Securities/Capital markets

On 22 May 2024, the European Securities and Markets Authority (ESMA) published a Position Paper on ‘Building more effective and attractive capital markets in the EU’. The Position Paper includes 20 recommendations to strengthen EU capital markets and address the needs of European citizens and businesses.

ESMA’s recommendations for a well-functioning capital market

On 14 November 2023, the European Securities and Markets Authority (ESMA) updated its document setting out links to Member State websites where net short positions in shares are disclosed.

Article 9 of the Regulation on short selling and certain aspects of credit default swaps provides that net short position in shares should be

In March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its latest issue of Market Watch, a periodical newsletter on current topics and developments in the capital markets. This issue of Market Watch focuses on algorithmic trading, a topic that the AFM has been particularly focussed

On 1 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory investigation into IT incident management in the capital markets. The AFM carried out this study in relation to eight trading venue operators and proprietary traders based on a self-assessment and

On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the Prospectus Regulation.

The Q&As have been updated to include the following Q&A:

Question: Article 1(4)(d) of the prospectus regulation states: “The obligation to publish a prospectus set out in Article 3(1) shall

On 7 December 2022, the European Commission published the following proposals which follow up on its commitment to simplify EU listing rules, as detailed in Action 2 of the 2020 Capital Markets Union Action Plan:

On 13 October 2022, the European Securities and Markets Authority published updated questions and answers (Q&As) on the Prospectus Regulation.

The Q&As now include Question 15.9:  Prospectus exemption in connection with a takeover by means of an exchange offer.

On 7 July 2022, the European Securities and Markets Authority (ESMA) issued a public statement on prospectus supervision in the context of EU sanctions connected to Russia’s invasion of Ukraine.

The statement alerts stakeholders to the European Commission’s FAQs, which cover the scope and implementation of EU sanctions and concerns whether there is sufficient legal

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

On 9 February 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of a study into the quality of order execution on payment for order flow (PFOF) trading venues. The report containing the AFM’s findings is titled ‘Assessing the quality of executions on