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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…
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IOSCO and ESMA-EBA principles for benchmark-setting processes. July 2013.
The Board of the IOSCO published, on the 17 of July, the final report on Principles for Financial Benchmarks. This report was drafted by the Board Level Task Force created in September 2012 and chaired by Martin Wheatley (Chief Executive of the FCA) and Gary Gensler (Chairman of the CFTC). The preparatory works included two…
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Guidelines and recommendations regarding written agreements between members of Central Counterparties (CCPs) colleges of supervision. July 2013.
ESMA published, on the 4 of June 2013, a report with the Guidelines and Recommendations regarding written agreements between members of Central Counterparties colleges (forward CCPs). Article 18 of the Regulation (UE) nº 648/2012, of the European Parliament and of the Council, of 4 July 2012, on OTC derivatives, Central Counterparties, and Trade Repositories, indicates…
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Guidelines on remuneration policies and practices in MiFID. July 2013.
ESMA has published, on the 11 June 2013, the final report with the Guidelines on policies and practices in MiFID. This final report contains: first, an analysis of the responses (including the ESMA Stakeholder Committee advice) to the previous public consultation paper that took place from September to December 2102; second, a description of any…
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Principles for the valuation of Collective Investment Schemes (CIS). July 2013.
The Board of the IOSCO published, the 3rd of May, the final report on principles for the valuation of Collective Investment Schemes (forward CIS). This report, drafted by Committee on Investment Management (C 5), contains a list of principles intended to serve as a basis for both industry practitioners and regulators to assess the quality…
