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ESMA Annual Work Programme for 2023 International Bulletin, November 2022.
ESMA’s main mission is to enhance investor protection and promote stable and orderly financial markets, and to this end it has published its new multi-annual 2023-2028 Strategy which sets out the approach and objectives for the next five years. The ESMA Annual Work Programme (AWP) for 2023 is consequently based on the three strategic priorities…
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Proposal for a Directive on corporate sustainability due diligence. International Bulletin, June 2022.
On 23 February 2022, the European Commission (EC) published its proposal for a Directive on corporate sustainability due diligence (the Directive). Its objective is for companies to act with due diligence when identifying, preventing, mitigating, eliminating, or failing that minimising, external damage resulting from actual or potential adverse impacts on human rights and the environment,…
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ESMA final report on the draft technical standards under the Regulation 2020/1503 on European crowdfunding service providers for business. International Bulletin, June 2022.
On 10 November 2021, ESMA published its final report on the draft technical standards developing Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business. Regulation (EU) 2020/1503, which was published in the Official Journal of the European Union on 20 October 2020…
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IOSCO Report on Market Data on Secondary Equity Markets. International Bulletin, June 2022.
In April 2022, IOSCO published a report outlining some issues and considerations for regulators regarding market data and their dissemination. The report stresses that these data are an essential element for price discovery and for the promotion of fair and efficient markets. Specifically, they allow market participants to identify liquidity, make informed decisions on order…
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Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management. International Bulletin, June 2022.
IOSCO published its Report on the Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management (Report), on 2 November 2021. This report follows and builds upon the IOSCO´s Consultation Report (Consultation Report), from June 2021, under the same title as the Report. The Report aims to improve (a) sustainability-related practices, policies, procedures, and…
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Proposed amendments to the Central Securities Depositories Regulation. International Bulletin, June 2022.
The revision of the Central Securities Depositories Regulation (CSDR) represents an essential step in the Capital Markets Union (CMU) Action Plan, the main objective of which is to introduce greater efficiency in the field of post-trading in the European Union (EU), and it also addresses points for improvement that have been identified relating to supervisory…
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Targeted consultation on the listing act: making public capital markets more attractive for EU companies and facilitating access to capital for SMEs. International Bulletin, March 2022.
On 19 November 2021 the European Commission (EC) published a targeted consultation to gather information from interested parties on how to attract European Union (EU) companies, in particular small and medium-sized enterprises (SMEs), to public capital markets so as to reduce their reliance on traditional sources of financing and, consequently, how to promote the activity…
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Proposed amendments to the AIFMD and the UCITS Directive. International Bulletin, March 2022.
On 25 November 2021, the European Commission (EC) published its proposal for a Directive amending Directive 2011/61/EU on alternative investment fund managers (the AIFMD) and Directive 2009/65/EC on undertakings for collective investment in transferable securities (the UCITS Directive). The EC reviewed the application of the AIFMD, as established therein, concluding that its objectives have been…
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Principles on Outsourcing. IOSCO Final Report. International Bulletin, March 2022.
IOSCO has published a report analysing recent developments in outsourcing by participants in the securities markets and to update the existing IOSCO Principles on Outsourcing to address these developments. Committee 2 on Secondary Markets (C2), Committee 3 on the Regulation of Financial Intermediaries (C3), Committee 6 on Credit Rating Agencies (C6), and Committee 7 on…
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Proposal to amend the Markets in Financial Instruments Regulation (MiFIR). International Bulletin, March 2022.
Within the framework of the Capital Markets Union (CMU), the European Commission (EC) intends to review certain MiFIR provisions in order to favour access to market data for investors (retail investors in particular) and foster stronger market infrastructures. It also seeks to improve the liquidity of the capital markets while at the same time encouraging…
