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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…
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IOSCO public consultation of May 2023 on Recommendations for crypto and digital asset markets and intermediaries and public consultation of September 2023 on Recommendations for decentralised finance (DeFi)
On 23 May 2023, the International Organisation of Securities Commissions (IOSCO) published a consultation report with the aim of proposing a set of recommendations related to crypto and digital asset markets to address market integrity and investor protection. Said consultation is part of the works by the Financial Stability Board (FSB) on crypto-assets and financial…
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ESMA Report on the Call for Evidence on pre-hedging
On 12 July 2023, ESMA published a Report tackling the possible treatment deserved by pre-hedging practices, carried out by liquidity providers when trading financial instruments. For this, the document published analyses the responses received resulting from the Call for Evidence (CfE) launched in July 2022. In particular, ESMA studies two specific cases related to pre-hedging:…
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Report on best practices related to the application of IOSCO principles for exchange traded funds
Exchange traded funds (ETFs) fall within a category of collective investment schemes with equity stakes listed on secondary markets. Thus, unlike the units of traditional funds that are subscribed or redeemed at their net asset value, calculated once a day, ETF units can be acquired and sold on said markets during trading hours, benefiting from…
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Consultation paper on the review of the SFDR Delegated Regulation
On April 12, 2023, the European Supervisory Authorities (ESAs) published a consultation paper on the proposed amendments to the Delegated Regulation of Regulation (EU) 2019/2088 on disclosure on sustainability (Delegated Regulation). The public consultation will be open until July 4, 2023. The review of the Delegated Regulation responds to a mandate of the European Commission…
