Year: 2015

ESMA publishes consultation paper on Transaction Reporting, Reference Data, Order Records and Clock Synchronisation

The European Securities and Markets Authority (ESMA) has published today a Consultation Paper (CP) on guidelines regarding the Markets in Financial Instruments Regulation (MiFIR) under which ESMA has to develop the implementing details. The CP seeks stakeholders feedback on future guidance regarding: •              Transaction Reporting; •              Reference Data; •              Order Record Keeping;  •              Clock Synchronisation …

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ESMA issues MiFID II guidelines on cross-selling practices

The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package. The guidelines include principles on: •    improving disclosures when different products are cross-sold with …

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ESMA publishes results of second Market Abuse peer review

The European Securities and Markets Authority (ESMA) published today the results of its follow-up review of national competent authorities’ (NCAs) supervisory regimes with regard to the Market Abuse Directive (MAD). This review was limited to the areas where shortcomings were noted previously, and covered seven NCAs where some shortcomings had been noted in the previous …

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EBA consults on draft guidelines on remuneration requirements for sales staff

The European Banking Authority (EBA) launched today a consultation on its draft guidelines on remuneration policies and practices related to the sale and provision of retail banking products and services. The EBA has identified poor remuneration policies and practices as a key driver of miss-selling of financial products and services. The Guidelines are aimed at …

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ESMA publishes report on proxy advisors' best practice principles

The European Securities and Markets Authority (ESMA) today published its Follow-up Report on the development of the ‘Best Practice Principles for Providers of Shareholder Voting Research and Analysis’ (Principles) which looks at the proxy advisory industry’s progress in establishing and following a self-regulatory code of conduct.  Overall, ESMA finds that the industry is moving in …

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ESMA publishes CRA market share calculation

The European Securities and Markets Authority (ESMA) has published its annual market share calculation for EU registered credit rating agencies (CRAs). This calculation is required by Article 8d of the CRA Regulation, which aims to stimulate competition in the credit rating industry by encouraging issuers and related third parties to appoint smaller CRAs. The market …

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P2P and Marketplace Lending – An Introduction

The original idea behind Marketplace Lending, often synonymously used with P2P Lending, comes from loans being made between peers, i.e. peer-to-peer excluding traditional financial institutions as the middleman. Personal loans obviously are nothing new, but like in many fields the internet has become the game changer since it has introduced online platforms where borrowers and …

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FATF stresses importance of measures to counter terrorist financing and help defeat ISIL

In an address at Special Session of the United Nations Security Council meeting of Finance Ministers the president of the FATF, Je-Yoon Shin, stressed the importance of urgent action to implement FATF’s measures to counter terrorist financing and help defeat ISIL. Shin highlighted that terrorism needs money and since ISIL operates as a state and provides all the …

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