Regulation ESMA resumes US CCP recognition process following EU-US agreement
The European Securities and Markets Authority (ESMA) welcomes the common approach announced today by the European Commission and the US Commodity Futures Trading Commission (CFTC) on the equivalence of CCP regimes.
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Regulation ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty
The European Securities and Markets Authority (ESMA)’s latest report on Trends, Risks and Vulnerabilities No. 2, 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of (...)
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Regulation Basel III: regulators seem to ignore market failures
The changes in our regulatory framework (BASEL 3) and the widespread use of inappropriate IFRS rules will not solve the imbalances of the international financial and economic system
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Regulation Solvency II: Advantage convertible bonds
The results of QIS 5 confirmed that convertible bonds bear low capital cost. A balanced-profile convertible bond portfolio with optimized convexity therefore obtains a moderate intrinsic SCR whilst benefiting from «equity» (...)
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Regulation ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors
The European Securities and Markets Authority (ESMA) has agreed on measures on the provision of contracts for differences (CFDs) and binary options to retail investors in the European Union (EU).
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Regulation ESMA issues sector-specific principles on relocations from the UK to the EU27
The European Securities and Markets Authority (ESMA) has published three Opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets, aimed at fostering consistency in authorisation, supervision and (...)
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Regulation Regulatory outlook: 2011 and beyond
It is well documented that over the past two years the European and US Authorties have made numerous efforts to strengthen the regulatory and supervisory framework that apply to financial activities.
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Regulation ESMA identifies scope for greater EU harmonisation in prospectuses approval
The European Securities and Markets Authority (ESMA) has today published a peer review on the efficiency and effectiveness of European Union (EU) national securities markets regulators’ approval of prospectuses, the disclosure documents prepared by issuers when they want to (...)
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Regulation Investors should join forces to demand better sell-side research
A new survey draws attention to widespread flaws in sell-side research. But the advent of MiFID II may provide an opportunity for investors to push for change, write Steve Waygood and Anita Skipper.
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Regulation Amundi Alternative Investments obtains AIFM authorisation
Amundi Alternative Investments SAS (Amundi AI), a wholly-owned subsidiary of Amundi, has obtained AIFM authorisation from the French securities regulator (Autorité des Marchés Financiers) for all of its investment solutions. The AIFM directive, transposed by the EU member (...)
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Regulation Towards protection of swaps user margin and more scrutiny on high frequency trading
The SEC is considering whether new requirements should be imposed on high frequency trading and what benefits market makers should get for meeting those obligations. In the meantime the CFTC moves forward to protect swaps user margin from peer (...)
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Regulation OTC transactions on derivative products will require collateral deposits!
The European Union wishes to increase the cost on purely speculative transactions. A proper system would be set up in order to allow non-financial companies to use derivative products for « legitimate» hedging reasons…
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Regulation Global banks appear well-prepared to meet TLAC requirements
The Financial Stability Board also released details on total loss-absorbing capacity, or TLAC, requirements that all 30 G-SIBs will need to meet. The rule requires that a bank have sufficient amounts of debt that could be bailed in to recapitalize it in times of (...)
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Regulation EDHEC-Risk Institute draws the French Government’s attention to the inadvisability of imposing a Tobin tax in France
In an open letter dated January 10, 2012 addressed to the French Prime Minister, EDHEC-Risk Institute has underlined the difficulties and risks associated with implementing a tax on financial transactions in France…
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Regulation ESMA issues principles on supervisory approach to relocations from the UK
The European Securities and Markets Authority (ESMA) has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United (...)
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