Regulation The Tobin tax
The Tobin tax : a periodically fashionable idea, « miracle cure» that often unleashes passions mostly for ideological reasons than economic. It is necessary to review its relevance by assessing it objectively, and understanding what can make it, in some ways, desirable, but (...)
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Regulation Extension of the ban on the taking of net short positions in ten French securities of the financial sector
The Board of the AMF considered that the market conditions were not satisfactory to lift the said ban.
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Regulation AMF renews the short selling ban on financial sector
The Board of the Autorité des marchés financiers (AMF) renews the ban on taking net short positions in French securities of the financial sector
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Regulation ESMA requires net short position holders to report positions of 0.1% and above
The European Securities and Markets Authority (ESMA) has issued a decision temporarily requiring the holders of net short positions in shares traded on a European Union (EU) regulated market to notify the relevant national competent authority (NCA) if the position reaches or (...)
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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 Financial transactions taxation is applicable to France
According to the firm 99 Partners Advisory, it is possible, from now, to put in place a tax on financial transactions,
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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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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 Reconciling bank processing and prudential regulation
The introduction of new liquidity ratios could undermine banking core business
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Regulation ESMA rules aim to curb excessive risk taking by alternative fund managers
The European Securities and Markets Authority (ESMA) has published final Guidelines on remuneration of alternative investment fund managers (AIFMs). The rules will apply to managers of alternative investment funds (AIFs) including hedge funds, private equity funds and real (...)
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Regulation ESMA consults on future reporting rules for securities financing transactions
The European Securities and Markets Authority (ESMA) has issued today a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking (...)
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Regulation Regulations and investment funds
New European legal framework, offshore passports in issue, Benoit de la Chapelle-Bizot, Financial Counselor, Head of the French Government’s Economic and Finance Department, presents an update on recent regulatory developments relating to investment (...)
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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 ESMA adds Index CDS to central clearing obligation
The European Securities and Markets Authority (ESMA) has today finalised and issued a draft regulatory technical standard (RTS) for the central clearing of Credit Default Swaps (CDS), ESMA is required to develop RTS which implement the European Market Infrastructure (...)
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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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