The outstanding topics of this Newsletter are:

• The European Commission´s communication, published September, 16, addressed to the European Institutions (European Parliament, Council, European Central Bank, European Economic and Social Committee and Committee of the Regions) in order to accelerate the reform which allows stepping up the creation of the Capital Markets Union in the European Union.
   
• The document recently published by the European Commission with a summary of the contributions received to the “Call for Evidence” regarding the accumulated impact of the “EU framework for financial services in the European Union”.
   
• The FSB 2nd annual Report with the purpose of bringing the attention to the G20 on the implementation progress and the effects of its “Programme of Financial Regulatory Reforms”, adopted to address the last financial crisis.
   
• An analysis of the Fintech phenomenon in the securities markets, with special emphasis on those innovations that are attracting great attention from regulators, namely crowdfunding, distributed ledger technology -DLT-, automated financial advice or robo-advice, and big data.
   
• Two Guidelines, published on July 13, on persons receiving market soundings and on the delay in the disclosure of inside information that develop the Market Abuse Regulation (MAR) in order to adequately manage the inside information in both cases.
   
• The different options to carry out the assets segregation obligation with regards to the client´s investment funds when safe-keeping of assets is delegated to third parties, regulated in the Directive 2011/61/EU on Alternative Investment Fund Managers (hereinafter, AIFMD), and more recently, Directive 2014/91/EU (known as UCITS V Directive) which amends Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (UCITS).