The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has organized a public hearing on the prohibition of the marketing, distribution and sale of certificates linked to creditworthiness risks (“credit-linked notes” (Bonitätsanleihen)) to retail clients within the meaning of section 31a (3) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The
Technical standards submitted to the European Commission
The European Securities and Markets Authority has published an updated version of its table on technical standards submitted to the European Commission.
View Technical standards submitted to the European Commission, 23 August 2016
G20/OECD progress report on the implementation of the G20/OECD Principles of Corporate Governance
The Organization for Economic Co-operation and Development (OECD) has published a report that provides an update on the main developments regarding the implementation of the G20/OECD high-level Principles of Corporate Governance (Principles). Among other things the report notes that in December 2015 the Financial Stability Board’s Standing Committee on Standards Implementation
Understanding the FSB’s Key Attributes of Effective Resolution Regimes for FIs
The Financial Stability Board (FSB) has published a new web page on understanding the Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes).
In addition to providing a link to the current version of the Key Attributes the web page contains links to the related guidance that the FSB
AFM publishes guidance on innovative services in the investment services field
On 23 August 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a guidance document in which its addresses three questions it received from investment firms and funds on innovative service concepts in the investment services field (the Guidance Document). The AFM answers the following questions
BRRD Delegated Regulations published in the OJ
The following Delegated Regulations relating to the Bank Recovery and Resolution Directive (BRRD) have been published in the Official Journal of the European Union (OJ):
- Commission Delegated Regulation (EU) 2016/1400 of 10 May 2016 supplementing the BRRD with regard to regulatory technical standards (RTS) specifying the minimum elements of
Commission publishes MiFID II RTS specifying the organisational requirements of investment firms engaged in algorithmic trading
Article 17(7)(a) MiFID II specifies the organisational requirements to be met by all investment firms engaging in algorithmic trading, providing direct electronic access or acting as general clearing members in a manner appropriate to the nature, scale and complexity of their business model, addressing the potential impact of algorithms on the overall market.
The European
Commission publishes MiFIR RTS for the reporting of transactions to NCAs
Article 26(9) of the Markets in Financial Instruments Regulation empowers the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards (RTS) which specify further the rules applicable to reporting transactions to member state competent authorities (NCAs) by investment firms.
ESMA issued a consultation paper on 19
South Africa: Is anti-competitive behaviour insurable?
The August 2016 first-of-its-kind judgment against South African Airways in favour of Nationwide Airlines, for damages arising from conduct that was held to be an anti-competitive exclusionary act preventing Nationwide from entering into or expanding within the travel market, raises the interesting question whether the loss is insurable by the company and the directors.
Money laundering roundup
The FCA has a key role in ensuring that firms have adequate safeguards to prevent themselves from being used for financial crime, in particular money laundering. That is why the FCA made financial crime one of its strategic priorities in 2015/16, and is making it one of its top seven priorities again in 2016/17.
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