A closer look at the Shareholder Rights Directive

The regulatory chronicle of Eric de Nexon
The regulatory chronicle of Eric de Nexon
Corporate Social Responsibility
The regulatory chronicle of Eric de Nexon
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Regulatory News – from December 2017 to March 2018

Alle International and European news National news
Draft directive on cross-border distribution of investment funds
In the framework of implementation of the Capital Markets Union and in order to facilitate cross-border distribution of...
International and European news
In the framework of implementation of the Capital Markets Union and in order to facilitate cross-border distribution of funds, the European Commission presented a draft directive on 12 March 2018 amending the AIFM and UCITS directives and a draft regulation amending the EuVECA and EuSEF regulations.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/publication-mif-technical-standards-1/
Proposed reform of the prudential framework for investment firms
On 20 December 2017, the European Commission proposed a reform aiming both at simplifying the life of small investment...
International and European news
On 20 December 2017, the European Commission proposed a reform aiming both at simplifying the life of small investment firms and systematically submitting larger firms to the same regulation and surveillance as European banks.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-rts-transactions-for-data-reporting-service-providers-under-mif-1/
GDPR: publication of EC guidance before its entry into force
On 24 January 2018, the European Commission publish guidance aimed to facilitate application from 25 May 2018 of new...
International and European news
On 24 January 2018, the European Commission publish guidance aimed to facilitate application from 25 May 2018 of new data protection regulations throughout the EU.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/adoption-delegated-regulations-indirect-clearing-under-emir-and-mifir-1/
Brexit: publication of the draft withdrawal agreement
On 28 February 2018, the European Commission published the draft withdrawal agreement between the European Union and the...
International and European news
On 28 February 2018, the European Commission published the draft withdrawal agreement between the European Union and the United Kingdom.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/publication-two-regulations-package-orders-and-internalisation-under-mifir-1/
Report on the entry into force of the insurance distribution directive
On 21 December 2017, the European Commission published a draft directive amending EU directive 2016/97 on insurance and...
International and European news
On 21 December 2017, the European Commission published a draft directive amending EU directive 2016/97 on insurance and reinsurance distribution (“IDD”) which moves the date on which Member States will be required to apply legislative, regulatory and administrative provisions required to conform with the IDD from 23 February to 1 October 2018.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/euus-agreement-equivalence-for-derivatives-trading-1/
Publication of the final version of the Commission Delegated Regulation on ELTIF
On 6 December 2017, the European Commission published the final version of the Commission Delegated Regulation on...
International and European news
On 6 December 2017, the European Commission published the final version of the Commission Delegated Regulation on European Long-Term Investment Funds (ELTIFs).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/capital-markets-union-adoption-new-securitisation-rules-1/
Publication of 4 Commission Delegated Regulations relating to benchmarks
On 17 January 2018, four Commission Delegated Regulations supplementing EU Regulation 2016/1011 of 8 June 2016 regarding...
International and European news
On 17 January 2018, four Commission Delegated Regulations supplementing EU Regulation 2016/1011 of 8 June 2016 regarding benchmarks were published in the Official Journal of the European Union.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/econ-draft-report-recovery-and-resolution-ccps-1/
Publication of two regulations on securitisation
On 28 December 2017, two regulations were published in the Official Journal of the European Union which are intended to...
International and European news
On 28 December 2017, two regulations were published in the Official Journal of the European Union which are intended to facilitate development of the securitisation market, offset risks and ensure the stability of the financial system.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/publication-amendments-euveca-and-eusef-regulations-1/
Publication of a technical opinion on the regulation on short selling
On 21 December 2017, ESMA published its final technical opinion on Regulation (EU) No. 236/2012 Short Selling.
International and European news
On 21 December 2017, ESMA published its final technical opinion on Regulation (EU) No. 236/2012 Short Selling.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/proposed-reform-the-organisational-structure-and-powers-esas-1/
Publication of recommendations on the liquidity risk of investment funds
On 1 February 2018, the International Organization of Securities Commissions (IOSCO) published its final recommendations...
International and European news
On 1 February 2018, the International Organization of Securities Commissions (IOSCO) published its final recommendations to improve liquidity risk management practices in open mutual funds.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/esma-final-report-technical-advice-mmf-regulation-1/
Final draft regulation amending margin requirements for FX forwards
On 18 December 2017, the European Supervisory Authorities (ESAs) published a Final Report amending the requirements for...
International and European news
On 18 December 2017, the European Supervisory Authorities (ESAs) published a Final Report amending the requirements for risk-mitigation techniques for OTC derivatives not cleared by a central counterparty (CCP) with regard to physically settled foreign exchange (FX) forwards.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/eba-technical-advice-prudential-regime-for-investment-firms-1/
Restrictions on trading of binary options and CFD
On 23 March 2018, the European Securities and Markets Authority (ESMA) announced a ban in the European Union against...
International and European news
On 23 March 2018, the European Securities and Markets Authority (ESMA) announced a ban in the European Union against trading binary options to individual investors and a restriction on “Contracts for Difference” (CFD).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/restrictions-trading-binary-options-and-cfd/
FR – Publication of Order No. 2017-1674 (the Blockchain Order)
On 9 December 2017, Order No. 2017-1674 was published which allows registration of an issuance or a transfer of...
National news
On 9 December 2017, Order No. 2017-1674 was published which allows registration of an issuance or a transfer of financial securities in a “shared electronic device" ( DEEP), a device based on blockchain technology.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-legal-framework-for-securitisation-and-debt-funds-france-1/
FR - Classification of financial instruments as “simple” or “complex”
On 31 January 2018, the AMF amended its rules to propose a more simple and readable methodology regarding the...
National news
On 31 January 2018, the AMF amended its rules to propose a more simple and readable methodology regarding the appreciation of financial contracts and financial securities, defining a financial contract as “simple” or “complex” in terms of the organisation and to the human resources of the management company.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/decision-not-extend-the-french-financial-transaction-tax-ftt-1/
LU - Clarification of the depositary regime for UCI “Part II” funds
On 6 February 2018, the Chambre des Députés (Luxembourg Parliament) adopted the draft bill 7024 which, besides...
National news
On 6 February 2018, the Chambre des Députés (Luxembourg Parliament) adopted the draft bill 7024 which, besides implementing EU Regulation 2015/751 on interchange fees for card-based payment transactions, amends the UCI Law of 17 December 2010 (UCI Law) to clarify the depositary regime applicable to Luxembourg Undertakings for Collective Investment (UCIs) that...
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-circular-luxembourg-out-court-resolution-complaints-1/
IT - Adoption of new regulation about non-financial information
On 18 January 2018, CONSOB has adopted the Regulation on non-financial information in implementation of European...
National news
On 18 January 2018, CONSOB has adopted the Regulation on non-financial information in implementation of European Directive 2014/95/EU, implemented under national law with Italian Legislative Decree n.254/2016 (resolution n. 20267).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-guidelines-clarify-market-abuse-regulation-policies-italy-1/
DE - Draft guidance on taxation of securities lending transactions
On 25 january 2018, the German Federal Ministry of Finance has released draft guidance on the German Investment Tax Act...
National news
On 25 january 2018, the German Federal Ministry of Finance has released draft guidance on the German Investment Tax Act of 2018 which was introduced on 1 January 2018.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-guidelines-cfd-trading-germany-1/
IR - Changes to credit union investment regulations
On 1 february 2018, the Central Bank of Ireland today announced changes to the investment regulations for credit unions....
National news
On 1 february 2018, the Central Bank of Ireland today announced changes to the investment regulations for credit unions. Three new investment classes are being introduced, accompanied by the introduction of specified credit quality, maturity and concentration limits.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/amendments-the-consumer-protection-code-ireland-1/
ES - Electronic access to foreign shareholders
Comisión Nacional de Mercado de Valores (CNMV), the Spanish regulator, has given foreign entities access to its Virtual...
National news
Comisión Nacional de Mercado de Valores (CNMV), the Spanish regulator, has given foreign entities access to its Virtual Office service for submitting notifications on significant shareholdings in Spanish listed companies.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/fixed-income-platform-adapted-for-mifid-spain-1/
UK - Position limits on a further commodity derivative contract
On 25 January 2018, the FCA announced that it has set position limits on a further commodity derivative contract that is...
National news
On 25 January 2018, the FCA announced that it has set position limits on a further commodity derivative contract that is traded on a UK trading venue.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/position-limits-further-commodity-derivative-contract/
CH - New guidelines on ICO from Swiss regulator
On 16 february 2018, the Swiss Financial Market Supervisory Authority (FINMA) has published new guidelines regarding the...
National news
On 16 february 2018, the Swiss Financial Market Supervisory Authority (FINMA) has published new guidelines regarding the supervisory and regulatory framework for initial coin offerings (ICOs).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/revision-the-audit-circular-switzerland-1/
US - Proposal of amendments to Swap Margin Rules
On 5 January 2018, Five US prudential regulators have proposed amendments to conform their swap margin rules to the...
National news
On 5 January 2018, Five US prudential regulators have proposed amendments to conform their swap margin rules to the recently adopted rules restricting the cancellation rights of qualified financial contracts ("QFCs") in the event of certain resolution or bankruptcy proceedings (the "QFC Rules").
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/american-regulators-revise-capital-treatment-for-variation-margin-1/