Webzine October 2019 - CMU: A new context

We are entering a new term, as the new EU Commission will officially start its work in November. What will be its priorities, especially when it comes to strengthening the Capital Markets Union?

Webzine October 2019 - CMU, Act 1: Overview

What is the Capital Markets Union (CMU)? What are the main pursued objectives and expected benefits in terms of financing economic players, fostering investment opportunities and, ultimately, favoring the economic growth in Europe?

Webzine October 2019 - CMU, Act 2: Action Plan

What are the challenges of the EU authorities at the start of their new mandate in order to strengthen the regulatory framework for a tangible and efficient Capital Markets Union?

Webzine October 2019 - Blockchain and Regulation

When the Blockchain raises the same problems of responsibility as self-driving cars...
Main Market Initiatives

Community and International news

Banking Union: Council adopts banking package measures
On 14 May 2019, the Council of the European Union adopted legislative measures making up the European Union's banking...
International and European news
On 14 May 2019, the Council of the European Union adopted legislative measures making up the European Union's banking package, including:
Banking Union: Council adopts banking package measures
The Pan-European Personal Product Regulation
On 25 July 2019, there was published in the Official Journal of the European Union Regulation (EU) 2019/1238 on a...
International and European news
On 25 July 2019, there was published in the Official Journal of the European Union Regulation (EU) 2019/1238 on a pan-European personal pension product (PEPP).
The Pan-European Personal Product Regulation
Stress Testing requirements for Money Market Funds
On 19 July 2019, the European Securities and Markets Authority (ESMA) issued two sets of guidelines regarding the stress...
International and European news
On 19 July 2019, the European Securities and Markets Authority (ESMA) issued two sets of guidelines regarding the stress testing of money market funds and reporting on money market funds to national competent authorities, aimed at ensuring a coherent application of the Money Market Fund (MMF) Regulation.
Stress Testing requirements for Money Market Funds
EMIR Refit - Publication of Regulation 2019/834
On 28 May 2019, the regulation (EU) 2019/834 amending EMIR about the clearing obligation, the suspension of the clearing...
International and European news
On 28 May 2019, the regulation (EU) 2019/834 amending EMIR about the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a CCP, the registration and supervision of Trade Repositories (TRs) ("EMIR Refit") was published.
EMIR Refit - Publication of Regulation 2019/834
Cross-border distribution of investment funds in Europe
On 12 July 2019, the Official Journal of the European Union published the new EU cross-border fund distribution...
International and European news
On 12 July 2019, the Official Journal of the European Union published the new EU cross-border fund distribution directive and regulation:
Cross-border distribution of investment funds in Europe
Publication of Delegated Regulations for Prospectus Regulation
On 21 June 2019, two Delegated Regulations were published in the OJEU, supplementing Regulation (EU) 2017/1129 of 14...
International and European news
On 21 June 2019, two Delegated Regulations were published in the OJEU, supplementing Regulation (EU) 2017/1129 of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market.
Publication of Delegated Regulations for Prospectus Regulation
IOSCO recommendations about liquidity risk management
On 18 July 2019, the International Organization of Securities Commissions (IOSCO) published a statement in response to...
International and European news
On 18 July 2019, the International Organization of Securities Commissions (IOSCO) published a statement in response to commentary on whether its Recommendations for Liquidity Risk Management for Collective Investment Schemes dated February 2018 (LRM Recommendations) are adequate.
IOSCO recommendations about liquidity risk management
Publication of the final Report of IOSCO Cyber Task Force
On 18 June 2019, the Cyber Task Force of the International Organization of Securities Commissions (IOSCO) published a...
International and European news
On 18 June 2019, the Cyber Task Force of the International Organization of Securities Commissions (IOSCO) published a final report that provides an overview of how its member jurisdictions are using three prominent and internationally recognized cyber frameworks (defined in the report as the ‘Core Standards’):
Publication of the final Report of IOSCO Cyber Task Force
ESMA report on multiple WHT reclaim schemes
On 2 July 2019, the European Securities and Markets Authority (ESMA) published its Report on preliminary findings on...
International and European news
On 2 July 2019, the European Securities and Markets Authority (ESMA) published its Report on preliminary findings on multiple withholding tax (WHT) reclaim schemes to respond to the European Parliament that requested ESMA to conduct an inquiry in order to analyze the problem.
ESMA report on multiple WHT reclaim schemes

National news

US - Regulation Best Interest
On June 5, 2019, the Securities and Exchange Commission (SEC) adopted Regulation Best Interest (Rule 15l-1 under the...
National news
On June 5, 2019, the Securities and Exchange Commission (SEC) adopted Regulation Best Interest (Rule 15l-1 under the Securities Exchange Act of 1934 (Exchange Act)), which requires broker-dealers and their associated persons who are natural persons to act in the best interest of their retail customers when making a recommendation.
US - Regulation Best Interest
GB - FCA final guidance on crypto-assets activities
On 31 July 2019, the FCA has published final guidance which sets out the crypto-asset activities that it regulates.
National news
On 31 July 2019, the FCA has published final guidance which sets out the crypto-asset activities that it regulates.
GB - FCA final guidance on crypto-assets activities
ES - Collaboration agreemeent between CNMV and the Registrars Association
On 10 April 2019, the “Property and Companies Registrars Association” of Spain and the Spanish National Securities...
National news
On 10 April 2019, the “Property and Companies Registrars Association” of Spain and the Spanish National Securities Market Commission (CNMV), signed a collaboration agreement that allows the supervisor to speed up the search for information from the Property and Companies Registry to the purpose of performing its supervisor functions.
ES - Collaboration agreemeent between CNMV and the Registrars Association
IT - Public procurements: coordination of Italian authorities
On 9 May 2019, the National Anti-Corruption Authority and the Institute for Insurance Supervision have adhered to the...
National news
On 9 May 2019, the National Anti-Corruption Authority and the Institute for Insurance Supervision have adhered to the Memorandum of Understanding (MoU) signed in November 2018 between the Bank of Italy, the National Commission for Companies and the Stock Exchange (CONSOB) and the Italian Antitrust Authority for the shared management of joint procurement...
IT - Public procurements: coordination of Italian authorities
DE - Launch of a Sustainable Finance Committee in Germany
On 6 June 2019 the German government created a Sustainable Finance Committee.
National news
On 6 June 2019 the German government created a Sustainable Finance Committee.
DE - Launch of a Sustainable Finance Committee in Germany
IE - Publication of the Irish Investment Limited Partnership Bill
On 20 June 2019, the Irish Government published the Investment Limited Partnership (ILP) Bill 2019.
National news
On 20 June 2019, the Irish Government published the Investment Limited Partnership (ILP) Bill 2019.
IE - Publication of the Irish Investment Limited Partnership Bill
LU - AML/CFT New questionnaire for Investments Funds
On 23 May 2019, the CSSF has put in place an on-line template collecting standardised key information concerning money...
National news
On 23 May 2019, the CSSF has put in place an on-line template collecting standardised key information concerning money laundering and terrorist financing risks (“ML/FT risk”) to which the professionals under its supervision are exposed and the implementation of related risk mitigation and targeted financial sanctions measures.
LU - AML/CFT New questionnaire for Investments Funds
FR - Investment and Commercialisation of Financial Instruments
On 24 July 2019, the AMF delineated the scope of investment services with regard to commercialisation of financial...
National news
On 24 July 2019, the AMF delineated the scope of investment services with regard to commercialisation of financial instruments.
FR - Investment and Commercialisation of Financial Instruments
FR - Finalisation of Retirement Savings Reform in France
Adopted on 11 April 2019, the "PACTE" Law (Action Plan for Business Growth and Transformation) was supplemented in July...
National news
Adopted on 11 April 2019, the "PACTE" Law (Action Plan for Business Growth and Transformation) was supplemented in July and August 2019 by an Ordinance, a Decree and an Order setting out the practical rules and arrangements applicable to the new Retirement Savings Plan (PER).
FR - Finalisation of Retirement Savings Reform in France