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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…
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Crowdfunding: a new form for raising saving from the public. July 2013.
The crowdfunding or participative financing is a new form for financing innovative business (normally start-ups) collecting funds from the public through on-line portals. Its main feature is that internet enables to appeal for savings from a large number of investors (crowd) that invest funds usually in small amounts. The crowdfunding was originally used to support…
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Legislative resolution of the European Parliament on the proposal amending Regulation nº 1060/2009, on Credit Rating Agencies. March 2013.
The EP approved, the 16 January, at first reading the new rules proposed by the Council on when and how Credit Rating Agencies (forward CRAs))may rate state debts and private firms´ financial health to improve quality of ratings. Those proposals will constitute an EP and Council Regulation (to be issued during 2013) and will amend…
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Guidelines on the exemption for market making activities and primary market operations under Regulation on Short Selling. March 2013.
ESMA has published, the 1st of February, the Guidelines on the exemption for market making activities and primary market operations under Regulation (EU) 236/2012, of the EP and the Council on short selling and certain aspects of Credit Default Swaps. Market makers and primary dealers (the latest only relating to sovereign debt) are exempted, according…
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Guidelines on repurchase and reverse repurchase agreements for Undertaking for Collective Investment in Transferable Securities Funds (UCITS). March 2013.
ESMA has published, on the 4 December 2012, a final report containing the Guidelines on repurchase and reverse repurchase agreements, with the purpose of establishing a comprehensive framework for Undertakings for Collective Investment in Transferable Securities (forward UCITs) that will increase transparency and investor protection and contribute to safeguarding the stability of financial markets. ESMA…
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Final report with the feedback statement on the consultation regarding the role of the proxy advisory industry. March 2013.
ESMA has published, the 19 February, the final report with the feedback statement on the consultation regarding the role of the Proxy advisory industry. Proxy advisors can offer a variety of services: on one side, analysing the proposals for general meetings and providing voting recommendations and, on the other, offering services with regard to the…
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Suitability requirements with respect to the distribution of complex financial products. March 2013.
IOSCO board has published, on the 21 of January, a final report (prepared by the Standing Committee 3 on Market Intermediaries) on the suitability requirements with respect to the distribution of complex financial products. This report sets out a range of principles relating to the distribution by intermediaries of complex financial products to retail and…
