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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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ESMA publishes 8th updated Q&A on EMIR implementation
The Q&As are aimed at national competent authorities to ensure convergent supervisory activities. It should also help investors and other market participants by providing clarity on the requirements under EMIR.
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IFR: Pension funds begin clearing swaps
European pension funds have begun clearing over-the-counter derivatives despite being exempt from the regulatory mandate for years to come.
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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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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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AFME/ALFI: Reactions to ESMA's DTS for regulation on improving EU securities settlement
AFME recommends that further discussions should take place to consider what processes could be put in place to enforce the CSDR buy-in rules in ‘non-CCP’ scenarios. ALFI sees the benefits of T+2 settlement for exchange traded financial instruments held by investment fund portfolios.
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Risk.net: EU regulators concerned by CFTC's foreign CCP rules
European regulators are warning that planned US rules for foreign clearing houses that would bar them from accepting US clients could prevent US central counterparties (CCPs) being approved under Europe's own rules.
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Risk.net: Banks breach EU and US reporting rules to avoid privacy clash
Two dealers told media they were breaching European and US derivatives reporting rules in order to avoid a clash with some countries' privacy laws, which make it illegal to reveal customer identities.
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Risk.net: Europe little to learn from US clearing roll-out
European authorities are engaging with central counterparties and clearing members to avoid problems associated with the roll-out of clearing in the US, says Kate Wormald from Oesa Partners.
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FSMA: Ban on the marketing of certain financial products
The marketing of certain financial products to retail clients in Belgium will be banned starting on 1 July 2014. The Regulation to this effect was approved by a Royal Decree published in the Belgian Official Gazette.
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