13 June 2017

Financial Markets in brief – new regulation and other developments

There have been many developments in national and European financial markets regulation during the past month. These include the ECB publishing its guide to fit and proper assessments, and the ESMA updating its MAR Q&As. In this article we provide a brief overview of these and other developments.

Highlighted publications
 

Financial Markets Amendments Decree 2017 published

The Financial Market Amendments Decree 2017 will enter into force on 1 July. Notable amendments are:

  • Employees who give advice to clients about a general pension fund or the voluntary affiliation to a sector-wide pension fund must have a diploma.
  • The exception to the inducements ban currently available to crowdfunding platforms will also apply to equity crowdfunding.
  • Shares will have to be calculated in the same manner as votes, that is, as prescribed by European delegated regulation 2015/761.

The decree also includes a number of technical amendments.

Regulation on funding of financial supervision 2017 published

The Ministry of Finance has published the 2017 levies for continuous supervision. In general, the levies have increased, but for small and medium-sized entities the increase is less substantial

Agreement on securitisation package

The European Parliament, the Council and the Commission have reached political agreement on measures to ensure simple, transparent and standardised securitisation. This includes a regulation on securitisation, which will apply to all securitisation products, and an amendment to the Capital Requirements Regulation to make the capital treatment of securitisations for banks and investment firms more risk-sensitive.

Update of MAR Q&As

The European Securities and Markets Authority (ESMA) has updated its Q&As regarding the implementation of the Market Abuse Regulation. The Q&A now includes the following new questions:

  • Are credit institutions required under MAR to systematically publish the results of the Pillar II assessment?
  • Is a policy pursuant to which a person, after becoming in possession of inside information, should immediately and without the exercise of discretion cancel all orders relating to that information (“blanket order cancellation policy”) in order to be compliant with the insider dealing prohibition under MAR? 

ECB publishes final guide to fit and proper assessments

The European Central Bank has published its final guide to fit and proper assessments of the management body (both executive and non-executive directors) of banks. The final guide clarifies a few issues raised in the public consultation process, in particular the requirements on experience, conflicts of interest and time commitment.

 

Other publications 

EC

EP

EBA

ESMA

EIOPA

ECB

Official Journal EU

MinFin

MinSZW

AFM

DNB

Other