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IOSCO report on issues and considerations of market data in secondary equity markets

On 28 April 2022, the International Organization of Securities Commissions (IOSCO) published a report setting out some issues and considerations for regulators when reviewing the regulation of market data. The report provides feedback on IOSCO’s earlier consultation report ‘Market Data in the Secondary Equity Market’ and offers the following considerations that regulators may find helpful … Continue Reading

ESMA final report: Review of certain aspects of the Short Selling Regulation

On 4 April 2022, the European Securities and Markets Authority (ESMA) published its final report on the review of certain aspects of the Short Selling Regulation (SSR). The final report: Contains empirical analysis of the impacts of the short selling bans imposed during the COVID-19 pandemic and proposes legislative amendments to provisions that govern emergency … Continue Reading

ESMA statement on how to report the NSPs under the new reporting threshold of 0.1%

On 26 January 2022, the European Securities and Markets Authority (ESMA) published a statement clarifying how to report net short positions (NSPs) between 28 to 31 January 2022 when the reporting threshold changes from 0.2% to 0.1%. The European Commission adopted the decision to permanently lower the threshold from 0.2% to 0.1% on 27 September … Continue Reading

Delegated Regulation amending notification threshold under SSR published in OJ

On 11 January 2022, Commission Delegated Regulation (EU) 2022/27 amending the Short Selling Regulation (SSR) as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares under Article 5(2) of the SSR was published in the Official Journal of the European Union. The Delegated Regulation adjusts the relevant … Continue Reading

Commission adopts new Delegated Regulation on the list of high risk countries under 4MLD

On 7 January 2022, the European Commission adopted a Delegated Regulation that amends the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies set out in Delegated Regulation (EU) 2016/1675. Delegated Regulation 2016/1675 is provided for under Article 9(2) of the Fourth Money Laundering Directive (4MLD) and identifies in … Continue Reading

ESMA proposes lowering the reporting threshold for net short positions to 0.1% on a permanent basis

On 20 May 2021, the European Securities and Markets Authority (ESMA) made a recommendation to the European Commission to permanently lower the threshold to notify net short positions on shares to Member State national competent authorities from 0.2% to 0.1%. The Commission may adopt a delegated act modifying the notification threshold in Article 5(2) of … Continue Reading

ESMA updates its Q&As relating to the Prospectus Regulation

On 5 May 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. ESMA has added three new Q&As that provide clarification on: The application of Article 4(1) of the CRA Regulation to credit rating disclosure in prospectuses. How to determine the home Member State in the context of global … Continue Reading

ESMA updates its Q&As relating to the Prospectus Regulation

On 31 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. ESMA has added four new Q&As that seek to clarify: The application of the exemption in Article 1(5)(b) of the Prospectus Regulation in a situation concerning non-transferable securities. The application of the Prospectus Regulation where shares can … Continue Reading

ESMA guidelines on disclosure requirements under the Prospectus Regulation

On 4 March 2021, the European Securities and Markets Authority (ESMA) published guidelines that are based on Article 20(12) of the Prospectus Regulation and Article 16(1) of the ESMA Regulation. The guidelines apply to Member State competent authorities and market participants and are intended to establish consistent, efficient and effective supervisory practices among Member State … Continue Reading

IOSCO work programme 2021/22

On 26 February 2021, the International Organisation of Securities Commissions (IOSCO) published its work programme for 2021/2022. Ashley Alder, Chair of the IOSCO Board, said: “In 2020, our agenda was dominated by the response to COVID-19 induced market stresses. IOSCO has actively taken steps to address potential financial stability risks including a particular focus on … Continue Reading
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