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Guidelines on Exchange Traded Funds and other UCITs issues. July 2012.
ESMA published, on the 24 of July, a setr of guidelines about information disclosure regarding Exchange Traded Funds (hereinafter ETFs) and Index Tracking UCITS, about the specific rules applicable when UCITs carry out operations in OTC derivatives and/or use efficient portfolio management techniques, and about the criteria that financial indices in which the UCITs invest must…
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Principles for Financial Markets Infrastructures (FMIs). July 2012.
The IOSCO Technical Committee and the Committee on Payment and Settlement Systems – CPSS – have published a set of Principles for Financial Markets Infrastructures (hereinafter PFMIs). Financial Markets Infrastructures (hereinafter FMIs) are organisations, sometimes made up of several institutions offering at least one of the following services: settlement, clearance, registration and storage of financial…
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IOSCO consultation report on Money Market Funds. July 2012.
The IOSCO Technical Committee has published a consultation paper in which an analysis of the potential risks Money Market Fund (hereinafter MMFs) can entail for systemic stability and proposes different policy choices against such risks. The MMFs’ objective is to preserve the capital (value of the investment) and provide daily liquidity to investors investing in…
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2012 ESMA work programme. March 2012.
On 22 December 2011, ESMA published its work program for 2012, which has been approved by ESMA’s Management Board and Board of Supervisor. ESMA, in its second year of operation, has a better staffing position and a new organisational structure that will support better the delivery of this work programme. ESMA’s key objectives for 2012…
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Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities. March 2012.
On 22 December 2011, ESMA published the final report containing the guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities. These guidelines will become effective one month after the publication by national competent authorities on their official website in their national language so that market participants…
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Locate rules: requirements on short sales in shares and in sovereign debt instruments in articles 12 and 13 of the Regulation. March 2012.
The Regulation 236/2012, of 14 March 2012, on short selling and certain aspects of credit default swaps, published in the Official Journal of the European Union, has been during the last for months being developed by ESMA who has prepared a draft technical standards that should be submitted to the EC by 31 March and…
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Transparency rules: information reporting on net short position in shares and in sovereign debt and public disclosure on net short position in shares in articles 5 to 8 of the Regulation. March 2012.
The Regulation 236/2012, of 14 March 2012, on short selling and certain aspects of credit default swaps, published in the Official Journal of the European Union, has been during the last for months being developed by ESMA who has prepared a draft technical standards that should be submitted to the EC by 31 March and…
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Principles for the regulation of the Exchange Traded Funds. March 2012.
IOSCO Technical Committee has published a consultation report on Principles for the Regulation of Exchange Traded Funds (ETFs). This document describes the experience and key regulatory aspects regarding ETFs worldwide, aims to provide guidance for markets and market authorities, to be of such a nature that they are adaptable to different regulatory frameworks and could…
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Principles on suspensions of redemptions in Collective Investment Schemes. March 2012.
IOSCO Technical Committee has published, on the 19 of January 2012, its final report on the principles on suspensions of redemptions for open-ended Collective Investment Schemes (CIS). The principles, which are based on the CIS´s responsible entities basic duty to manage CIS liquidity on an on-going basis so as to avoid suspensions to the extent…
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Proposal for MiFID review. November 2011.
The proposal for amending the 2004/39/CE Directive (onward MiFID)and the proposal for Regulation (MiFIR) have been submitted by the EC to the Council and to the Parliament of the EU on the 20th of October. The MiFID review constitutes a part of the integral reforms within the UE to achieve a safer, sounder more transparent…
