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The new Prospectus Regulation and its implementing measures
Prospectuses are documents that set out information about an issuer and the securities they intend to issue or wish to have admitted for trading on a regulated market. Prospectuses are mandatory in this latter case and when making a public offering. The prospectus should give investors the information they need to make an informed decision…
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European Commisssion Communication on the Capital Markets Union Mid-term review
In September 2015, the European Commission launched its Capital Markets Union (CMU) Action Plan to boost jobs and growth in the EU. Two years on, in January, the Commission held its scheduled public consultation based on the mid-term review of the Plan. The consultation closed on 17 March having garnered 178 responses. It had three…
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Review of EMIR (European Market Infrastructure Regulation)
Further to the Communication of 4 May 2017, on 13 June the European Commission (EC) published a new proposal of Regulation (EU) XXX, known as EMIR 2.2, amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved…
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The European Commission proposes new rules for the recovery and resolution of Central Counterparties. February 2017.
On November 28 the European Commission (EC) published its Proposal for a Regulation of the European Parliament and of the Council on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365. Central counterparties (CCPs) make an important contribution to financial market stability,…
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IOSCOs Final Report on Cross-Border Regulation
IOSCO published, on 7 September 2015, its Final Report on Cross-Border Regulation, prepared by the Task Force on Cross-Border Regulation established in June 2013. Regulators’ international experience in developing and implementing cross-border regulation in the global securities markets has revealed the challenges they faced in order to ensure the effectiveness of national regulations, while not…
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A common European framework for securitisation as one of the priorities fo building a capital markets union. November 2015.
The European Commission (EC) has published a proposal for a Regulation of the European Parliament and of the Council laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation. In order to achieve consistency of the provisions currently in force on securitisation, the proposal includes amendments of the…
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A European framework for high-quality securitisation as a priority for the European Commission for building a Capital Markets Union. March 2015.
On 18 February 2015, the European Commission (hereinafter "EC") published a consultation document (Green Paper) on its project to create a Capital Markets Union (hereinafter "CMU") for all 28 Member States of the European Union (hereinafter "EU"). In order to develop the CMU, the EC proposes a set of short-term measures, mainly the simultaneous publication…
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IOSCO Final Report on Supervisory Practices related to Greenwashing
The International Organisation of Securities Commissions (IOSCO) published, in December 2023, a Final Report describing the main initiatives developed in several jurisdictions to address the phenomenon of greenwashing, both at the level of asset managers and providers of environmental, social and governance (ESG) ratings and data. The Report includes, in particular, a study related to…
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ESMA Final Report on the application and effectiveness of the provisions in the second directive regarding proxy advisors and the investment chain
Directive 2007/36/EC was published in 2007 regarding the exercise of certain rights of the shareholders of listed companies with the main objective of promoting the exercise of rights of shareholders at the general meetings of those companies that have established their registered office in the European Union (EU) and whose shares have been listed on…
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Review of the G20/OECD Principles of Corporate Governance
The OECD has recently reviewed the principles of corporate governance of the G20/OECD, this being approved by its Ministerial Council in June 2023 and ratified by the G20 leaders in September that same year. The principles are characterised by their non-binding nature as they do not intend to substitute national regulations, but to be of…
