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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…
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Regulation of the new European Supervisory Authorities. November 2010.
The European Commission (COM) submitted, on september 2009, a proposal for reform of the financial supervision in Europe, which has finally been approved by the Council and the European Parliament. The new supervisory model is composed by the European Systemic Risk Board (ESRB), which will be responsible for risk assessment and supervision to safeguard the stability…
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Proposal for an Omnibus Directive. November 2010.
As a response to the financial crisis, on 23 September 2009, the European Commission approved the creation of a new supervisory structure. The new model involves the creation of the European System of Financial Supervisors (ESFS), consisting of a network that will integrate national supervisors as well as the three new European Supervisory Authorities or…
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European Commission´s proposal on OTC derivaties, CCPs and trade repositories. November 2010.
This proposal, submitted by the European Commission (COM) on 15th September, responds to the EU’s commitments in the G20 and is in line with the approach taken by the USA. The proposed Regulation provides that OTC derivatives should be reported to trade repositories and be accessible to supervisors. There will also be more information available…
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European Commission´s proposal on short selling and CDSs. November 2010.
The European Commission (COM), on september 2009, submitted its legislative proposal on short selling and CDS. This proposal is aimed at ensuring the implementation of coordinated actions under a regulation harmonised at European level, increasing transparency and reducing risks. It will grant national and European authorities the power to restrict or ban transactions in exceptional situations.…
