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Proposal for a MAD review. November 2011.
The legislative proposal for amending the 2003/6/EC Market Abuse Directive (onward MAD) and the proposal for Market Abuse Regulation (MAR) have been submitted by the EC to the Council and to the Parliament of the UE on the 20th of October. This proposal is based, among others, on the report by the High-level Group on…
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Level 2 measures of the Alternative Investment Fund Managers Directive. November 2011.
ESMA has published, on the 16 of November, the final report with the technical advice to eh EC on possible implementing measures of the Alternative Investment Fund Managers Directive (AIFMD). The document covers the areas that, according to level 1 Directive, should be implemented in the level 2: Application scope The total value of assets…
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Principles for the regulation and supervision of commodity derivative markets. November 2011.
IOSCO Technical Committee has published, on the 15th of September, a final report (prepared b the Task Force on Commodity Futures Market) on Principles for the regulation and supervision of commodity derivatives markets. These principles are aimed at ensuring a globally consistent approach to the oversight of commodity derivatives markets, combat market manipulation and improve…
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IOSCO-CPSS. Trade repositories: OTC derivatives data reporting and aggregation. November 2011.
IOSCO formed, in October 2010, the Task Force on OTC derivatives to work jointly with CPSS who have published, on the 24th of August, a consultation report to develop reporting and aggregation standards on OTC derivative transactions. The report underlines the importance of the role that Trade Repositories (TR) are expected to play in collecting,…
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Proposal for Transparency Directive review. November 2011.
The proposal for amending the Directive 2004/109/CE on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market Directive has been submitted by the EC to the Council and to the Parliament of the EU on the 25th of October. The most remarkable items…
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Review of the Markets in Financial Instruments Directive (MiFID). March 2011
The public consultation on the review of the Markets in Financial Instruments Directive (MiFID), carried out by the European Commission (EC) between December 2010 and February 2011, is part of the structural reforms arising from the financial crisis and responds to the new market reality has evolved rapidly. This consultation, which benefited from CESR’s technical…
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Principles for Financial Markets Infrastructures. March 2011
The consultative report on Principles for Financial Market Infrastructures (FMIs) has been prepared by a joint task force of the Committee on Payment and Settlement Systems –CPSS- and the Technical Committee of the International Organization of Securities Commissions –IOSCO-. It is intended that the principles, when finalized by early 2012, will replace the existing CPSS…
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Mitigating systemic risk: a role for Securities Regulators. March 2011
In June 2010 the Technical Committee of IOSCO agreed to create a working group to examine the role that securities regulators and supervisors should play with respect to systemic risk. The creation of this working group had a direct consequence on the agreement adopted by the organisation to amend the IOSCO Objectives and Principles, adding…
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Trading on OTC derivatives. March 2011
The G20 at the Pittsburgh summit agreed a commitment according to which all standardised OTC derivatives should be traded, where appropriate, on exchanges or electronic platforms before the end of 2012. To concrete this mandate, the FSB published a report in October 2010, issued by the CPSS (Committee on Payment and Settlement Systems), IOSCO and…
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SEC: Swap Execution Facilities. March 2011
The Dodd-Frank Wall Street Reform and Consumer Protection Act authorised the Securities Exchange Commission (“SEC”) to implement a system or framework for security-based swaps (and other derivatives) that are normally traded in OTC (Over The Counter) markets with little transparency and supervision. The Dodd-Frank Act refers to that framework as a “trading system or platform…
