April 2016

IOSCO reports on Regulatory Approaches and Tools against Cyber Risks

The Board of the International Organization of Securities Commissions (IOSCO) today published a report that brings together insights and perspectives from IOSCO’s various policy, stakeholder and regional committees on the topic of cyber resilience. The cyber risk constitutes a growing and significant risk to the integrity, efficiency and soundness of financial markets worldwide. In fact, …

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ESMA urges better supervision of investment advice to retail clients

The European Securities and Markets Authority (ESMA) has today published a peer review on how national regulators assess compliance with MiFID’s suitability requirements when firms provide investment advice to retail clients. These requirements are designed to ensure that firms only recommend suitable investment products, based on the investor’s profile. Overall, ESMA found that while most …

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European Regulators finalise Key Information Documents for retail investors in the EU

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA – ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The proposed KIDs provide retail investors for the first time across the EU with simple and comparable information on investment …

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ESMA publishes Discussion Paper on UCITS share classes

The European Securities and Markets Authority (ESMA) has today published a discussion paper on UCITS share classes (the DP). The Undertakings for Collective Investment in Transferable Securities (UCITS) Directive recognises the possibility for UCITS to offer different share classes to investors but it does not prescribe whether, and to what extent, share classes of a …

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FCA views on increasing electronification of trading

Edwin Schooling Latter, Head of Markets Policy, FCA, delivered a speech on how the FCA views the increasing electronification of trading at the FIX 2016 EMEA Trading Conference. In his speech, he pointed out that electronification has many advantages, but also poses risks and raises questions that need to be discussed such as: Is electronification, …

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EBA consults on draft amending standards on CVA proxy spread

The European Banking Authority (EBA) launched today a public consultation on draft amending Regulatory Technical Standards (RTS) on credit valuation adjustment (CVA) proxy spread. These RTS propose limited amendments to Commission’s Delegated Regulation (EU) No 526/2014 based on two policy recommendations contained in the EBA’s CVA report published on 25 February 2015. Through the proposed …

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ESMA updates its Q&A document on prospectus related issues

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&A) on prospectus related issues. The Q&A includes two new questions and answers on the capitalisation and indebtedness table and the validity of the base prospectus. The purpose of the Q&A document is to promote common supervisory approaches and practices in …

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FCA publishes 2016/17 Business Plan

The Financial Conduct Authority (FCA) has today published its annual Business Plan. The Business Plan outlines seven priority themes which will guide how the FCA will use its flexible resources and provide additional focus for the core activities of the organisation. The seven themes are: pensions, financial crime and anti-money laundering, wholesale financial markets, advice, innovation …

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FCA consults on fees and levies

The FCA today published Consultation Paper CP16/9: FCA regulated fees and levies: rates proposals 2016/17. The FCA has published this consultation since it is funded entirely by the fees and levies recovered from the firms it regulates and receives no subsidies from other sources. The proposals in this Consultation Paper (CP) will enable the regulator to raise the …

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