-
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…
-
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…
-
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…
-
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…
-
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,…
-
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,…
-
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…
-
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,…
-
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…
-
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…
