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Public consultation on the draft Regulatory Technical Standards for Taxonomy-related sustainability disclosures. International Bulletin of June 2021.
On 2 February 2021, the European Supervisory Authorities (ESAs) published a final report containing the draft regulatory technical standards (RTS) in accordance with the provisions of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Disclosure Regulation). These disclosure RTS develop,…
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Trading venues and Market Intermediaries. Peer review of IOSCO standards and recommendations on business continuity. International Bulletin of June 2021.
Digitalisation offers enormous advantages for the development of a productive economy but it also gives rise to risks that can affect financial stability, and also to systemic risk. In the financial ecosystem, trading venues and market intermediaries are especially exposed to vulnerabilities deriving from the generalised disruption caused by new technologies. The potential vulnerabilities of…
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Guidelines on the MiFID II/MiFIR obligations on market data. International Bulletin of June 2021.
The provision of market data is essential for market participants to obtain a desired overview of trading activity. Therefore, MiFID II1/MiFIR2 introduced provisions to ensure that market data are available to market participants in an easily accessible, fair and non-discriminatory manner, to decrease the average cost of the market data and to make data available…
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European Commission public consultation on supervisory convergence and the single rulebook. International Bulletin of June 2021.
In response to the 2007 financial crisis, in January 2011 the European Union (EU) created three supervisory authorities for the financial markets, one for each of the three sectors (ESMA for the securities markets, EIOPA for insurance and EBA for banking), which, together with European Systemic Risk Board, make up the European System of Financial…
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Proposal for a corporate sustainability reporting directive. International Bulletin of June 2021.
Introduction: On 21 April, the European Commission (EC) presented a package of legislative measures which, in the same line as the Action Plan of March 2018 on financing sustainable growth and the European Green Deal of December 2019, aim to redirect capital flows towards sustainable economic activities. This package is made up of: • A…
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European Commission Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets and amending Directive (EU) 2019/1937. International Bulletin, March 2021.
The proposal for a regulation on markets in crypto-assets is part of the digital finance package that the European Commission (EC) published on 24 September 2020, which also includes the following initiatives: a) a new digital finance strategy to advance towards a European financial data area, promote new ways to channel finance to SMEs and…
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Final Report on draft Regulatory Technical Standards (RTS) developing Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. International Bulletin, March 2021.
On 2 February 2021 the European Supervisory Authorities (ESAs), through their Joint Committee, published a final report containing the draft regulatory technical standards (RTS) that develop the content, methodologies and presentation of the disclosures to be provided in accordance with the provisions of Articles 2a, 4(6) and 4(7), 8(3), 9(5), 10(2) and 11(4) of Regulation…
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ESMA Consultation Paper MiFID II/MiFIR Review Report on algorithmic trading. International Bulletin, March 2021.
Article 90 of MiFID II establishes that the European Commission (EC) must present a report to the European Parliament and the Council on a number of matters that are regulated in this Directive before 3 March 2020. In this case, ESMA submits 54 questions to public consultation on the impact of the requirements related to…
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New Action Plan of the European Commission to complete a Capital Markets Union for people and businesses. International Bulletin, March 2021.
On 24 September 2020 the European Commission (EC) published a Communication to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions in which it informed them of a new Action Plan to complete a Capital Markets Union (CMU) for people and businesses. This proposal is a continuation…
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Guidelines on outsourcing to cloud service providers. International Bulletin, March 2021.
The growing importance of cloud service providers (CSPs) reflects the benefits they have brought to businesses and, in turn, to investors by reducing costs as well as increasing efficiency and operational flexibility. However, using these providers poses a number of challenges in terms of location and data protection, as well as giving rise to potential…
