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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…
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IOSCO Final Report on Anti-dilution Liquidity Management Tools: Guidance for Effective Implementation of the Recommendations for Liquidity Risk Management for Collective Investment Schemes
In December 2023, the International Organization of Securities Commissions (IOSCO) published a Report on the anti-dilution tools for liquidity risk management in collective investment schemes. Previously, in 2021, IOSCO and the Financial Stability Board (FSB) jointly analysed the liquidity risk and its management in open-ended funds (OEFs)1 during the market turbulences due to COVID-19. Both…
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IOSCO Consultation Report on Voluntary Carbon Markets
Voluntary Carbon Markets – Consultation Report On 3 December 2023, the International Organisation of Securities Commissions (IOSCO) published a Consultation Report with proposals to promote the integrity and the orderly functioning of the Voluntary Carbon Markets1 (VCMs). These recommendations are aimed at the regulators and other relevant authorities, while also to market participant, the objective…
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Proposal for amendment of the Regulation regarding benchmarks
On 17 October 2023 the European Commission (EC) published the proposal for amendment of Regulation (EU) 2016/1011 regarding benchmarks (the Regulation), which proposes changes as regards the scope of the rules, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements, which would be applicable…
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Proposal for a Directive of the European Commission on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market
The European Commission (EC) published on December 7, 2022 a set of proposals to make the capital markets of the European Union (EU) more attractive, grouped into three themes: i) measures on clearing, to make clearing services in the EU are more attractive and resilient in order to sustain strategic autonomy and preserve financial stability;…
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Proposal for a Regulation on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities
On 13 June 2023, the European Commission (EC) published the Proposal for a Regulation on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities (hereinafter the Regulation). ESG ratings offer an opinion, a score or a combination of these regarding the ESG elements of an entity, undertaking, financial instrument or financial product.…
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European Commission Retail Investment Strategy
On 24 May 2023, the European published its Retail investment strategy with which it aims to provide retail investors a framework that empowers them to make investment decisions that are aligned with their needs and preferences while, in turn, ensuring they have a high level of protection. By means of this initiative, the Commission seeks…
