The formal enactment of Banking Union measures marked the end of the Level 1 legislative phase – for the moment. But 1000 pages of MiFID consultation underlined the magnitude of the detail now to come.
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The formal enactment of Banking Union measures marked the end of the Level 1 legislative phase – for the moment.
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ESMA launched a 1000 page consultation on MiFID II.
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The development of "good" securitisation and capital markets is a recurrent theme that is no longer automatically blackened by the label "shadow banking".
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The costs of implementing the reform process are now becoming apparent – in particular the data requirements that are essential if regulators are to recognise incipient risks.
But all this implies an ever-more single market in finance, and thus greater integration of the required political control. Yet the EP elections sent a powerful message about `something’. Can this circle be squared?
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© Graham Bishop
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