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The European Securities and Markets Authority (ESMA) has published two sets of opinions and proposed changes to the MiFID II / MiFIR regulatory technical standards (RTS); namely regarding RTS 2 (non-equity transparency) and 21 (position limits). It has also published an accompanying letter to the European Commission, in which it states that “regarding the proposed amendments to draft RTS 21, ESMA is supportive of most of the proposals suggested by the Commission and has revised…
On Wednesday 9 September, the Board of Supervisors (BoS) of the European Banking Authority (EBA), which brings together the banking supervisors of all 28 EU Member States, confirmed the extension of the mandates of Andrea Enria and Adam Farkas. Mr. Enria and Mr. Farkas act respectively as Chairperson and Executive Director of the EBA. The appointment extends their initial 5 year term by another 5 years – from 2016 to 2021. Mr. Enria and Mr. Farkas…
The EU’s flagship Capital Markets Union (CMU) intends to stimulate the free flow of capital in the EU. Earlier this year, the European Commission kick-started the project by launching three different consultations on ways of unclogging investment into European companies and building a single EU market for capital that relies less heavily on bank funding. The consultations closed in May and the Commission is now expected to publish a CMU ‘Action Plan’. The plan, due…
The European Commission has published correspondence between it and the European Securities and Markets Authority (ESMA) and the European Commission have been circulated to industry groups this afternoon indicating that formal submission of most MiFID 2, MiFIR and all MAR technical standards will be delayed until “end of September”. The current legislative deadline for formal submission of the technical standards is 2 July 2015. The correspondence between ESMA Chair Steven Maijoor and DG FISMA Director…
In yesterday’s Financial Times, Jonathan Hill, the EU Commissioner for Financial Services, says he would have no problem being known as le Plombier in Brussels – or ‘the plumber’. Earlier today he launched three different consultations ultimately aimed at stimulating EU growth by unclogging investment into European companies and infrastructure and building a single EU market for capital that relies less heavily on bank funding. The first of this series is a consultation on broad…