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ESMA consults on MiFID reforms
ESMA launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The closing date for responses to both papers is Friday 1 August 2014.
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IMA responses to ESMA’s MiFID II consultation
The IMA published its responses to ESMA’s MiFID II consultation paper in three areas: the detailed rules on the disclosure of costs and charges to underpin MiFID II; market structure; and the use of dealing commissions in payment for research.
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Reuters: EU watchdog to kick off revamp of securities markets
The second round of a battle between banks and bourses kicks off this week when EU regulators publish proposals for the biggest shake-up of the bloc's securities market in history to increase transparency and investor protection.
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Financial Stability Review shows progress in strengthening banks and sovereigns
European Central Bank: Banking system stress has eased further as banking union preparations have gathered pace and banks have strengthened balance sheets. Growing search for yield has benefited euro area banks and sovereigns, but could also unearth imbalances should risks be reassessed.
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ECB/Draghi: Monetary policy in a prolonged period of low inflation
In this seminal speech, Mario Draghi discussed the factors behind low inflation in the euro area, and how they interact, percolate through the real economy and may affect medium-term price stability.
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ECB/Praet: Monetary policy and balance sheet adjustment
Peter Praet, Member of the Executive Board of the ECB, laid out his thoughts on how the process of balance sheet correction that is taking place in the euro area could influence the shaping of monetary policy in the current conditions.
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ECB/Lautenschläger: Making the comprehensive assessment a success
Sabine Lautenschläger, Member of the Executive Board of the European Central Bank, spoke on how we can make the comprehensive assessment a success and addressed some pertinent questions on the measures to deal with capital shortfalls.
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EBA/EIOPA/ESMA: Joint Committee to hold Consumer Protection Day 2014
The Joint Committee of ESAs is organising the second Joint ESAs Consumer Protection Day on 4 June 2014 in London. The event will bring together consumers, regulators and industry participants to discuss consumer protection-related issues in the financial services area in the European Union.
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BoE/Carney: Inclusive capitalism - creating a sense of the systemic
Mark Carney, Governor of the Bank of England, spoke on the problem of growing exclusivity of capitalism, arguing that the combination of unbridled faith in financial markets prior to the crisis and the recent demonstrations of corruption in some of these markets has eroded social capital.
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Risk.net: European supervisory culture needs to evolve
European regulators need to develop a more rigorous supervisory culture to effectively monitor firms under the Solvency II regime, said panellists at Insurance Risk Nordics in Stockholm.
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BIS/Linde: The financial system ahead of the Banking Union
Mr Luis M Linde, Governor of the Bank of Spain, argued that the Spanish financial system had undergone intense restructuring and recapitalisation, as well as a significant consolidation process and he was thus confident that Spanish banks were prepared for the AQR and stress tests.
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Reuters: Rating agencies stand by sovereign caps
CRAs sought to shield their ABS rating logic from criticism that their link to sovereign rankings is hampering the resurgence of the sector and neglecting market performance.
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Risk.net: BoE and Citadel clash over SIFI status for funds
Asset managers face growing liquidity risks – the result of reforms that have made banks less able to play their traditional market-making role – and the financial system is not well equipped to manage them, according to Bank of England financial stability expert.
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BIS: Implementation monitoring of PFMIs - update to level 1 assessment report
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) continue to closely monitor the implementation of the Principles for financial market infrastructures (PFMIs).
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BoE/Carney: Regulating the insurance industry to support the real economy
Article by Mark Carney, Governor of the Bank of England, supporting insurance industry regulation in order to support the real economy.
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Bundesbank/Weidmann: The macroeconomic importance of capital markets
Jens Weidmann, President of the Deutsche Bundesbank, argued that balanced rules to protect investors and measures to secure financial stability are necessary and in the interests of all capital market participants.
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WSJ: Riskier eurozone bonds retreat
Yields on Italian, Spanish, Portuguese and Greek government bonds have risen sharply in recent days. Bond yields and prices move in opposite directions.
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