Year: 2016

Former portfolio manager sentenced to 12 months imprisonment for insider dealing

In a prosecution brought by the Financial Conduct Authority (FCA) Mark Lyttleton, a former Equity Portfolio Manager at BlackRock Investment Management (UK) Limited, has today been sentenced to 18 months reduced with credit to 12 months on two counts of insider dealing. A confiscation order was also made in the sum of £149,861.27 and costs awarded …

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ESMA updates on how to handle investment recommendations under MAR

The European Securities and Markets Authority (ESMA) has issued today a Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR). The purpose of this Q&A document is to promote common supervisory approaches and practices in the application of the MAR and its implementing measures. Today’s Q&As include new detailed answers …

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ESMA publishes MiFIR Q&A regarding data reporting

The European Securities and Markets Authority (ESMA) has published today its Questions and Answers (Q&As) document regarding the implementation of the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to …

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EBA recommends a harmonised EU-wide framework for covered bonds

The European Banking Authority (EBA) published today a Report including recommendations on how to harmonise covered bond framework in the EU. This Report represents an unparalleled attempt to further strengthen the covered bonds across the EU and seeks to ensure that only those financial instruments that comply with the harmonised structural, credit risk and prudential …

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European Supervisory Authorities consult on Big Data

The Joint Committee of the European Supervisory Authorities (ESAs) today launched a public consultation about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory actions may be needed. Big Data is a phenomenon linked to the ever increasing availability of data and advances …

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Australia embrasses sandbox approach with world-first licensing exemption for FinTechs

ASIC has today released class waivers to allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC Commissioner John Price said, ‘ASIC’s ‘fintech licensing exemption’ is unique. No other major jurisdiction has implemented a class waiver which allows eligible businesses to notify the regulator …

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EBA publishes final draft technical standards on cooperation and exchange of information for passporting under PSD2

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) specifying the framework for cooperation and exchange of information between Competent Authorities for passport notifications under the revised Payment Services Directive (PSD2). The technical standards will ensure that information about payment institutions and e-money institutions that carry out business in one …

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Big Data and FinTech – An Alpine Perspective

The Dolomites are sometimes considered the most beautiful mountain range in the Alps and that’s where you find Bolzano in the north-eastern part of Italy close to the Austrian border. Whether you agree or not with this statement, it is a region foremost known for its beautiful landscape, but you probably wouldn’t necessarily consider it …

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In a nutshell – The US Supreme Court on Insider Trading

What’s the news? The US Supreme Court yesterday decided in the case of Salman v. United States in favour of insider trading prosecutors. What is it about? Section 10(b) of the Securities Exchange Act of 1934 and the Securities and Exchange Commission’s Rule 10b–5 prohibit undisclosed trading on inside corporate information by persons bound by …

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