MiFID II: Impact on company financing in Belgium
|
|
- Theresa Anderson
- 8 years ago
- Views:
Transcription
1 MiFID II: Impact on company financing in Belgium Jean-Paul SERVAIS Chairman FSMA Chair ESMA Investor Protection & Intermediaries Standing Committee 25 April 2014
2 Overview 1. Timeline for MiFID II 2. MiFID II impact on (Belgian) markets 3. SME Growth Markets 4. Best execution 5. Recent Belgian reforms to improve access to capital 2
3 1. Timeline MiFID II/MiFIR (level 1): political agreement on 14 January 2014 vote at the European Parliament on 15 April 2014 Level 2 measures will specify MiFID II/MiFIR (ESMA's consultation papers expected before the summer) MiFID II (levels 1 and 2)/MiFIR: full application expected on 1 January
4 2. MiFID II impact on (Belgian) markets Belgian markets, issuers & investors benefit from the objectives of the MiFID I & II reforms: General objectives of MiFID I & II - Strengthening the integration, liquidity and efficiency of the European financial markets, which contribute to higher execution quality, lower costs, narrower spreads and a lower capital cost, to the advantage of investors and issuers, and indirectly of the European economy - Strong EU position in global competition and consolidation 4
5 2. MiFID II impact on (Belgian) markets (2) Specific objectives of MiFID II/MiFIR: - enhanced transparency on equity markets, including pan- European consolidation of transparency data - more competition and reduced (post-)trading costs - derivatives reforms aimed at safer and more transparent markets in line with G20 - stricter rules for high frequency trading - other measures to restore investor confidence after the financial crisis - enhanced market integrity by strengthening (enforcement) powers of competent authorities 5
6 3. SME Growth Markets in MiFID II MiFID II offers the legal option to create a multilateral trading facility (MTF) dedicated to SMEs, based on pan- European standards SME under MiFID II = company that has an average market capitalisation of less than EUR 200,000,000 At least 50% of the issuers on an SME growth market have to be SMEs. The MTF operator has to apply for registration of this SME market with its regulator 6
7 3. SME Growth Markets in MiFID II (2) Advantages: - facilitating access to capital - development of specialist markets for SMEs - raise visibility for SMEs Further ESMA level 2 work to set out common regulatory standards How to deal with companies issuing only bonds? Will bond issuers be taken into account for the 50% criterion? If yes, how? ESMA to consult on several possible alternative options 7
8 4. Best execution Best execution rules: strengthened on the basis of ESMA advice Execution quality data to be disclosed by execution venues at least annually Top five execution venues (in terms of trading venues) to be disclosed at least annually (for each class of financial instruments) by investment firms Better information to clients about the firm's best execution policy Market transparency and best execution result in modifications to order routing; linked to MiFID's goal of effective competition between trading systems 8
9 5. Recent Belgian reforms to improve access to capital Abolition of mandatory quarterly reporting & extension of publication deadline for half-yearly reporting Early implementation of directive 2013/50 by Royal Decree of 26 March 2014 in order to: - reduce the administrative burden associated with obligations linked to admission to trading on a regulated market for SMEs, in view of improving their access to capital; - reduce short-term pressure on issuers and give investors an incentive to adopt a longer-term vision. 9
10 5. Recent Belgian reforms to improve access to capital (2) Crowdfunding: new exemption to the "Prospectus Law" in order to facilitate the launching of certain forms of alternative financing. Each investor is limited to investing a maximum of 1000 Euros in the instruments offered, the total amount of the offer must be less than 300,000 Euros, and all documents relating to the public offer must mention the total amount as well as the maximum amount per investor. FSMA accelerated procedure for approving prospectuses for "plain vanilla" bond offerings (in 2013: 5 out 8 bond offerings took place according to this procedure open to companies subject to ongoing supervision of financial information by the FSMA) Measures to enhance FSMA surveillance and enforcement powers to contribute to market integrity 10
CMU and a review of the regulatory initiatives affecting the international securities markets ICMA/NCMF Bond Market Seminar, Helsinki Martin Scheck,
CMU and a review of the regulatory initiatives affecting the international securities markets ICMA/NCMF Bond Market Seminar, Helsinki Martin Scheck, 22 January 2015 Contents Introduction current status
More informationDETAILED TABLE OF CONTENTS
DETAILED TABLE OF CONTENTS Table of Cases Table of Legislation List of Abbreviations xxii xxv lxi I. Introduction 1 1.1 EU Securities and Markets Regulation 1 1.2 Securities and Markets Regulation and
More informationCOMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a
EUROPEAN COMMISSION Brussels, XXX SEC(2011) 1227 COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT
More informationCircular FSMA_2012_12 of 20/06/2012
%3:-=5+: Circular FSMA_2012_12 of 20/06/2012 &*($ =3./537/; 87 ;?;
More informationFINANCIAL SERVICES AND MARKETS AUTHORITY
FINANCIAL SERVICES AND MARKETS AUTHORITY PREFACE I would like to introduce the Financial Services and Markets Authority (FSMA) to you. The FSMA, along with the National Bank of Belgium (NBB), is entrusted
More informationMiFID II Trading Venues And High Frequency Trading
MiFID II Trading Venues And High Frequency Trading MiFID II Trading Venues And High Frequency Trading This is the third part in a series of Legal Longs on the MiFID II Directive [2014/65/EU] and the Markets
More informationGreen Paper of the European Commission on Long-Term Financing of the Economy
June 2013 Green Paper of the European Commission on Long-Term Financing of the Economy Reply of NASDAQ OMX The NASDAQ OMX Group, Inc. delivers trading, exchange technology and public company services across
More informationwww.pwc.ru/capital-markets Guide to listing of debt on European stock exchanges
www.pwc.ru/capital-markets Guide to listing of debt on European stock exchanges 2 PwC A number of European stock exchanges have become major centres for listing debt securities. The London, Irish and Luxembourg
More informationFlash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers
www.pwc.lu/regulatory-compliance Flash News European Parliament adopts MiFID II 23 April 2014 Following the political agreement reached on 14 January 2014 by the European Parliament, the Council and the
More informationTable of content. MiFID II: getting ready for implementation
Table of content MiFID II: getting ready for implementation The European Council adopted a set of legislation on 13 May 2014 regulating the trade in financial instruments and the investment services sector.
More informationListing of Shares on the Luxembourg Stock Exchange
Listing of Shares on the Luxembourg Stock Exchange The firm in brief Elvinger, Hoss & Prussen, leaders in their fields since 1964, has broad experience of working on all kinds of capital market transactions
More informationSummary. Key business impacts. Key business impacts. Trading venues. Product intervention commodity derivatives
Key business impacts Trading venues Product intervention MiFID 2: commodity derivatives Summary The Markets in Financial Instruments Directive (MiFID) required member state implementation by 1 November
More informationList of provisions for consumer protection
List of provisions for consumer protection Type of provision Lending platforms Equity and/or Debt platforms Maximum amount of investment for 40.000 Euro 20.000 Euro consumers on the platform Maximum frequency
More informationScope of the Securities Regulations
CHAPTER2 Scopeofthe SecuritiesRegulations T hemifidencompassesinvestmentfirms,regulatedmarkets,andmtf.itregulates investmentadviceasaservicerequiringauthorization.theu.s.regulationsfocus on brokers and
More informationInterest Representative Register ID number: 5437826103-53. 10 August 2011. By email to: Markt-g4@ec.europa.eu. Dear Sir/Madam
Interest Representative Register ID number: 5437826103-53 10 August 2011 By email to: Markt-g4@ec.europa.eu Dear Sir/Madam A New European Regime for Venture Capital IMA represents the UK-based investment
More informationPublic offers and admission to trading of bonds on a regulated market and establishment of an accelerated procedure for approving prospectuses
Communication _2010_28 of 20/12/2010 Public offers and admission to trading of bonds on a regulated market and establishment of an accelerated procedure for approving prospectuses Scope: The accelerated
More informationQ1. What is a systematic internaliser?
MiFID II/R: Systematic Internalisers A Q&A for bond markets July 2015 Q1. What is a systematic internaliser? A. A systematic internaliser (SI), under the EU MiFID regime, is an investment firm that deals
More informationCommunication for undertakings that distribute nonmainstream financial products (such as CFD s, binary options, etc.) online
Communication FSMA_2014_05 of 25/07/2014 Communication for undertakings that distribute nonmainstream financial products (such as CFD s, binary options, etc.) online Scope: This Communication is addressed
More informationCYPRUS: The location of choice for Floating in the Cyprus Stock Exchange creates new opportunities for companies
CYPRUS: The location of choice for Floating in the Cyprus Stock Exchange creates new opportunities for companies Floating on the E.C.M Emerging Companies Market Overview CSE s Emerging Companies Market
More informationEUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER
EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER 22 City Road Finsbury Square London EC1Y 2AJ Tel: +44 (0) 20 7448 7100 Fax: +44 (0) 20 7638 4636 Email: info@apcims.co.uk DRAFT TECHNICAL
More informationCESR Technical Advice to the European Commission in the Context of the MiFID Review Equity Markets
COMMITTEE OF EUROPEAN SECURITIES REGULATORS Answers provided by Date: April 2010 Ref.: CESR/10-417 Ref.: CESR/10-292 Ref.: CESR/10-394 CONSULTATION PAPER CESR Technical Advice to the European Commission
More informationMiFID 2: investor protection
Eligible counterparties Client classification Algorithmic trading Product governance Suitability and appropriateness MiFID 2: investor protection Independent advice Inducements Product intervention Summary
More informationLuxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products
Luxembourg News on MiFID II and its implementation Regulation on key information documents for investment products Final adoption of the UCITS V directive by the EU parliament Newsletter Q2/Q3 2014 Avocats
More informationEUROPEAN COMMISSION Directorate General Internal Market and Services. FINANCIAL SERVICES POLICY AND FINANCIAL MARKETS Securities markets
EUROPEAN COMMISSION Directorate General Internal Market and Services FINANCIAL SERVICES POLICY AND FINANCIAL MARKETS Securities markets 8 December 2010 PUBLIC CONSULTATION REVIEW OF THE MARKETS IN FINANCIAL
More informationDeutsche Schutzvereinigung für Wertpapierbesitz e.v. (DSW): Response to the Green Paper "Building a Capital Markets Union" (CMU) General remarks
(DSW): Response to the Green Paper "Building a Capital Markets Union" (CMU) General remarks DSW, Germany s largest association for private investors and other financial services users very much welcomes
More informationASSIOM S RESPONSE TO CESR S CONSULTATION Transparency of corporate bond, structured finance product and credit derivatives markets.
ASSIOM S RESPONSE TO CESR S CONSULTATION Transparency of corporate bond, structured finance product and credit derivatives markets February 2009 ASSIOM, the Italian Association of Capital Markets Dealers,
More informationCP ON TECHNICAL ADVICE ON CRITERIA AND FACTORS FOR INTERVENTION POWERS CONCERNING STRUCTURED DEPOSITS. Contents
EBA/CP/2014/20 5 August 2014 Consultation Paper Draft Technical advice on possible delegated acts on criteria and factors for intervention powers concerning structured deposits under Article 41 and Article
More informationCall for evidence on the impact of MiFID on secondary market functioning
Call for evidence on the impact of MiFID on secondary market functioning The ABI s Response to CESR 08-872 The ABI is the voice of the insurance and investment industry. Its members constitute over 90
More informationCOMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN COMMISSION BANCAIRE, FINANCIÈRE ET DES ASSURANCES BANKING, FINANCE AND INSURANCE COMMISSION
COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN BANKING, FINANCE AND INSURANCE COMMISSION The financial architecture and control measures of the financial institutions CONFERENCE OF THE FINANCE
More informationMiFID II/MiFIR series
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare MiFID II/MiFIR series Trading venues and market infrastructure Briefing
More informationSPECIAL REPORT SERIES: MARKET INFRASTRUCTURE UNDER MIFID II
SPECIAL REPORT SERIES: MARKET INFRASTRUCTURE UNDER MIFID II 13 June 2014 This Special Report is the fourth in FIA and FIA Europe s series covering specific areas of the European Securities and Markets
More informationMiFID II Key aspects. I. Introduction
MiFID II Key aspects I. Introduction Yesterday the final texts of the revised Markets in Financial Instruments Directive were published in the Official Journal of the European Union. The texts consist
More informationPublic consultation on Building a Capital Markets Union
Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green
More informationSeptember 2014. The CSD Regulation A guide for clients
September 2014 The CSD Regulation A guide for clients 1 Contents Introduction 3 About this guide 3 Background 3 Provisions for securities settlement (Title II) 4 Provision of banking-type ancillary services
More informationTransparency in the context of Secondary Markets Bond Trading
MiFID II Transparency in the context of Secondary Markets Bond Trading February 2015 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware
More informationOTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP
OTC derivatives reforming EU market structures Ash Saluja, Partner CMS Cameron McKenna LLP The OTC derivatives market - a brief reminder. Scope $605 trillion notional amount / $25 trillion gross market
More information30 January 2015. Via Electronic Submission. Fair and Effective Markets Review c/o Bank of England Threadneedle Street London, EC2R 8AH
30 January 2015 Via Electronic Submission Fair and Effective Markets Review c/o Bank of England Threadneedle Street London, EC2R 8AH Re: Fair and Effective Markets Review: Consultation document, October
More informationRegulatory Framework and Oversight
CHAPTER1 RegulatoryFramework andoversight A t a glance, one difference between the EU and U.S. securities regulations is the existence of a unified regulation in the EU under MiFID while in the United
More informationA practical guide to listing debt in London
A practical guide to listing debt in London A world-class market for listing and trading securities 1.0 London your first choice for international capital raising Issuers can gain a London listing through
More informationMiFID II: The new market structure paradigm
February 2014 MiFID II: The new market structure paradigm Overview On 14 January 2014, after months of negotiations, EU legislators reached political agreement on reforms to the Markets in Financial Instruments
More information2014 Amendment of Financial Instruments and Exchange Act, etc. (Act No.44 of 2014)
2014 Amendment of Financial Instruments and Exchange Act, etc. (Act No.44 of 2014) [Briefing Materials] May 2014 Financial Services Agency, Japan Table of Contents I. Outline of 2014 Amendment of Financial
More informationResponse of the Netherlands European Commission consultation document on the review of the Prospectus Directive
Response of the Netherlands European Commission consultation document on the review of the This is a joint reaction of the Netherlands Ministry of Finance, the Netherlands Authority for the Financial Markets
More informationRegulations affecting data management
ON THE RADAR: Regulations affecting data management Jacob Gertel, Senior Project Manager Legal & Compliance SIX Financial Information Today s focus: laws, regulations & directives relevant for you UCITS
More informationMiFID 2: markets. Summary. Key business impacts. Key business impacts. Trading venues. Trading and clearing requirements. Algorithmic trading
Key business impacts Trading venues Trading and clearing requirements Algorithmic trading Trading venues systems, circuit breakers, electronic trading and tick size regimes Pre- and post-trade transparency
More informationsmart guide to mobile call recording for MiFID II
smart guide to mobile call recording for MiFID II Contents smart summary 3 MiFID II what is it? 4 Does MiFID II apply to my firm? 5 The options to stay compliant 6 smart guide for mobile call recording
More informationWhere to List Bonds Issued in the International Markets by Asian Corporates?
May 2012 BRIEFING NOTE Where to List Bonds Issued in the International Markets by Asian Corporates? Introduction In this briefing note we highlight some of the factors which determine the choice of listing
More informationHigh Level Overview of Certain Key Regulatory Changes in Risk Management Trading in Europe *
High Level Overview of Certain Key Regulatory Changes in Risk Management for Electronic Securities Trading in Europe * * This paper presents the interpretation of FTEN. Inc. related to certain issues pertaining
More informationOpening remarks The current economic situation
Opening remarks Anneli Tuominen, Director General of Finnish Financial Supervisory Authority at the 4 th FIN-FSA Conference on EU Regulation and Supervision in Helsinki on 9 June 2015. Introduction Dear
More informationAffecting The Availability of
Financial Regulatory Factors Affecting The Availability of Long-Term Investment t Finance Eric Parrado H. Chairman Banking and Financial Institutions Regulation Authority of Chile Sixth Meeting of the
More informationIntroduction to the legal framework. COM(2011) 656 final (hereinafter MiFID II).
Baker & McKenzie Belgium Client Alert 10 March 2014 For more information, please contact Pierre Berger Partner pierre.berger@bakermckenzie.com Laura Anckaert Associate laura.anckaert@bakermckenzie.com
More informationThe Minister of Economy and Finance
The Minister of Economy and Finance Having regard to Law No 228 of 24 December 2012 laying down provisions for drawing up of the annual and multi-annual State budget ("Legge di stabilità 2013 2013 Stability
More informationMiFID II/MiFIR series
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare MiFID II/MiFIR series Impact on commodities and commodity derivatives
More informationMr Duisenberg discusses the role of capital markets and financing in the euro area Speech by Willem F Duisenberg, President of the European Central
Mr Duisenberg discusses the role of capital markets and financing in the euro area Speech by Willem F Duisenberg, President of the European Central Bank, at the Waarborgfonds Sociale Woningbouw in Utrecht,
More informationRecitals... 3. Recital 44... 3 Recital 46... 4 Recital 47... 5 Recital 48 a (new)... 6 TITLE I DEFINITIONS AND SCOPE... 6
EFAMA Position Paper on the European for a Directive of the European Parliament and of the Council on markets in Financial Instruments Repealing Directive 2004/39/EC of the European Parliament and of the
More informationPackaged Retail Investment Products Draft Position paper following The European Commission PRIPs Workshop, Brussels, 22 October 2009
Packaged Retail Investment Products Draft Position paper following The European Commission PRIPs Workshop, Brussels, 22 October 2009 Executive Summary * We strongly support the new horizontal approach
More informationSeDeX. The Certificates and Covered Warrants market: innovation and diversification
SeDeX The Certificates and Covered Warrants market: innovation and diversification SeDeX This regulated electronic market allows investors to trade efficiently thousands of listed instruments in real time.
More informationCouncil Conclusions on Finance for Growth and the Long-term Financing of the European Economy. ECOFIN Council meeting Brussels, 9 December 2014
Council of the European Union PRESS EN COUNCIL CONCLUSIONS Brussels, 9 December 2014 Council Conclusions on Finance for Growth and the Long-term Financing of the European Economy ECOFIN Council meeting
More informationA REGULATORY UPDATE ON CMU, MIFID II AND ITS EFFECT ON EUROPEAN COMPANIES
A REGULATORY UPDATE ON CMU, MIFID II AND ITS EFFECT ON EUROPEAN COMPANIES Robin Jezek, Head of Government Affairs September 29 th 2015 AGENDA: MIFID & CMU 1. EquiPes: MiFID II Market Structure & Transparency
More informationDELEGATED REGULATION (EU)
RTS 15: Draft regulatory technical standards on market making, market making agreements and marking making schemes COMMISSION DELEGATED REGULATION (EU) No /.. of [date] supplementing Directive 2014/65/EU
More informationUK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION
UK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION The UK welcomes the opportunity to respond to this consultation. Creating a Capital Markets Union
More informationEUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW
14/05/12 EUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW London Stock Exchange Group s additional responses to the consultation on the future of European company law. The London
More informationListing Debt in London
Listing Debt in London 1 London, the world s financial centre The London Stock Exchange Group operates at the heart of the world s financial centre Internationally focused open market culture Leading global
More informationTREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION
TREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION THE COMPANY TREETOP ASSET MANAGEMENT S.A. LEGAL FORM TreeTop Asset Management S.A. is a limited company under Luxembourg Law with its registered office
More informationFESE RESPONSE CESR consultation paper on Standardisation and exchange trading of OTC Derivatives Ref.: CESR/10 610
FESE AISBL Avenue de Cortenbergh, 52 B-1000 Brussels VAT: BE0878.308.670 Tel.: +32 2 551 01 80 Fax : +32 2 512 49 05 FESE RESPONSE CESR consultation paper on Standardisation and exchange trading of OTC
More informationMarket Analysis The Nature and Scale of OTC Equity Trading in Europe April 2011
Association for Financial Markets in Europe The Nature and Scale of Equity Trading in Europe April 2011 Executive Summary It is often reported that the proportion of European equities trading that is over-the-counter
More informationGLOBAL BANKING & MARKETS
GLOBAL BANKING & MARKETS Investors Day Boadilla del Monte. September 14 th, 2007 Important information 2 Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements
More informationSupervision of the securities market
Supervision of the securities market 12 MARCH 2015 12 march 2015 Ref. 15-2426 CONTENT SUMMARY 3 FI AND THE SECURITIES MARKET 5 The objective of FI s work on the securities market 5 Developments on the
More informationHow To Understand The New Financial Regulations In European Law
Seventh Annual MIG seminar: The Impact of MiFID II and EMIR on Commodities Hannah Meakin (Partner) and Cat Blake (Associate) 5 March 2014 Overview MiFID II: What are financial instruments? Additions and
More informationPublic consultation on Building a Capital Markets Union COM/2015/63 green paper
Public consultation on Building a Capital Markets Union COM/2015/63 green paper Jelena Soskic European Policy Advisor jso@danskerhverv.dk phone: +32 486 03 04 53 The Danish Chamber of Commerce welcomes
More informationHow To Write A New Law In The Uk
Transposition of the Markets in Financial Instruments Directive II March 2015 Transposition of the Markets in Financial Instruments Directive II March 2015 Crown copyright 2015 This publication is licensed
More informationSeptember 24, 2012. The Securities and Futures Commission 8/F Chater House 8 Connaught Road Central Hong Kong
The Securities and Futures Commission 8/F Chater House 8 Connaught Road Central Hong Kong Dear Sir or Madam: Re: Consultation Paper on the Regulation of Electronic Trading The Investment Company Institute
More informationCredit Rating Agencies Reducing reliance and strengthening oversight
29 August 2013 Credit Rating Agencies Reducing reliance and strengthening oversight Progress report to the St Petersburg G20 Summit Authorities need to accelerate work to end the mechanistic reliance of
More informationOrder book for Retail Bonds. Listing and admitting retail bonds
Order book for Retail Bonds Listing and admitting retail bonds ORB aims to offer retail investors efficient access to an on-screen secondary market in London listed debt instruments. Order book for Retail
More informationAN EU-LISTING SMALL BUSINESS ACT
AN EU-LISTING SMALL BUSINESS ACT - Establishing a proportionate regulatory and financial environment for Small and Medium-sized Issuers Listed in Europe (SMILEs) March 2010 Report by Fabrice DEMARIGNY,
More informationNavigating the Regulatory Maze. AIFMD Impact on Service Providers
www.pwc.com Navigating the Regulatory Maze Navigating the Regulatory Maze AIFMD Impact on Service Providers January 2011 AIFMD Impact on Service Providers The Alternative Investment Fund Managers Directive
More informationPART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act
1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:
More informationESMA MiFID II / MiFIR Consultation and Discussion Papers General Comments on Market Structure Issues
1 August 2014 ESMA MiFID II / MiFIR Consultation and Discussion Papers General Comments on Market Structure Issues Financial markets have changed and technology has evolved meaningfully since 2007 when
More informationBest Execution Policy for transactions in Financial Instruments
Best Execution Policy for transactions in Financial Instruments Belfius Bank has adopted this policy for the execution of its Clients orders in order to comply with the requirements of the European Directive
More informationThe Minister of Economy and Finance
The Minister of Economy and Finance Having regard to Law No 228 of 24 December 2012 laying down provisions for drawing up of the annual and multi-annual State budget ("Legge di stabilità 2013 2013 Stability
More informationMALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES
MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES The Investment Services Act (Chapter 370 of the Laws of Malta) ( ISA ) defines the term collective investment scheme as follows: "collective investment scheme"
More informationMarkets in Financial Instruments Directive II Implementation
Financial Conduct Authority Markets in Financial Instruments Directive II Implementation Consultation Paper I December 2015 Consultation Paper CP15/43*** Markets in Financial Instruments Directive II
More informationTransaction reporting
MEMORANDUM Date: 13 October 2006 Updated: 16 May 2011 Transaction reporting Finansinspektionen Box 7821 SE-103 97 Stockholm, Sweden [Brunnsgatan 3] Tel +46 8 787 80 00 Fax +46 8 24 13 35 finansinspektionen@fi.se
More informationTHE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES
March 15, 2013 THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES To Our Clients and Friends: On 16 August 2012, The European Market Infrastructure Regulation ( EMIR ) 1 came into force with immediate and
More informationMEDIA STATEMENT Electronic Trading Platform for RSA Government Bonds
MEDIA STATEMENT Electronic Trading Platform for RSA Government Bonds The National Treasury will implement an electronic trading platform ( ETP ) for the Primary Dealers ( PDs ) where the secondary market
More informationReply form for the ESMA MiFID II/MiFIR Discussion Paper. Template for comments for the ESMA MiFID II/MiFIR Discussion Paper
Reply form for the ESMA MiFID II/MiFIR Discussion Paper Template for comments for the ESMA MiFID II/MiFIR Discussion Paper 22 May 2014 Date: 22 May 2014 Responding to this paper The European Securities
More informationcontribution to the Green Paper "Building a Capital Markets Union" (CMU)
Securities and Markets Stakeholder Group Date: 12 May 2015 ESMA/2015/SMSG/017 PART II - Comments on the Quick Wins contribution to the Green Paper "Building a Capital Markets Union" (CMU) The Green Paper
More informationSea of Change Regulatory reforms charting a new course. Regulation of OTC derivatives markets. A comparison of EU and US initiatives.
Regulation of OTC derivatives markets A comparison of EU and US initiatives September 2012 Contents Overview Scope Core rules Clearing Trading Margin requirements for uncleared trades Reporting Other rules
More informationF R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T E U R O P E A N S E C U R I T I E S L E G I S L A T I ON
F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T E U R O P E A N S E C U R I T I E S L E G I S L A T I ON Who is affected by European securities legislation? European securities legislation applies
More informationPrinciples for US/EU Trading Platform Recognition
February 2016 Principles for US/EU Trading Platform Recognition In order to reduce the risk of market fragmentation and to enhance trading liquidity between US and European markets, the US Commodity Futures
More informationQuestions and Answers
Questions and Answers Implementation of the Regulation on short selling and certain aspects of credit default swaps (2 nd UPDATE) January 2013 ESMA/2013/159 Date: 29 January 2013 ESMA/2013/159 Contents
More informationDodd Frank: Investment Advisers and Pooled Investment Vehicles
Dodd Frank: Investment Advisers and Pooled Investment Vehicles Bridge Group May 13, 2011 Laurence V. Parker, Jr. Background Investment Advisers Act traditionally regulated money managers managing investments
More informationTransaction Reporting - What is Changing Under MiFID II
MiFID II Understanding and Practical Preparation Transaction Reporting - What is Changing Under MiFID II Transaction Reporting This paper forms part of MiFID II: understanding and practical preparation
More informationRevision of the Markets in Financial Instruments Directive (MiFID II) Fact Sheet
Revision of the Markets in Financial Instruments Directive (MiFID II) Fact Sheet Background to MiFID II and its purpose The Markets in Financial Instruments Directive ( MiFID ) came into force 1 November
More informationMr Roger Marshall Acting President EFRAG Board European Financial Reporting Advisory Group (EFRAG) 35 Square de Meeüs 1000 Brussels Belgium
* esma European Securities and Markel:s Authority *** The Chair 19 November2015 ESMA/2015/1739 Mr Roger Marshall Acting President EFRAG Board European Financial Reporting Advisory Group (EFRAG) 35 Square
More informationRef: B15.01 Eumedion response draft revised OECD principles on corporate governance
Organisation for Economic Co-operation and Development (OECD) Corporate Governance Committee 2, rue André Pascal 75775 Paris Cedex 16 France The Hague, 2 January 2015 Ref: B15.01 Subject: Eumedion response
More informationTHE ROAD TO THE STOCK EXCHANGE AN OVERVIEW
THE ROAD TO THE STOCK EXCHANGE AN OVERVIEW ADVOKATFIRMAN LINDAHL, NOVEMBER 2013 There are several reasons for an Initial Public Offering (IPO) on a stock exchange. A listing will enable the company to
More informationPreventing market abuse: Can market surveillance really improve amidst fragmentation and low-cost competition?
Preventing market abuse: Can market surveillance really improve amidst fragmentation and low-cost competition? Stock exchanges perform a vital function in society by enabling the listing and trading of
More informationPROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE
Ref. Ares(2010)892960-02/12/2010 PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE ON POSSIBLE LEVEL 2 MEASURES CONCERNING THE FUTURE DIRECTIVE ON ALTERNATIVE INVESTMENT FUND MANAGERS Table of Contents
More informationEUROPEAN COMMISSION S CONSULTATION DOCUMENT REVIEW OF THE PROSPECTUS DIRECTIVE
EUROPEAN COMMISSION S CONSULTATION DOCUMENT REVIEW OF THE PROSPECTUS DIRECTIVE Eumedion s online response dated 6 May 2015 Questions and answers (1) Is the principle, whereby a prospectus is required whenever
More informationFI report. Investigation into high frequency and algorithmic trading
FI report Investigation into high frequency and algorithmic trading FEBRUARY 2012 February 2012 Ref. 11-10857 Contents FI's conclusions from its investigation into high frequency trading in Sweden 3 Background
More information