The European Securities and Markets Authority (ESMA) has issued an Opinion on the extent to which different types of units or shares (share classes) of the same UCITS fund can differ from one another, having found diverging approaches in different EU countries. UCITS can be sold to retail investors throughout the EU. However, there is…
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The European Securities and Markets Authority (ESMA) has published a new Questions and Answers (Q&A) document, comprising six questions, on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers. An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a…
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The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published today their joint report on the functioning of the Capital Requirements Regulation (EU) No 575/2013 (CRR) with the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR). The report calls for the requirements for credit, market, and counterparty credit risk in the…
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The European Securities and Markets Authority (ESMA) has issued today an Opinion regarding the scope of the product intervention powers under the Markets in Financial Instruments Regulation (MiFIR). These powers can be exercised by both national competent authorities (NCAs) and ESMA from 3 January 2018. Currently, the powers will only apply to MiFID investment firms…
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The European Securities and Markets Authority (ESMA) risk assessment has updated its Risk Dashboard for the third quarter of 2016. The overall assessment of risk levels in EU markets under ESMA’s remit, remains unchanged for the time being, characterised by continued very high credit and market risks. The risk outlook is stable across all risk…
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The European Securities and Markets Authority (ESMA) has finalised its technical advice to the European Commission on important aspects of future rules for benchmarks. In particular, ESMA provides advice on: how benchmarks’ reference values can be calculated by using data reporting structures under existing EU rules such as MiFID II and EMIR; some of the…
Read moreThe European Securities and Markets Authority (ESMA) and the IFRS Foundation have announced an updated set of protocols under which the two organisations will deepen their cooperation on the development of IFRS Standards and support for their consistent application across the European Union. The mission of the IFRS Foundation, through its standard-setting body, the International Accounting…
Read moreThe European Securities and Markets Authority (ESMA) has published today an updated version of its question and answer document (Q&A) on the application of the Markets in Financial Instruments Directive (MiFID) to the marketing and sale of financial contracts for difference (CFDs) and other speculative products to retail clients (such as binary options and rolling…
Read moreThe European Securities and Markets Authority (ESMA) has published a Questions and Answers (Q&A) document regarding the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). MiFID II will enter into application on 3 January 2018 and will strengthen the protection of investors by both introducing new…
Read moreThe European Securities and Markets Authority (ESMA) has issued today a report on securities financing transactions (SFTs), leverage and pro-cyclicality in the EU’s financial markets. ESMA’s report assesses whether the use of SFTs leads to the build-up of leverage which is not yet addressed by existing regulation, how to tackle such build-up, and whether there…
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