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Legislative proposal of the European Commission on the creation of a European single access point. International Bulletin, March 2022.
In September 2020, the European Commission (EC) published a Communication announcing its new Action Plan to achieve a real Capital Markets Union (CMU)1. One of the main proposals contained in this document was the creation of a single access point with financial and non-financial information on companies in the European Union (EU) with the aim…
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Environmental, Social and Governance (ESG) Ratings and Data Products Providers. International Bulletin, March 2022.
In November 2021 the International Organisation of Securities Commissions (IOSCO) published a report called “Environmental, Social and Governance (ESG) Ratings and Data Products Providers” which reflects, among other significant issues, the exponential growth in the use of ESG ratings and data products as a result of investors’ growing interest in companies that develop sustainable activities.…
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Final Report of the High-Level Forum on the Capital Markets Union. International Bulletin, November 2020.
In November 2019 the European Commission (EC) set up the High Level Forum on the Capital Markets Union (HLF), made up of high-level experts from the financial services area, whose task was to write a report identifying the main obstacles and the steps to be taken to further the Capital Markets Union (CMU). Its activity…
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Draft Report of the European Parliament on the European Commission proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology. International Bulletin of November 2021.
On 9 March, the Committee on Economic and Monetary Affairs (ECON) of the European Parliament published a draft report (prepared by Johan Van Overtveldt of the European Conservatives and Reformists Group) on the European Commission proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology. Following the submission of…
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Proposal for a Regulation on European green bonds. International Bulletin of November 2021.
On 6 July 2021, the European Commission (EC) published its proposal for a Regulation on European green bonds (the Regulation), the purpose of which is to establish a common regulatory framework for the use of the designation “European green bond” or “EuGB” and a system for registering and supervising the companies that act as external…
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Lessons learnt from the COVID-19 pandemic from a financial stability perspective. Interim report of the Financial Stability Board. International Bulletin of November 2021.
The COVID-19 pandemic is the first major test of the global financial system since the G20 reforms were put in place following the great financial crisis (GFC) of 2008. Unlike the previous crisis, this time the problem originated outside the financial system. The pandemic, together with the lockdown measures introduced by governments, brought economic activity…
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Review of MAR Guidelines on the delay in the disclosure of inside information and interactions with prudential supervision. International Bulletin of November 2021.
Article 17 of Regulation (EU) 596/2014 on market abuse (MAR) establishes that issuers must publicly disclose any inside information that directly concerns them as soon as possible. Pursuant to the aforesaid regulation, inside information is considered to be that of a precise nature that has not been made public, that refers directly or indirectly to…
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Public consultation on social taxonomy. International Bulletin of November 2021.
Introduction: Environmental taxonomy and the Platform on Sustainable Finance In 2018, the European Commission (EC) published its Action Plan for a greener and cleaner economy containing ten actions aimed at the financial sector to redirect capital flows into sustainable investment, among other objectives. One of these actions is the development of a classification system for…
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Strategy to finance the transition to a sustainable economy. International Bulletin of November 2021.
In a Communication addressed to the European Parliament, European Council, European Economic Social Committee and Committee of the Regions in December 2019, the European Commission (EC) presented its “European Green Deal” in response to the challenges caused by climate change and environmental degradation. This agreement specifically includes the main thrust of the growth strategy to…
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ESMA’s Technical Advice to the Commission on the application of administrative and criminal sanctions under MiFID II/MiFIR. International Bulletin of June 2021.
ESMA has published a final report with technical advice to the European Commission (EC) on the application of administrative and criminal sanctions under Directive 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR) on markets in financial instruments. The report has been published on the ESMA website and was sent to the EC on 3 March.…
