Trialogue Agreement on MiFID II
On January 14, the Council of the EU and the European Parliament reached political agreement in trialogue on the MiFID II legislative proposals (the proposed MiFID II Directive and the proposed Markets in Financial Instruments Regulation (MiFIR)).
Key elements of the agreement are:
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The market structure framework;
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Equity market transparency;
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Strengthening supervisory powers;
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Controls for algorithmic trading activities; and
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Access to EU markets for firms from third countries.
The MiFID II legislative proposals will replace and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).
The Parliament press release sets out the agreements that were reached. Press Release.
ESMA Publishes New Version of "Prospectuses: Questions and Answers"
On January 15, ESMA published version 21 of its "Prospectuses: Questions and Answers."
Two new questions have been incorporated, addressing the following areas:
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Format for the individual summary relating to several securities (question 91); and
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Applicable registration document schedule where a listed issuer proposes to issue convertible or exchangeable debt securities where the underlying securities are the issuer's shares (question 92). Prospectuses.
BCBS Finalizes Risk Management Guidelines on AML and Terrorist Financing
On January 15, the Basel Committee on Banking Supervision (BCBS) issued risk management guidelines relating to anti-money laundering (AML) and terrorist financing.
The guidelines apply to all banks and are consistent with the international standards on combating money laundering and the financing of terrorism and proliferation issued by the Financial Action Task Force (FATF) in 2012, and supplement their goals and objectives. Risk Management Guidelines.
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