On 22 December 2020, ECSDA published the updated version of the ECSDA CSDR Settlement Fails Penalties Framework. Cash penalties are required by the EU legislators to be imposed by CSDs and aim at increasing settlement efficiency rates. The requirements are outlined in the CSD Regulation (EU...
EFAMA and EFSA welcome the publication of Market Infrastructure Partners’ Study on the Creation of an EU Consolidated Tape which addresses the challenges, demand, benefits and proposed architecture for consolidating European financial market data. We believe that an appropriately constructed consolidated tape (“CT”) could help to...
The EU Commission has written the European Supervisory Authorities (ESAs) regarding the application of the Sustainable Finance Disclosure Regulation (SFDR) and related regulatory technical standards (RTS). Background: In March 2019 the co-legislators agreed on a timeline to develop most of the RTS by 30 December 2020...
ESMA has published its 2021 work programme. ESMA's planned activities in 2021 are intended to respond to the challenges faced by the EU, its citizens and capital markets, including developing a large retail investor base to support the Capital Markets Union (CMU), promoting sustainable finance and...
Context : ESMA Report on Trends, Risks and Vulnerabilities Article : Investor Protection : MiFID II research unbundling – first evidence (pages 81 to 92) This article analyses the impact on EU sell-side research of the MiFID II Research Unbundling provisions that require portfolio managers to pay for the research...
The ISSA Working Group has published «Cyber Security Guidance Paper – Responding to a Cyber-attack on a Securities Services Participant». The document can be found here. This document provides guidance for the incident management processes of Securities Services participants and utilizes the most impactful scenarios identified in...
The Governing Council of the ECB has decided to extend the timeline of the T2-T2S consolidation project by one year, following discussions with Europe’s financial community. The project is now scheduled to go live in November 2022. The project had already entered an internal software testing phase, known as...
EuropeanIssuers has published their Annual Report 2019. You can find, amongst others, their 2019 Policy Priorities: Sustainable Finance CMU EMIR SHRD II Better regulatory environment for small & mid-caps Prospectus Regulation FTT ...
AFME has published a new research note on the “Impact of COVID-19 on European Capital Markets: Market Update”. The purpose of this report is to provide an update on how European capital markets have performed during the COVID-19 outbreak. This report follows a first publication launched...
The European Union Agency for Cybersecurity (ENISA) co-hosted last Friday, the 25th meeting of the cybersecurity working group of the European Banking Federation (EBF). The meeting has been an opportunity for professionals from banking institutions to share good practices and lessons learned about cybersecurity challenges,...
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