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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.…
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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…
