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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…
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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…
