May 2016

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ESMA publishes updated EuSEF and EuVECA Q&A

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the European Social Entrepreneurship Funds (EuSEF) and the European Venture Capital Funds (EuVECA) Regulations. The Q&A includes a new question and answer on the use of the designations of EuSEF and EuVECA funds when marketed …

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ESMA consults on CSDR guidelines on participant default rules and procedures

The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on participant default rules and procedures under CSDR. The purpose of the proposed guidelines is to specify the steps a central securities depository (CSD) should set up in its rules and follow in case insolvency proceedings are opened with respect to one …

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The case for gamification in Compliance Training

Let’s face it; every year it’s the same drama when you as a compliance officer have to sit down your colleagues for another round of compliance training. Often considered boring and dull, a check-box exercise or a colossal waste of precious time, experiences range from staff enduring it stoically with little interaction (if delivered personally), …

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ESMA issues opinion on MiFID II standards on ancillary services

The European Securities and Markets Authority (ESMA) has issued today an Opinion in response to a letter sent by the European Commission (Commission) asking to amend its draft RTS 20 under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). RTS 20 provides criteria to establish when a non-financial firm’s commodity derivatives trading …

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ESMA publishes Q&A on MAR implementation

The European Securities and Markets Authority (ESMA) has today issued Question and Answers (Q&A) regarding the implementation of the Market Abuse Regulation (MAR). The MAR Q&A provides common answers to question regarding practical issues regarding the implementation of the new MAR regime. This Q&A clarifies the scope of firms subject to the MAR provision to …

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French financial watchdog announces the creation of a FinTech division

The AMF is creating a separate division, operational as of 1 June, to respond to changes in consumption patterns which have been amplified by technological innovation and the globalisation of financial services. Under the leadership of Franck Guiader, the FinTech, Innovation and Competitiveness (FIC) division will analyse innovations taking place in the investment services industry …

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ESMA consults on implementing measures for Benchmarks Regulation

The European Securities and Markets Authority (ESMA) has today published a Consultation Paper (CP) on draft implementing measures regarding the Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input on draft Technical Advice (TA) it is supposed to develop in order to detail the implementation of the incoming BR which was introduced following the rigging of …

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European Parliament wants AML and CFT watchdog for Bitcoin and virtual currencies

The EU Commission should set up a task force to monitor virtual currencies, like Bitcoin, to prevent their being used to launder money or finance terrorism, said Parliament in a non-binding resolution voted on Thursday. The proposal, set out in a resolution drafted by Jakob von Weizsäcker (S&D, DE) suggests that the task force, which …

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FCA publishes report on Market-Based Finance

The FCA today published Occasional Paper No. 18: Market-Based Finance: Its Contributions and Emerging Issues. This paper provides an overview of the evolution as well as recent innovations in market-based finance (MBF). It argues that MBF is not merely an alternative way of providing banking-like services; it is in many ways a more efficient means of creating, …

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First phase of a global code of conduct for currency markets published

The first phase of the Global Code of Conduct for the Foreign Exchange Market  and principles for adherence to the new standards were released today in New York by the Foreign Exchange Working Group (FXWG). “In a globalised world, the foreign exchange market is one of the most vital parts of the financial plumbing,” said …

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