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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…
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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…
