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IOSCO Report on Good Practices on Processes for Deference. International Bulletin, November 2020.
In June 2019, IOSCO published a report on Market Fragmentation and Cross-Border Regulation (the “2019 Report”) which examined harmful, unintended market fragmentation in wholesale securities and derivatives markets. This report considered, among other things, the practical measures that IOSCO and its members could take to mitigate the adverse effects of this type of fragmentation and…
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Corporate bond market trends, emerging risks and monetary policy. International Bulletin, November 2020.
The OECD has published a report on the strengths and weaknesses of corporate bonds in financing the productive fabric as well as on emerging risks and the influence of monetary policy on this type of activity. This report asserts that this type of financing is directly conditioned by the evolution of the economy with its…
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Measures proposed by the European Commission´s Capital Markets Recovery Package due to the effects of the COVID-19 pandemic. International Bulletin, November 2020.
On 24 July 2020, the European Commission (EC) proposed a capital markets recovery package, as part of its general strategy for the recovery of the economy in the face of the pandemic caused by the coronavirus (COVID-19). The package proposes specific changes to capital markets rules to encourage investment in the economy, allow rapid recapitalisation…
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Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment. International Bulletin, November 2020.
On 22 June this year, Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020, on the establishment of a framework to facilitate sustainable investment, known as the Taxonomy Regulation and hereinafter referred to as the Regulation, was published in the Official Journal of the European Union (EU), coming into…
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ESMA Final Report to the European Commission on the pre- and post-trade transparency regime for non-equity instruments International Bulletin, November 2020.
Article 52(1) of MiFIR requires ESMA to submit a report to the European Commission (EC) on waivers of the pre- and post-trade transparency (publication) obligation for orders and transactions in non-equity financial instruments as referred to in sections 2 to 5 of Article 9 of MiFIR, among other matters, to be presented to the co-legislators…
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European Commission consultation on a new digital finance strategy for Europe / FinTech action plan. International Bulletin of June 2020.
On 3 April, the European Commission published a consultation on its new digital finance strategy. The aim of the consultation is to hear the views of a wide range of stakeholders, in particular: the Member States, national competent authorities (NCA), the European Supervisory Authorities, the European Central Bank, the EU financial industry (incumbent financial institutions,…
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European Commission public consultation on the review of the MiFID II/MiFIR regulatory framework. International Bulletin of June 2020.
On 17 February, the European Commission published a consultation to obtain the views of stakeholders on certain aspects of the legal regime for financial markets instruments regulated by MiFID II1/MiFIR2 and, where appropriate, propose any review that is deemed appropriate. The consultation is open until 18 May. The consultation document contains three sections. The first…
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Equity market development in Latin America. International Bulletin of June 2020.
The OECD has published a document called “Equity market development in Latin America: Enhancing Access to Corporate Finance”, in which it provides an overview of the problems and particular situation of the equity markets in six Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico and Peru). The report includes recommendations to support development of equity…
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Global stablecoin initiatives. International Bulletin of June 2020.
In mid-2019, the Board of the International Organization of Securities Commissions (IOSCO) agreed to set up a specific working group within its FinTech Network to consider and evaluate global “stablecoin” proposals, which are referred to either as “stable crypto-assets” or by its English term “stablecoins”, such as the well-known Libra project. This working group drafted…
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ESMA’s Technical Advice to the Commission on the impact of the inducements and costs and charges disclosure requirements under MiFID II. International Bulletin of June 2020.
On 31 March, the European Securities and Markets Authority (ESMA) published a report containing a series of proposals addressed to the European Commission aimed at improving the inducements and costs and charges disclosure requirements under MiFID II. This report includes an analysis of the information collected through a consultation carried out in July 2019 in…
