Year: 2017

The Need for more Tech Know How in Banks’ Boardrooms

The digital revolution is here, but banks are ill-prepared to deal with the many facets of change. Regulators usually do not seem to be the ones driving the change in positive way, but sometimes things are different. A kind of paradigm shift at the German financial regulator might actually help financial institutions and insurers to …

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ESMA updates key transparency calculations for MiFID II implementation

The European Securities and Markets Authority (ESMA) has published an updated version of the MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments. This updated version mainly reflects changes in the classification of the instruments and the related parameters and resubmission of data by some trading venues. This new version is the one …

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ESMA advises on specific elements of the Short Selling Regulation

The European Securities and Markets Authority (ESMA) issues today its Technical Advice to the European Commission (EC) on how to improve the Short-Selling Regulation (SSR). In line with the mandate received, ESMA proposes a number of concrete amendments on controversial areas of the SSR to improve its relevance, effectiveness, coherence, and efficiency. ESMA’s Technical Advice …

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EBA publishes Opinion on the transition from PSD1 to PSD2

The European Banking Authority (EBA) published today an Opinion addressed to competent authorities on the transition from the existing Payment Services Directive (PSD1) to the revised Directive (PSD2), which will apply from 13 January 2018. In its Opinion, the EBA clarifies a number of issues identified by market participants and competent authorities, including with regard …

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Insider Trading of Bitcoin Cash – The Coinbase Allegations Explained

Often the world of cryptocurrencies is a mirror of the traditional world of finance, for example, when rumours started circling of potential insider trading of Bitcoin Cash (BCH) in relation to the trading launch of the cryptocurrency at Coinbase, one of the world’s biggest exchanges. On 19 December, the company announced on its blog that …

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Commission consults on building a proportionate regulatory environment to support SME listing

The European Commission has published a consultation on building a proportionate regulatory environment to support SME listing. The Commission statement invites all citizens and organisations to contribute to this consultation. Views are welcome, in particular, from Member States, national competent authorities and ESMA, as well as market participants such as SMEs (listed SMEs and those …

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European Watchdog provides last minute clarifications on MiFID II

With two weeks until the launch date of one of the biggest regulatory initiatives in history, the European Securities and Markets Authority (ESMA) has provided some clarity in respect of several aspects of MiFID II / MiFIR by publishing various documents. Investor Protection Q&As In an update to its Questions and Answers (Q&A) document on the …

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ESMA consults on Requirements under new Securitisation Regulation

The European Securities and Markets Authority (ESMA) has published three consultation papers on draft technical standards implementing the Securitisation Regulation (SR). The Regulation establishes a general framework for securitisation and creates a specific framework for simple, transparent and standardised (STS) securitisation. Securitisations are transactions that enable a credit institution or a corporation to refinance assets, …

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Crypto Exchanges and Wallet Providers: The current state of KYC verification and AML regulation

The Cryptocurrency KYC verification process for Exchanges and Wallet Providers could soon see some fundamental changes. European authorities heatedly discuss the question of if and how new AML regulation for Bitcoin and other Cryptocurrencies should be adopted or existing rules ought to be amended to fit the bill. The EU under pressure Following a number …

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EBA publishes Discussion Paper on EU implementation of the revised market and counterparty credit risk frameworks

The European Banking Authority (EBA) published today a Discussion Paper on the implementation in the European Union (EU) of the revised market risk and counterparty credit risk frameworks, i.e. the Fundamental Review of the Trading Book (FRTB) and the Standardised Approach for Counterparty Credit Risk (SA-CCR). This paper discusses some of the most important technical …

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