The outstanding topics of this Newsletter are the following ones:

• The future Money Market Funds Regulation (about to be published) that seeks to guarantee the smooth functioning of the short-term finance market and maintain its essential role in financing the real economy, particularly SMEs.

• The European Commission’s proposal with regards a new Regulation on recovery and resolution of central counterparties in the European Union, with the aim of completing the regulatory framework for these market infraestructures.

• A European Parliament’s resolution with regards the Green Paper on retail financial services which supports the European Commission initiative and points out what should be the short- and long-term priorities in order to achieve a completely integrated market.

• ESMA 2017 Work Programme which consists of four sub-Programmes depending on the subject. Specifically, the article provides a brief summary of the Supervisory Convergence, Risk Assessment and Regulatory Work Programmes.

• The new IOSCO "Enhanced" Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), expanding the assistance and information sharing between the competent authorities to five new areas in order to continue assuring an effective supervision of securities markets on the global stage.

• The report of the Financial Stability Board (FSB) which presents 14 policy recommendations that require further work and to assess the role of the existing policies, once the sources of vulnerabilities in the asset management activity that could affect the global financial system have been identified.