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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…
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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…
