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Set of proposals from the European Commission on the admission to trading of companies (listing act)
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 European Union they are more attractive and resilient in order to sustain strategic autonomy and preserve…
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Proposal for a Regulation as regards measures to mitigate excessive exposures to third-country CCPs and improve the efficiency of Union clearing markets (“EMIR 3”)
Based on the framework for centralised clearing established by EMIR and its implementing regulations, the proposal of the European Commission (EC) identifies certain areas that require simplification in order to promote the attractiveness of European central counterparties (CCPs) inside and outside the European Union (EU). Among other aspects, the proposal focuses on the lengthy and…
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Report on the self-assessment exercise of IOSCO principles 1-5. Capacity, independence and resources of securities market regulators
The IOSCO principles constitute for the supervisory entities, the cornerstone of the international regulation of the securities markets, its inalienable objectives are the investors` protection, the existence of efficient and transparent markets and the reduction of systemic risk. The IOSCO principles consist of 38 objectives, divided into 7 different sections. Principles 1 to 8 refer…
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Report on the Evaluation of the Effectiveness of the 2017 FSB Recommendations on the Management of the Liquidity Mismatch of Open Funds
In 2017, the Financial Stability Board ("FSB") published Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities ("FSB Recommendations"), which included liquidity mismatches in open funds ("Open Ended Funds" or "OEF"). Taking most of these recommendations into consideration, IOSCO issued in 2018 the Recommendations for Liquidity Risk Management for Collective Investment Schemes. The Report…
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Investor protection. IOSCO retail market conduct Task Force final report
Following extensive engagement and work with IOSCO members, industry and other stakeholders, the Final Report of the Retail Market Conduct Task Force (RMCTF) has finally been approved by the Board of IOSCO. The report sets out a toolkit for regulators to use when addressing changing behaviours of retail investors and the evolving ways in which…
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IOSCO’s and BIS’ Report on client clearing: access and portability. International Bulletin of November 2022.
On 8 September 2022, the International Organization of Securities Commissions (IOSCO) and the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) published a report (the “Report”) on access to central clearing that aims to increase the common understanding of certain new access models (“direct” and “sponsored” access models) and effective porting practices…
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IOSCO’s Final Report on Retail Distribution and Digitalization. International Bulletin of November 2022.
On 12 October 2022, the International Organization of Securities Commissions (IOSCO) published its final report on Retail Distribution and Digitalization (the Report). The Report aims to assist IOSCO members to implement approaches to meet the growing challenges of digitalization and online activities. The Report provides a Policy Toolkit, as well as an Enforcement Toolkit, to…
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Disclosure, Inducements and Suitability Rules for Retail Investors Study. International Bulletin of November 2022.
One of the aims of the Capital Markets Union Action Plan is to strengthen retail investor confidence in such markets. To this end, the European Commission plans to publish its Retail Investment Strategy in 2022, but it could also be in 2023, to promote retail investor access to competitive financial markets, taking into account the…
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ESMA Final Report on the Guidelines on certain aspects of the MiFID II suitability requirements. International Bulletin of November 2022.
On 23 September 2022 the European Securities and Markets Authority (ESMA) published its Final Report on the Guidelines on certain aspects of MiFID II suitability requirements (the “Guidelines”). The first Guidelines were published in 2012 with the aim of clarifying certain aspects of the MiFID suitability requirements. In 2018, after the adoption of MiFID II,…
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Text of the provisional agreement of the European Parliament and of the Council on the draft Regulation on digital operational resilience for the financial sector. International Bulletin of November 2022.
The provisional agreement on the Regulation on digital operational resilience for the financial sector (the Digital Operational Resilience Act or DORA), between the European Parliament and the Council, took place on 11 May. This Regulation is part of the set of measures on digital finance that the European Commission (EC) published on 24 September 2020,…
