European Parliament Will Now Consider MiFID II Legislative Proposals During December Plenary Session
The European Parliament updated its procedure files on MiFID II legislative proposals further to last week's update, and will now consider these proposals at its plenary session held on December 9-12.
The MiFID II legislative proposals will replace and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). Procedure Files.
European Central Bank to Undertake Comprehensive Assessment of Large Banks in Advance of the Single Supervisory Mechanism
In a press release dated October 23, the ECB announced that it will undertake a comprehensive assessment of large banks prior to assuming full responsibility for supervision as part of the SSM.
The assessment will include a risk assessment, an asset quality review and a stress test to examine the banks' balance sheet's resilience. The assessment will start in November 2013 and will be completed in 12 months, in collaboration with the relevant national competent authorities.
The UK Prime Minister stated that the UK will not participate in the SSM. Press Release.
European Parliament Adopts Committee on Organized Crime, Corruption and Money Laundering Final Report
In a press release dated October 23, the European Parliament announced its adoption of the final report of the special committee (CRIM). The European Commission also published a press release welcoming the report.
In addition, the European Parliament published a provisional edition of the text of the adopted resolution (page 333). The resolution sets out an EU action plan for organized crime, corruption and money laundering in 2014-9. European Parliament Press Release. European Commission Press Release. Text.
FCA Issues Consultation Paper on Crowdfunding in the UK
The Financial Conduct Authority issued a consultation paper on the regulation of crowdfunding activities in the UK, in advance of assuming the responsibility for regulating consumer credit in the UK (previously the remit of the Office of Fair Trading).
The FCA's aim in issuing the consultation paper is to make the market more accessible to retail clients to help foster competition and to facilitate access to alternative investment options. The FCA is keen on ensuring that only investors who understand and can bear the risks of crowdfunding participate in it.
To achieve its aims, the FCA is proposing to restrict direct offer financial promotion of unlisted shares or debt securities by firms to one or more particular types of client (broadly speaking, high net worth, sophisticated investors or those who have taken advice or will limit the percentage of their portfolio invested through crowdfunding).
Following consideration of comments, a Policy Statement is due to be issued by March 2014. Consultation Paper.