On 4 May 2017 the European Securities and Markets Authority (ESMA) and the Financial Services and Markets Authority (FSMA) of Belgium have issued a joint statement regarding the Euribor benchmark.
The key element of text is:
In 2015, EMMI (European Money Markets Institute) developed a methodology that would ground the Euribor entirely on transactions (“Euribor+”) and has subsequently […]
The European Commission is today (4 May 2017) proposing some targeted reforms to improve the functioning of the derivatives market in the EU. The reforms provide simpler and more proportionate rules for over-the-counter derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability. A good example of better regulation in practice, […]
[Newsflash n. 30]
After the implementation at primary legislation level through the amendment of the Italian Financial Act by Legislative Decree no. 71/2016, on 27 April 2017 CONSOB approved the amendments to “CONSOB Regulation on issuers” (11971/1999) and to the “Joint CONSOB-Bank of Italy Regulation dated 29 October 2007” on the organisation and procedures of intermediaries […]
[Newsletter n. 7]
On 6 April 2017 CONSOB published the required amendments to CONSOB Regulations on issuers (11971/1999), markets (16191/2007) and related party transactions (17221/2010) implementing the Market Abuse Regulation (EU Regulation No. 596/2014, “MAR”) and its related delegated acts.
The amendments have been issued following an intense work of the Regulator which elaborated the 21 […]
[Newsflash n. 29]
On 13 April 2017, CONSOB published some clarifications, in the form of Q&As, to the Recommendation n. 0092492 of 18 October 2016 (“Recommendation”) on the distribution of financial instruments through a multilateral trading venue (see our Newsflash n. 15).
The Q&As are divided into three main sections and aim at better specifying:
The European Securities and Markets Authority (ESMA) has added 10 new Q&As to its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The MiFID II Q&A provide clarifications on the following topics:
[Newsflash n. 25]
Following the rejection by the European Parliament (in September 2016) of the previous draft, on 8 March 2017 the European Commission published a revised version of its “level 2” Regulatory Technical Standards (“RTS”) under the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”).
In the revised RTS, the Commission has implemented most of […]
On 23 February 2017, the Securities and Exchange Commission (S.E.C.) published information and guidance for investors and the financial services industry on the fast-growing use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online with often limited human interaction.
Because of the unique issues raised by […]
On 8 February 2017, IOSCO published a report on the evolution of financial technologies and its intersection with securities markets regulation.
Many definitions of FinTech have been provided in the last year or so. IOSCO distinguishes two areas within the FinTech phenomenon: