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Policy recommendations for Money Market Funds. November 2012.
IOSCO Board has published, the 9th October, a final report on Policy Recommendations for Money Market Funds (forward MMFs) which proposes recommendations to be the basis for common standards for the regulation and management of money market funds across jurisdictions; a majority of the commissioners of the SEC did not support its publication because they…
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Recommendations on global developments in securitisation regulation. November 2012.
IOSCO Board has published, the 9th October, a final report on Global Developments in Securitisation Regulation which proposes a series of recommendations aimed at ensuring securitisation markets development. This document has been issued as a response to a Financial Stability Board (FSB)´s request which, at the same time, is part of the FSB ongoing work…
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Regulation on OTC derivatives, Central Counterparties and Trade Repositories (EMIR). July 2012.
On 3 and 4 July respectively, the EU Parliament and Council adopted a new regulation in order to increase transparency and reduce risks in OTC (over the counter) derivatives markets: “Regulation on OTC Derivatives, central counterparties and trade repositories.” The process began on 15 September 2010 when Michel Barnier (European Commissioner for Internal Market and…
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Proposal for a Regulation on Key Information Documents on investment products. July 2012.
On the 3 of July the European Commission (EC) adopted a proposal of regulation which introduces new consumer-friendly standards for information about investments (Regulation on key information documents on investment products). The genesis of this proposal is a request from the ECOFIN Council in May 2007 for the European Commission to examine the coherence of EU…
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Technical standards and guidelines on certain aspects of the MiFID suitability requirements. July 2012.
ESMA has published, on the 6 of July 2012, technical standards and guidelines on certain aspects that MiFID imposes for assessing the suitability of the financial product or service when the advisory service is provided in the field of investment or discretionary management of portfolios. These standards are issued under article 16 of the Rules…
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Technical standards and guidelines on certain aspects of the requirements of the MiFID´s compliance function. July 2012.
ESMA has published, on the 6 of July 2012, technical standards and guidelines on certain aspects of MiFID requirements imposed on the compliance function in investment firms. These standards are issued under article 16 of ESMA standards. Article 13.2 of MiFID states that investment firms shall set out policies and procedures which are sufficient to…
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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…
