading fees and trading fee models around the globe and how they influence trading behavior. In recent years, securities regulators in many jurisdictions have introduced regulatory frameworks…
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The implementation of a global Legal Entity Identifier (LEI) in financial markets. March 2014.
The Financial Stability Board (FSB) found, in its analysis of the causes of the 2008 crisis, that one of the major deficiencies in financial markets has been the lack of a common system to identify the parties in a financial transaction which led to a high difficulty in monitoring transactions between participants in different jurisdictions.…
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The new Transparency Directive. November 2013.
The EU Council has approved on the 17th October the proposal, agreed by the European Parliament (EP) and the European Commission (EC) in May and approved by Parliament on the 12th June, for the amendment of Directive 2004/109/EC on the harmonization of requirements transparency in relation to information about issuers whose securities are admitted to…
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Proposal of a Regulation on financial benchmarks. November 2013.
The European Commission (EC) has published, on the 18 September, a proposal of a Regulation of the EP and of the Council, on indices used as benchmarks in financial instruments and financial contracts. Internal Market Commissioner, Michel Barnier, said in the proposal presentation that benchmarks were at the heart of the financial system. After the…
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Proposal for a Regulation on Money Market Funds. November 2013.
The European Commission (EC) has published, on the 4th September, a communication on shadow banking and a proposal for a regulation of the European Parliament and the Council on Money Market Funds (forward MMFs). This proposal is based on a EP resolution on shadow banking (November 2012) that requests the EC to prepare a regulation…
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ESMA work programme for 2014. November 2013.
ESMA has published, on the 30th September 2013, its work programme for 2014 recently approved by the Board of Supervisors on the basis of a proposal by ESMA´s Management Board. The work programme for 2014 describes the strategy and the goals ESMA pretends to achieve and is in line with ESMA´s 2013-2015 Multi-Annual Work Programme.…
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Retailisation or sale of complex products to retail investors. November 2013.
The Committee for Economic and Market Analysis (CEMA) of ESMA has published last summer an economic on retailisation in the EU. The growth of the retailisation in the EU can have implications in terms of financial stability as well as investor protection, and has, therefore, been subject to important policy initiatives. In this sense, the…
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CPSS and IOSCO report on Authorities access to trade repository data. November 2013.
The Committee on Payment and Settlement Systems and IOSCO have jointly published a report on the financial authority access to data stored in Trade Repositories (TRs hereinafter). The TRs are entities that maintain a centralized electronic record (database) on OTC derivatives transactions data. The TRs will play a key role in increasing transparency in OTC…
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FSMA report on conflicts of interest relating to commissions and sales targets. November 2013.
The Financial Services and Markets Authority of Belgium (hereinafter FSMA) has directed its activities, after the reform of the monitoring system to adopt the model "Twin Peaks", to the enforcement of the rules of conduct. To that effect, the FSMA has created, in May 2011, an internal inspection service (le service "contrôle des règles de…
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Consultation report on the review of the European System of Financial Supervision. July 2013.
The European Commission launched, on the 26 of April, a consultation on the effectiveness and efficiency of the European System of Financial Supervision and its constituent agencies. The consultation, that includes a survey and a background document to help answering the questions contained in the survey, is addressed to all interested stakeholders but contributions are…
