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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…
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Investor education initiatives relating to investment services. March 2013.
IOSCO Board has published, the 25 of February, a report on investor education relating to investment services based on a fact-finding survey carried out on Committee 3 members. This descriptive report sets out the results of this survey and its purpose is to provide IOSCO members and the public in general with an overview of…
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Benchmarks manipulation: EC consultation paper and other issues. November 2012.
The European Commission has published, on the 5th September 2012 (after the LIBOR manipulation case) a consultation report requesting stakeholders to comment on the possible framework for the regulation of production and use of indices serving as benchmarks in financial and other contracts. The integrity of benchmarks is critical to the pricing of many financial…
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2013 ESMA work programme. November 2012.
ESMA has published, on 1st October 2012, its work program for 2013, approved (along with a 2013-3015 multi annual work programme) by ESMA’s Board of Supervisor on 24th September. The work programme describes the strategy and the goals and deliverables ESMA pretends to achieve in 2013. The objectives and priorities for next year are based…
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Draft Regulatory and Implementing Technical Standards under EMIR Regulation. November 2012.
ESMA has published, on the 27th September, a final report containing the draft Regulatory Technical Standards (RTSs) and the Implementing Technical Standards (ITSs)) under the Regulation nº 648/2012, of the European Parliament and of the Council, on OTC derivatives, Central Counterparties (CCPs) and Trade Repositories (TRs) (forward EMIR Regulation). The RTSs and the ITSs include…
