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  • ESMA: Global supervisory co-operation on alternative funds

    30/05/2013
    ESMA has announced that it has approved co-operation arrangements between EU securities regulators, with responsibility for the supervision of AIFs, and... 34 of their global counterparts. ESMA has negotiated the agreements on behalf of all 27 EU Member State securities regulators as well as the authorities from Croatia, Iceland, Liechtenstein and Norway. The arrangements, which will apply from 22 July 2013, will facilitate the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of the respective supervisory laws.
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  • European Council/European Parliament/EC: Council confirms agreement with European Parliament on the Transparency Directive

    30/05/2013
    A compromise has been reached with the European Parliament on updated transparency requirements for issuers of securities on regulated markets. ... The presidency will now confirm to the Parliament that the Council can agree to the compromise, enabling the Directive, amending an existing directive, to be adopted at first reading. Agreement was reached at a "trilogue" meeting with the Parliament and the Commission on 14 May 2013. The revised Directive will mean that listed companies, including small and medium-sized issuers, will no longer be obliged to publish quarterly financial information and investors will be prevented from secretly building up a controlling stake in a listed company The new text also includes a requirement for listed companies operating in the oil, gas and mineral extractive as well as the forestry industries, to disclose payments to governments in countries where they operate.
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  • FCA: MMR

    30/05/2013
    FCA has provided a webcast of material present at the recent MMR roadshows, available to download via the following link. 
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  • FCA: Short selling – new regime for notifications and disclosures

    30/05/2013
    This webpage sets out details on the new regime, largely in a Q&A format. From 10 June 2013 there will... be a new registration form and requirements (for those who have not previously registered) one form to make all notifications and disclosures for shares (including correcting or deleting previous incorrect notifications) and one form to make all notifications and disclosures for sovereign debt or sovereign credit default swaps (including correcting or deleting previous incorrect notifications). Copies of the new forms and further details on the process will be available to download from 7 June 2013.
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  • OFT/ DECC: Joint guidance for providers - disclosure and acknowledgment complaints – circumstances in which suspension of the Green Deal charge should be considered

    30/05/2013
    This note sets out information for Green Deal Providers which offer Green Deal Plans regulated under CCA 1974 with regard to... disclosure and acknowledgment complaints. 
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  • PRA: PS3/13: Financial Conglomerates Directive Technical Review

    30/05/2013
    Further to FSA’s CP12/40, this PS publishes the final statement of policy and rules implementing the Financial Conglomerates Directive Technical Review... (2011/89/EC – FICOD 1) which amends the Financial Conglomerates Directive (2002/87/EC) and certain other Directives in so far as they apply to financial conglomerates. FICOD 1 introduces technical amendments aimed at correcting unintended consequences and improving inefficiencies of the original directive. The FICOD 1 amendments relate to: conglomerate supervision which supplements but does not substitute sectoral supervision when a group is headed by a financial or insurance holding company; the conglomerate capital calculation methodology; inclusion of asset management companies and alternative investment fund managers within the conglomerate identification process; conglomerate identification threshold triggers; and requirements for conglomerate stress testing.
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  • AIMA: Addressing overlaps between EMIR and CFTC OTC derivatives regulation

    29/05/2013
    In this paper, AIMA sets outs its views on key rulemaking areas under EMIR and Dodd-Frank where further mitigation of conflicts... would be helpful. It discusses the extra-territoriality of EMIR and CFTC requirements and rules; the potential for regulatory conflict or overlap and equivalence. An annex provides a comparison of requirements under CFTC rules and EMIR in tabular format. 
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  • EIOPA: Interview with Gabriel Bernardino

    29/05/2013
    EIOPA has published the text of an interview for Insurance Risk which is in Q&A format. He discusses Solvency II... guidelines, delays and implementation issues, concluding: “If at the end of the year or the beginning of next year we don't have a political decision on Solvency II, then I will gladly talk again and I am sure I can provide information on what we intend to do as we will have ways to evolve, but that is not the scenario right now. The current scenario is that we will have a political agreement and that Solvency II will be implemented # and I believe it is still possible to have Solvency II starting in 2016. If that is not the case, then later in the year or next year we will see what to do”.
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  • ESMA: Guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD

    29/05/2013
    This consultation on AIFM Directive reporting obligations contains draft guidelines intended to provide clarification on the information that AIFMs should report... to national competent authorities, the timing of such reporting and the procedures to be followed when AIFMs move from one reporting obligation to another. Annex V provides a diagram which summarises the reporting obligations of AIFMs, as determined by the total value of assets under management and the nature of the AIFs managed or marketed. ESMA has also published the AIFM reporting XSD schema (ESMA/2013/599) that AIFMs will have to use to report the information under Articles 3 and 24 to national competent authorities as part of the consultation. Responses are required by 1 July 2013.
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  • FCA: Corporate governance of the Financial Conduct Authority

    29/05/2013
    This document, which was adopted by resolution of FCA’s board on 1 April 2013, sets out the corporate governance framework within... FCA. It specifies the distribution of rights and responsibilities from the Board to its committees, to various other committees carrying out particular regulatory functions and to executive level. In order to do this the document outlines how FCA is constituted, the role of the board, the chairman, CEO, execs and secretary and details which decisions are reserved specifically to the board and the process by which the board delegates some other responsibilities to committees or individuals. It is noted that the board will present a corporate governance statement within FCA’s annual report each year that will provide an explanation of how FCA is governed in line with the principles of the UK Corporate Governance Code.
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