Regulation and Compliance

On 29 May 2024, the European Securities and Markets Authority (ESMA) issued a statement reminding issuers about the legislative framework that applies to ‘pre-close calls’ and encouraging them to follow good practices during those calls, with the aim of helping maintain fair, orderly and effective markets.

ESMA published the reminder after recent news

On 27 May 2024, the European Securities and Markets Authority (ESMA) published a combined report on its 2023 Common Supervisory Action (CSA) and the accompanying Mystery Shopping Exercise (MSE) on marketing disclosure rules under MiFID II.

The findings set out in ESMA’s report include:

  • Globally, marketing communications (including advertisements)

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  • 29 May 2024 – On 28 November 2023, the European Commission published a Delegated Regulation and an Annex which modifies Article 39 and 62 of Commission Delegated Regulation 153/2013 which supplements the European Markets Infrastructure Regulation with regard to regulatory technical standards on requirements for central counterparties. Article 39 is amended to

On 23 May 2024, the European Securities and Markets Authority (ESMA) published a consultation paper setting out proposed amendments to certain technical rules concerning commodity derivatives, as mandated by the recently adopted amendments to the Markets in Financial Instruments Directive II (revised MiFID II). By way of background the revised MiFID

On 23 May 2023, the European Securities and Markets Authority (ESMA) published for consultation its second package of Level 2 measures under the recently revised Markets in Financial Instruments Regulation (revised MiFIR). We wrote about the first package of measures in our earlier blog note. The second package of Level

On 22 May 2024, the Financial Stability Board (FSB) published a report on Enhancing the Functioning and Resilience of Commercial Paper and Negotiable Certificates of Deposit Markets. The report forms part of the FSB’s work programme on enhancing the resilience of non-bank financial intermediation and follows up on the 2021 FSB report with policy

On 21 May 2024, the European Securities and Markets Authority (ESMA) published the keynote address that its Chair, Verena Ross, gave at the Macroprudential policy for investment funds conference.

Key points in the keynote address include:

  • When comparing to the financial landscape 15 years ago, the non-bank financial sector is larger and more

On 21 May 2024, the European Securities and Markets Authority (ESMA) published a consultation paper on the review and development of a package of regualtory technical standards (RTS) under the recently revised Markets in Financial Instruments Regulation (MiFIR). For a comprehensive overview of the recent changes introduced to the

We recently saw an interesting speech from the UK on how artificial intelligence (AI) could impact financial stability.

In France, the regulatory authorities have also been looking at AI.

Here are some snippets.

A while ago, the French Prudential Supervision and Resolution Authority (ACPR) issued an important discussion document on the

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EU

  • 20 May 2024 – On 30 April 2024, the European Securities and Markets Authority published the results of the annual transparency calculations for non-equity instruments, bond liquidity data and quarterly systematic internaliser calculations under MiFID II and MiFIR. For this period, there are currently 1,371 liquid bonds subject to MiFID II transparency