The International Organization of Securities Commissions (IOSCO) has published a consultation report concerning conflicts of interest and associated conduct risks during the equity capital raising process. The consultation report covers the key stages of the equity raising process where the role of intermediaries might give rise to conflicts of interest, and it requests public comment on IOSCO’s proposed guidance for tackling these issues. View Full Post
On 15 December 2017, the European Securities and Markets Authority (ESMA) published a statement explaining that it was considering the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection concerns posed by the marketing, distribution and sale of contracts for differences (CFDs) and binary options to retail investors. View Full Post
The UK Finance has published the following set of guidelines designed to help firms implement some of the key requirements under MiFID II: MiFID II product governance: Guidelines on target market identification. These guidelines focus on the identification of the target market, and are intended for use by MiFID firms who are manufacturers or distributors of financial instruments, as well as those providing services to clients. View Full Post
There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2194 of 14 August 2017 supplementing MiFIR with regard to package orders. The Delegated Regulation comprises of the following: Article 1 sets out the general methodology for establishing for which package orders there is a liquid market as a whole; and Articles 2 to 5 specify the conditions under which a package order can fulfil the asset-specific criteria set out in Article 1(b), respectively for interest rate derivatives (Article 2), equity derivatives (Article 3), credit derivatives (Article 4) and commodity derivatives (Article 5). View Full Post
The Joint Committee of the European Supervisory Authorities has published updated Q&As on the key information document (KID) requirements for packaged retail and insurance-based investment products as laid down in Commission Delegated Regulation (EU) 2017/653. The updated document includes new Q&As on the following: market risk assessment; performance scenarios; derivatives; multi-option products. View Full Post
There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions. View Full Post
There was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing MiFID II with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions. View Full Post
The European Securities and Markets Authority (ESMA) issued guidelines on alternative performance measures in order to promote the usefulness and transparency of alternative performance measures (APMs) included in prospectuses and/or regulated information. Adherence to the guidelines is intended to improve the comparability, reliability and/or comprehensibility of APMs. View Full Post
The European Securities and Markets Authority (ESMA) has published a speech by Steven Maijoor, ESMA Chair, given to the European Parliament’s Economic and Monetary Affairs Committee as part of the annual hearing of the chairs of the three European Supervisory Authorities. View Full Post
The FCA has published Consultation Paper 17/28: Financial Advice Market Review: implementation part II and insistent clients (CP17/28). In CP17/28 the FCA sets out proposals it has developed to support the UK’s advice sector following the recommendations set out in the Financial Advice Market Review (FAMR) final report. View Full Post