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|Best forex ea scalper definition||ESMA will continue to long term investment funds european commission authentication with market participants to clarify any remaining issues and will assess the need for further supervisory convergence measures to facilitate compliance with the new reporting requirements. Based on MIFID II, Member States should require investment scattering theory mathematics of investment to guarantee and demonstrate that individuals who provide 1 investment advice to clients, or 2 information on financial long term investment funds european commission authentication, 3 investment services or 4 ancillary services on behalf of the investment firm, possess adequate knowledge and skills. ESMA shall develop draft regulatory technical standards to specify the common definitions, calculation methodologies and presentation formats of the costs referred to in paragraph 1 and the overall ratio referred to in paragraph 2. The definition of what constitutes a long-term investment is broad. Both the issue of dematerialised securities and the conversion of issued securities into dematerialised securities are exclusively and compulsorily carried out by means of the registration of the securities in an issue account held with a settlement institution or a central account holder. ALFI believes that the organization of this consultation paper by types of business gives clarity on the scope of application of the AMLD to the various entities subject to its requirements.|
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|Forex usd jpy pip value in cards||Long term investment funds european commission authentication, the rules for national and international cooperation czarina forex atc live for exchanges and access to confidential information between competent authorities are adapted. This notice replaces the notice dated 9 January Article 7 Applicable rules and liability 1. What can I do to manage cookies stored on my computer or phone? For this reason we recommend that you accept cookies. ESMA, following a public consultation, has drafted final guidelines which explain how securitisation repositories should verify that the ND options, included in the data it receives from securitisation parties, are only used where permitted and do not prevent the data submission from being sufficiently representative of the underlying exposures in the securitisation.|
|Innovative business ideas with low investment||In this edition, we highlight the main features of firms that "get it right" in the eyes of the FCA. All appropriate steps should be taken to ensure that an ELTIF will be able to chicago-based arbor investments gold with long term investment funds european commission authentication harmonised rules governing the activity of these funds. As the Banque de France rating is a fundamental indicator for the proper monitoring of financing and credit risks for the national economy, it is imperative that the rating exercise best reflect the fundamentals of the productive fabric and integrate the effect of public support mechanisms that have been put in place. The new format specifications are to be applied for the first time to annual and consolidated financial statements as well as management and group management reports that are prepared for the financial year beginning after December 31,in accordance with European law. This will be done in stages over the coming months, as detailed on the webpage.|
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The pension funds Regulation provides a stable basis for outstanding amounts and the breakdown of flows into financial transactions, revaluations and other changes in volume. Co-operation with the European Insurance and Occupational Pensions Authority EIOPA has been a key factor in minimising the reporting burden for the pension funds and ensuring consistency between supervisory and statistical data.
This gives national authorities the option of implementing a single reporting flow for pension funds in order to reduce the reporting burden and maximise consistency between data used in supervision and data used in macroeconomic statistics. In the ECB launched a public consultation [ 25 ] on the draft regulation on statistical reporting requirements for pension funds.
In line with the pension funds reporting scheme, national central banks report to the ECB end-of-quarter stock data [ 26 ] and quarterly reclassification and revaluation adjustments. In addition, annual data on pension scheme members, broken down into active, deferred and retired members, are also reported. Stocks refer to the value of the asset or liability at the end of the reference quarter or year.
Revaluation adjustments refer to changes in stocks due to changes in prices or exchange rates. Transactions refer to the sum of all net acquisitions minus sales of a given type of asset during the period, and the net incurrence inflows minus outflows of liabilities. In addition, the split between defined benefit and defined contribution schemes can be complemented with the information reported security-by-security s-b-s [ 27 ] and with the list of pension funds.
Euro area pension funds obtain capital from resident members. Geographical distribution of euro area pension entitlements by scheme — residency of beneficiaries. Pension funds invest in a geographically broader area. Investment fund shares are invested mainly in domestic investment funds, while debt securities, for example, tend to be invested in issuers in other euro area countries i.
In the case of equity, the largest holdings are from issuers resident outside the euro area see Chart 8. The breakdown of types of investment fund now available is key to the analysis of the interconnectedness of the pension funds sector. In the previous pension fund data collection, only the absolute amount of all investment fund shares — the largest type of asset held — was reported. Therefore, data on the real exposure of pension funds to stock and debt market movements were not available.
Under the Regulation, when pension funds report investment fund shares they must specify which type of fund they are investing in namely equity, bond, mixed, hedge, real estate or other see Chart 9. The new reporting shows that the largest type of investment fund shares held by euro area pension funds is equity, followed by bond funds and mixed funds which combine the previous two types.
The exposure of euro area pension funds to stock and debt markets can be analysed in more detail with the new breakdowns. Without this new breakdown, all data on fund types would be merged, providing a less clear picture. In debt markets, pension funds invest mostly long term and in government bonds. Both domestically and in other euro area countries, pension funds hold more general government debt than monetary and financial institution debt and non-financial corporation debt combined see Chart Investments in currency and deposits are also more long-term oriented.
Although the share of short-term deposits has grown over time, cash and deposits have slightly declined in importance on pension fund balance sheets in a general move towards longer-term investments. Net worth is the balancing item in the statistical balance sheet [ 29 ] , and its evolution can be better understood with the new data on revaluation adjustments.
In a defined benefit pension scheme, the level of pension benefits promised to participating employees is defined by a formula agreed in advance. Since assets are valued at market prices, their value might be higher or lower than the promised entitlements, leading to a positive or negative worth of the pension fund, respectively. When net worth turns negative, a pension fund can be said to be underfunded. This drop can mostly be explained by the newly reported negative revaluations in the first quarter of see Chart 13 , mirroring exceptional market developments in this quarter due to the pandemic.
Pension funds play a dual role, helping individuals save for old age and allocating long-term capital efficiently across firms, sectors and global markets. Pension funds are among the largest and fastest-growing investors in global capital markets. Their investments are diverse in terms of financial instruments, sectors and geographical location. Their role in the funding of euro area governments and non-financial corporations through investments in debt securities and equity is also increasing.
This is why it is crucial to have good, harmonised statistics on euro area pension funds. The new euro area statistics on pension funds improve upon the previous dataset in several respects. The new dataset features i harmonised concepts that comply with international statistical standards and ensure the dataset is consistent with supervisory data; ii full coverage of institutions; iii detailed breakdowns of assets and liabilities, including by maturity, counterpart sector and geographical area; iv data on transactions and adjustments e.
Chart 7 Geographical distribution of euro area pension entitlements by scheme — residency of beneficiaries percentages; Q2 Source: ECB calculations. Note: MMF stands for money market funds. Pension funds consist only of those pension funds that are institutional units separate from the units that create them; non-autonomous pension funds set up, for example, by credit institutions or non-financial corporations are therefore not covered. Individual pension plans offered by insurance corporations or other institutions are also excluded from the scope of the Regulation, as are social security schemes.
There is thus a key relationship between the number of workers and the number of pensioners in the scheme. The benefit at retirement does not depend directly on investment returns, as it is fixed in advance. By contrast, in defined contribution schemes, individual accounts are set up for participants and benefits are based on the amounts credited to these accounts plus any investment earnings.
In such plans, future benefits fluctuate on the basis of investment earnings, and sponsors which are typically employers do not have any obligation to make further contributions to the plan if it evolves unfavourably; this is explained in more detail by way of the new statistics available in Section 3. Hybrid plans include both defined benefit and defined contribution components.
Voluntary savings products, e. Commodities Views News. Forex Forex News Currency Converter. More Sitemap Definitions. Font Size Abc Small. Abc Medium. Abc Large. It will also seek to harmonise non-bank insolvency law. LONDON: The European Commission will propose easing listing rules for small companies and create a widely available record of share prices to help deepen the bloc's capital market, a document showed on Thursday.
The EU executive will commit to 16 "actions" in total to complete a Capital Markets Union or CMU over the next two years and help the bloc's economy recover from the coronavirus pandemic, the document seen by Reuters showed. Also, ETMarkets. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.
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This Communication aims to highlight the main areas of inevitable change and to facilitate readiness and preparations by citizens, public administrations, businesses and all other stakeholders for these unavoidable disruptions due to Brexit. In the financial services field, insurance operators, banks, investment firms, trading venues and other financial services providers should finalise and implement their preparatory measures by 31 December at the latest to be ready for the changes that will happen under all scenarios, including wherein their area, there is no equivalence decision taken by the European Union or the United Kingdom.
Union businesses, banks or investors that currently rely on UK service providers should consider how this may affect their operations and take all the necessary steps to prepare for all possible scenarios. EU financial services providers with operations in the United Kingdom should also prepare to abide by all relevant UK rules.
EU clearing members of UK CCPs and their clients should take active steps to prepare for all scenarios, including by reducing their systemic exposure to UK market infrastructures. EU and national supervisors and regulators will need to continue their dialogue with stakeholders with a view to ensuring that all necessary actions for readiness are taken by the end of On 14 July , the European Commission published a notice on withdrawal of the United Kingdom and EU rules in the field of post-trade financial services.
Relevant UK-based financial institutions need to ensure that they have appropriate authorisations from the EU competent authorities in place, including for their existing branches already operating in the EU, and fully establish those operations. The EBA warns UK-authorised payment and electronic money institutions wishing to continue to offer services to EU-based customers that it is illegal for them to provide payment or electronic money services in the EU after 31 December , unless they have been adequately authorised beforehand by an EU competent authority.
The EBA is calling on all financial institutions affected by the UK withdrawal from the EU, and in particular, those offering financial services to the EU-based customers on a cross-border basis and benefiting from the passporting arrangement, to adequately inform their EU customers on any relevant actions undertaken as part of their contingency planning affecting the availability and continuity of such services, or whether institutions plan to cease offering services to the EU-based customers after the end of the transition period.
On 13 July , the European Commission published a notice on withdrawal of the United Kingdom and EU rules in the field of markets in financial instruments. As the United Kingdom will become a third country, investment firms are advised to carefully assess the consequences of the end of the transition period and take appropriate action, such as ensuring that the necessary authorizations are in place, and that the necessary actions for any relocation, corporate reorganisation or contractual adaptations have been taken.
Investment firms should also duly inform their clients and counterparts on the implications of the end of the transition period on their business and contractual relationships and on any impact of related measures that a firm has taken or intends to take such as the loss of passporting rights, implications of any corporate reorganisation, changes to contractual terms or contractual and statutory rights of clients or counterparties, including the right to modify the contractual terms or cancel the contracts and any right of recourse.
Business adaptations and investment strategies for investment firms and underlying clients should be ready for no equivalence being in place by the end of the transition period. By when, on the business day following the extension period, should the buy-in process be started by the party in charge of it? For the purposes of conducting a buy-in process, the relevant system is the securities settlement system where the settlement fail occurred.
Therefore, should the buy-in process be considered effective according to Article 22 of the RTS on Settlement Discipline, the party in charge of the buy-in should initiate the process i. This postponement is due to the impact of the COVID pandemic on the implementation of regulatory projects and IT deliveries by Central Securities Depositaries and a wide range of market participants and follows a request from the European Commission EC. These increased risks, combined with limited capacity for assessing access requests and for managing the migration of transactions flows, may impact the orderly functioning of markets or financial stability.
The ESMA expects:. The COVID pandemic adds urgency to the need to protect public finances and limit its socio-economic consequences. Member States will require adequate tax revenues to finance their considerable efforts to contain the negative economic impact of the measures against the COVID pandemic, while ensuring that the most vulnerable groups do not bear the burden in raising these revenues.
Ensuring tax fairness by preventing tax fraud, tax evasion and tax avoidance has become more important than ever. In this context, strengthening the administrative cooperation and exchange of information is crucial in the fight against tax avoidance and tax evasion in the Union.
Therefore, the EU is better placed than individual Member States to address the problems identified and ensure the effectiveness and completeness of the system for the exchange of information and administrative cooperation. First, it will ensure a consistent application of the rules across the EU. Second, all digital platforms in scope will be subject to the same reporting requirements. Third, the reporting will be accompanied with exchange of information and, as such, enable the tax administrations to obtain a comprehensive set of information regarding the income earned through a digital platform.
The measures aim to make it easier for capital markets to support European businesses to recover from the crisis. The package proposes targeted changes to capital market rules, which will encourage greater investments in the economy, allow for the rapid re-capitalisation of companies and increase banks' capacity to finance the recovery.
All of the amendments are at the heart of the Capital Markets Union project aimed at better integrating national capital markets and ensuring equal access to investments and funding opportunities across the EU. A natural or legal person who has a net short position in relation to the issued share capital of a company that has its shares admitted to trading on a regulated market shall notify the relevant competent authority where the position reaches or falls below a relevant notification threshold of a percentage that equals 0.
This Decision enters into force on 17 June It shall apply from the date of its entry into force for a period of three months. On 2 July , the European Commission prolonged the validity of certain State aid rules which would otherwise expire at the end of In this context, and to take the effects of the current crisis into due consideration, the Commission, after consulting Member States, has decided to make certain targeted adjustments to the existing rules with a view to mitigate the economic and financial impact of the COVID outbreak on companies.
Commission has decided to prolong the validity of the following State aid rules, which are due to expire by the end of Commission has also decided to make some targeted adjustments to the rules which are being prolonged as well as to the Framework for State aid for research and development and innovation. Best practices identified in this document outline temporary, non-binding relief measures that financial institutions are encouraged to implement, when appropriate, on a best-effort basis and as long as they are still relevant depending on the situation in Member States.
The maturing principal payments from securities purchased under the PEPP shall be reinvested by purchasing eligible marketable debt securities until at least the end of In particular, the purchase allocation may be adjusted under the PEPP to allow for fluctuations in the distribution of purchase flows, over time, across asset classes and among jurisdictions.
The EIB Group will also support emergency measures to finance urgent infrastructure improvements and equipment needs in the health sector, using existing framework loans or undisbursed amounts from existing health projects. In the second half of March , certain MMFs faced significant liquidity challenges. In this context, measures taken by central banks and securities and markets regulators to ensure the proper and orderly functioning of markets and financial stability were also relevant for MMFs.
In particular, the market liquidity brought by some of these measures may have also indirectly benefited MMFs through the intermediation of credit institutions. The CJEU has also validated the standard contractual clauses allowing the transfer of data from the European Union to importers established outside the Union. The most substantial modification of the legislative framework in force consists in the addition of new "subject", professionals who will now have to comply with the obligations arising from the preventive anti-money laundering regime.
They are respectively:. The draft law also lowers the threshold for prepaid payment cards. Another element concerns the establishment of a list of important Belgian public functions. The enhanced due diligence obligations that taxable persons must already apply to a business relationship involving a high-risk third country are now expressly identified. Finally, the rules for national and international cooperation and for exchanges and access to confidential information between competent authorities are adapted.
The law also lowers the threshold for prepaid payment cards. However, thanks to its capital and liquidity buffers, the Belgian financial system is strong and can therefore play a key role in cushioning the impact of the crisis on households and businesses. As a supervisory authority, the National Bank of Belgium BNB calls on financial institutions, in its Financial Stability Report, to continue supporting the real economy, if necessary by using the built-in cushions.
The BNB examines its macroprudential policy and situates this policy within the framework of the economic and financial policy measures adopted in response to the COVID crisis. Due to the COVID crisis, the Belgian financial system is facing significant challenges, but it can boast a solid starting position.
Since the financial crisis, the Belgian banking sector has built up significant capital and liquidity buffers, in particular due to restructuring, prudent management of the crisis, but also more stringent regulation and supervision.
These cushions can now be used to absorb credit losses and provide credit to the real economy. In this sense, the Belgian financial sector, and the banking sector in particular, constitutes a crucial lever to tackle and resolve the current crisis. Economic policy at national and international level has been fundamentally adapted, with the contribution, by those responsible for fiscal, monetary, microprudential and macroprudential policies, of a decisive and coordinated response to the crisis.
In addition to the direct support measures stemming from budgetary and monetary policy, prudential policy also plays, indirectly, a key role in the fight against the crisis. The NBB addresses a series of recommendations to the financial sector and to credit institutions in particular:. According to this Royal decree, the Minister of Finance determines which data must be communicated in accordance with law of 20 December transposing DAC 6.
The Royal decree grants the power to the Mister of Finance to establish the form necessary to realize the reporting under DAC 6. Government departments and control authorities have joined forces in a "Task Force to combat fraud and scams". In order to facilitate a successful deconfinement and resumption of activity without scams, the National Task Force offers a comprehensive guide to prevent them.
In the context of containment, government departments and competent authorities have noted an increase in fraud, with fraudsters taking advantage of the sense of fear, urgency or distress of people and companies in a difficult economic situation.
It analyzes the organization and functioning of markets, financial stability, and the financing of the economy. While markets and infrastructure worked well during the health crisis, the imbalances initially present have increased and geopolitical tensions remain. Beyond the many challenges presented by the financing of the post-COVID economic recovery, a new vulnerability in itself, the mapping highlights an increase in risks to financial stability with a possible new market correction and the degraded solvency of many companies.
The risk weighing on the financing of the economy therefore returns in and should increase further in The significant use of debt, banking or market represents a significant vulnerability in the medium term, which calls for a transition to a model more based on equity. This recapitalization of the economy should also take into account the green transition, which poses an additional challenge.
During the confinement, noting the resurgence of fraud and scams, the State services and the supervisory authorities, including the AMF, joined forces in a national task force to fight more effectively against these practices in the context of COVID The members of the task force, who remained mobilized after the deconfinement, launch a joint call for vigilance and publish practical sheets gathered in a guide aiming to encourage a resumption of activity without scams.
It pools everyone's skills in order to optimize public action. Can affect both consumers and businesses, fraud can take a variety of forms, for example false administrative sites illegally collecting personal data or bank details, calls for fraudulent donations, identity theft by professionals, campaigns phishing, etc.
In addition to the State-guaranteed loan, the Minister of the Economy and Finance wished to set up a system of repayable advances and subsidised loans to support the cash flow of companies weakened by the COVID crisis. The terms of application of this new tool managed by the Directorate General for Enterprises DGE within the Ministry of the Economy and Finance and the rates applicable to the financing granted were recently specified.
This mechanism aims to support businesses weakened by the health crisis of COVID, through repayable advances or loans at subsidised rates, complementing existing tools while remaining subsidiary to them. Strategic companies with 50 to employees are the preferred target of this discretionary scheme.
The objective is to support companies with real prospects for recovery, taking into account their economic and industrial positioning, in particular their recognised and to be preserved know-how, their critical position in a value chain and their importance within the local employment area.
Each year, the Banque de France assigns a rating to more than , companies, which takes into account not only their accounting documentation but also qualitative elements which are brought to its attention by managers. Since April, the Banque de France has adapted its rating process for balance sheet data drawn up for and, in July, it will endeavor to collect, by means of a questionnaire sent to each manager, the information on the current financial situation of their business.
Assigning a rating to companies in the current economic context strongly affected by the COVID crisis requires special attention. As the Banque de France rating is a fundamental indicator for the proper monitoring of financing and credit risks for the national economy, it is imperative that the rating exercise best reflect the fundamentals of the productive fabric and integrate the effect of public support mechanisms that have been put in place. The expertise of the Banque de France as the leading French rating agency is and must remain an anchor of confidence in the economy.
To this end, protective measures have been taken to ensure the robustness of the diagnosis on the financial situation of a company and the reliability of its rating in the listing campaign is thus shifted to the second half of so as to give step back and have more stabilized perspectives on the company's trajectory. The 6-month period available to persons exercising a key function to justify the verification of minimum knowledge was suspended on March 18, In view of the measures aimed at organizing the exit from the state of emergency, this period remains suspended until further notice.
Temporarily, the persons concerned can exercise their function, but must be supervised pending the successful completion of the internal knowledge check or the AMF exam. The containment measures put in place to fight the COVID pandemic not only have a direct impact on the economies of the countries concerned, but they also have international repercussions via value chains and external demand. A short-term analysis suggests that these international repercussions are having a significant effect on France, albeit second-rate compared to the internal shock caused by the lockdown.
France is more exposed to containment shocks from the rest of the European Union and relatively less exposed to shocks from China. The most unfavourable situation for France would be that it suffers a supply shock fall in productivity linked to health measures, or second wave while the rest of the world is out of the crisis,. On 18 July , Decree No. Can income and expenses related to the COVID event be recorded as exceptional or non-current income? The ANC does not recommend that the income and expenses related to this event be recorded as extraordinary income or expense.
However, income and expenses that are normally recorded as exceptional income or expense may continue to be recorded as exceptional income or expense. Entities are therefore recommended to continue their previous practices in this area, which could, if necessary, lead to the recognition of some of the consequences of the COVID event e. In the context of the COVID pandemic, on 27 May the European Systemic Risk Board adopted a recommendation aimed at the vast majority of financial institutions credit institutions and finance companies, investment firms, central counterparties , insurance and reinsurance organisations , so that the latter refrain until 1 January from paying dividends, buying back shares or granting new variable remuneration to their main risk takers, in order to preserve their own funds and their ability to fully support the real economy during the crisis.
At its meeting on 8 July , the Supervisory Board of the ACPR decided to comply with this recommendation, which follows on from its previous communications of 30 March and 3 April on dividend distributions. On 15 August , Decree No. This decree amends the solidarity fund for companies particularly affected by the economic, financial and social consequences of the spread of the COVID epidemic and the measures taken to limit this spread.
It extends the first component of the fund, for losses in July, August and September , for companies in the sectors mentioned in Annexes 1 and 2 of the decree. In accordance with Instruction I, on the electronic signature of documents transmitted electronically to the ACPR, and Instruction I, on the transmission of prudential documents to the ACPR, it is mandatory that "Accounting and Prudential" document submissions be signed electronically. The end of this relaxation was recalled in the press release of July 10, , on the E-surfi site: "The tolerance granted during the health crisis in terms of electronic signature will no longer be accepted from September, when unsigned or poorly signed remittances sent to the ACPR during the period from March to the end of August will have to be communicated again to the ACPR with a compliant signature.
The ACPR therefore invites the organizations that have benefited from the above-mentioned tolerance to regularize as soon as possible the unsigned or non-compliant remittances made during the period. Last March, amicable agreements were reached with Germany, Belgium and Switzerland so that those benefiting from the specific tax regimes for workers living and working across borders can continue to benefit from them even if they are forced to remain at home during the COVID health crisis.
Given the current health context, France and these three States have agreed that the agreements will continue to apply until December 31, Similarly, France and Luxembourg agree to extend the period of applicability of their amicable agreement of July 16, , to December 31, inclusive.
This reporting is integrated in the taxonomy version 2. It will be communicated to institutions shortly during September via their functional business card. This statement will have to be signed electronically according to the same signature modalities as the FINREP reporting. The current FINREP signature rights will apply to the submission of these statements, so the information already validated will not require any action on the part of the institutions. The amendments to the operating rules of the Euronext Growth multilateral trading facility as annexed to this Decision are hereby approved.
They shall enter into force on the date determined by Euronext Paris S. The amendments to the operating rules of the Euronext Access multilateral trading facility as annexed to this Decision are hereby approved. The report exposes events, publications, partnerships with universities, highlights of the board of directors and AFTI members. The annual report describes as well some priority areas on green finance and dedicated workgroups. In the occasion of the publication of her annual report, the mediator with the French Banking Federation recalls three highlights of this year: the drop in referrals concerning bank charges, the upsurge of scams and the emergence of new disputes.
Mediation is rendered in law and in equity. The Mediator, after having established the rule of law, assesses the damage to determine the appropriateness and the amount of a possible commercial gesture. It therefore recommends that consumers specify and demonstrate their harm. The report contains :. These guidelines specify in particular the due diligence to be carried out by insurance and reinsurance organisations before concluding an outsourcing agreement with cloud service providers, the arrangements for the supervision and control of the provider by the company, the management of such outsourcing within the company and the role of the competent authorities in the supervision of the cloud outsourcing arrangements put in place by companies.
These guidelines are applicable to insurance and reinsurance organisations and to the participating and parent undertakings mentioned respectively in the second and third paragraphs of Article L. This aims to identify liquidity management tools liquidity management tools or LMT set up in French law funds. This work is part of a follow-up to IOSCO recommendations to strengthen the overall liquidity risk management framework following on from the recommendations adopted by the FSB in To allow the liquidity risk of funds to be managed as well as possible investment, numerous measures are provided for by international texts, and imposed at the level of European Directives and Regulations governing funds and management companies or recommended by ESMA.
In addition to the rules for monitoring and steering liquidity, certain tools can be used in normal times or in times of stress, in order to limit the risks of firesalesor mitigate their impact. This paper presents these liquidity management tools as precisely as possible and describes the appropriation of these tools by French law funds at the end of , based on a textual analysis of the prospectuses. On 23 July , Order of 22 July on the temporary lowering of the control threshold for foreign investments in French companies whose shares are admitted to trading on a regulated market was published in the Official Journal.
The notification provided for in Article 2 of Decree No. On 23 July , Decree No. This decree aims at describing the procedure applicable to investments in France made in French companies whose shares are admitted to trading on a regulated market by investors from third countries. Foreign investments must be authorized when they are made in activities that are essential to guarantee the country's interests in terms of public authority, public order, public security or national defence.
In order to limit the impediments to market liquidity during these transactions involving the acquisition of a minority fraction of voting rights, the procedure would be simplified by notifying the Treasury Directorate General of reduced information, with the filing of a request under ordinary law being subject to a request from the Minister expressed within ten working days.
The minister's silence at the end of this period authorises the investment. On 23 July , Order of 8 July amending the Order of 8 January defining the reference framework and the control and monitoring plan for the "socially responsible investment" label was published in the Official Journal.
Annex No 2 to the Order of 8 January concerning the label reference system is replaced by the. Annex attached to this Order. This annex can be consulted on the website of the Ministry of the Economy and Finance. This document is intended to provide stakeholders with some insight to better understand and take part in this consultation. On 13 August , Decree No. The amendments concern the function of environmental authority Ea.
In particular, the decree provides that the Ea training college of the CGEDD will henceforth be competent to adopt its rules of procedure, which will no longer be incorporated into the rules of procedure of the CGEDD. Similarly, each of the regional environmental authority missions MRAe will adapt its own internal regulations which, in order to avoid ending up with 19 very different regulations, will have to comply with a reference framework.
The decree adapts the composition of the colleges of the regional missions of environmental authority MRAe to allow for greater operating flexibility, and provides for a standard model for the agreement regulating in each region the conditions under which regional environmental service agents are placed under the functional authority of the president of the MRAe. The decree creates the "conference of environmental authorities"; placed under the chairmanship of the vice-president of the CGEDD, it aims to facilitate the exchange of good practices and encourage the harmonization of interpretations and methods between entities performing environmental authority missions.
The measures highlighted by BaFin are aimed at strengthening institutions and offering them relief to ensure that they are able to mitigate the effects of the crisis on the real economy. This framework sets rules and minimum standards under which enterprises can have ethical hackers review their cyber resilience.
The TIBER-EU framework prescribes mutual recognition of test participation for those member states where it has already been implemented. In summer , the Federal Ministry of Finance BMF and the Deutsche Bundesbank resolved to implement the framework in Germany as a service to be provided by the Deutsche Bundesbank, aimed primarily at banks, insurers, financial market infrastructures and their key service providers.
This circular is aimed at all occupational retirement provision that are subject to BaFin supervision. It is intended to provide IORP with information on the interpretation of the relevant business-organizational requirements in place. For , BaFin has identified four priority areas that are of major significance to all of its Sectors: 1 digitalization, IT risk and cyber risks, 2 the integrity of the financial system and the fight against financial crime, 3 sustainable business models and 4 sustainable finance.
BaFin regularly tests its supervisory know-how and the underlying rules. Another aim is to create greater legal certainty. The same applies to how we deal with distributed ledger technology, virtual currencies and initial coin offerings. BaFin will be an active and committed participant in the international security debate and will to this end engage in regular exchanges with the supervisory authorities of other countries.
Crypto assets, for example, are expected to bring exposure to significant money laundering risks in future. It is therefore a logical conclusion that BaFin is performing in-depth analyses to determine the extent to which and the type of business that is being conducted with crypto assets.
In , BaFin will also give particular attention to the authorization requirement for new business models — especially those involving the issue of tokens based on distributed ledger technology, such as the crypto custody business. Companies in the financial market are right now facing the combined onslaught of interest rates at historic lows, economic slowdown and digital transformation.
BaFin will therefore closely analyze in how sustainable the business models are in the different segments of the financial market. BaFin will examine the impact of the persistently low interest rates on credit standards as well as on investment strategies and practices. BaFin put itself at the helm of the supervisory movement when it published a Guidance Notice on Dealing with Sustainability Risks at the end of The declared aim is that credit institutions, insurance undertakings and asset management companies systematically incorporate sustainability risks into their risk management systems.
BaFin has set itself further ambitious targets and is planning to expand on its ideas about managing sustainability risks in From onwards, these risks are to be systematically captured and addressed using existing supervisory tools.
The AFS notes that solvency of a large number of banks would be strained if numerous insolvencies caused significant credit losses, which could lead to an insufficient provision of financial resources to the real economy by the financial system and at worst to a loss of trust in the stability of the banking system. Further, the pandemic-related shock to the economy meets a financial system where cyclic systemic risks the underestimation of credit risks, risks resulting from real estate financings and the risk of long-term low or abruptly rising interest rates have already built up in recent years.
A number of urgent measures to accelerate planning and approval procedures in the infrastructure sector have already been adopted during this legislative period. This has created important preconditions for implementing investments more quickly and effectively. In order to be able to use the funds available for investments more quickly and to increase the effect of previous laws on planning acceleration, further acceleration potential is to be realised. The present draft law provides for a number of accelerating measures.
These include simplifications in regional planning law and in the approval of the electrification of railway lines, as well as measures to speed up court proceedings. The purpose of these guidelines is to establish consistent, efficient and effective supervisory practices. The guidelines are intended, for example, to ensure that the national supervisory authorities apply Article 37 of the Money Market Fund Ordinance and the Implementing Ordinance on reporting in a uniform manner.
In accordance with Article 37 of the Money Market Fund Ordinance, the money market fund manager reports to his supervisory authority at least annually certain information on the type and characteristics of the money market fund, portfolio indicators and stress test results. The guideline includes instructions on how to report this information. On 1 July , the Deutscher Bundestag published a Draft law on the introduction of the basic pension for long-term insurance in the statutory pension insurance with below-average income and for further measures to increase retirement income Basic Pensions Act.
The amendment would remove the income imputation system, the automated retrieval procedure provided for this purpose between the pension insurance institutions and the tax authorities and the verification of income from capital assets. The introduction of a so-called "basic pension" is geared to providing adequate security for the lifetime earnings of employees who have been working for decades on below-average incomes. This principle of a pension supplement on the basis of many years of employment performance equity would be counteracted by the determination of an income-dependent basic pension requirement need equity , would be highly bureaucratic and would lead to disproportionately high costs.
The German Pension Insurance Fund assumes a current fulfilment cost of million euros for the required 1, full-time employment units. On 1 July , the Deutscher Bundestag published its comments on Draft Law on the introduction of the basic pension for long-term insurance in the statutory pension insurance with below-average income and for further measures to increase income in old age Basic Pension Law.
The principle of a pension supplement on the basis of many years of employment performance equity would be counteracted by the determination of an income-dependent basic pension requirement and would be highly bureaucratic and would lead to disproportionately high costs.
The draft law regulates the regulatory requirements for investment firms with regard to the risks they take, the capital requirements, their business organization and the requirements for management and supervisory bodies. In contrast to credit institutions, investment firms have a business model with a different risk profile. Because investment firms are financial companies that offer a financial service related to securities but, unlike a credit institution, do not accept deposits.
Different requirements were made in proportion to the size of the investment firm. As a result, three size classes large, medium and small investment firms for investment firms. The WpFG contains requirements essentially proportional to the size and importance of the investment firms for financial stability:. The necessary changes to the Insurance Supervision Act VAG essentially relate to information requirements in the event of significant cross-border insurance activity or a crisis situation by strengthening the exchange of information between the supervisory authorities and EIOPA.
Among other things, version 11 contains an adjustment for fully written-off instruments from the reporting date of 31 January due to the requirements of the new EBA guidelines on the application of the default definition: written-off instruments for which the observed unit is neither a creditor nor a service after the write-off e.
This is checked in the validations for the completeness of the credit-related data sets using condition CD The data fields on default status and probability of default refer to the time of write-down and can be updated until the end of the quarter.
Finally the manual introduces the delay of the outlier rules reporting date. No confirmations for "outliers" will be provided for the reporting deadline of July 31, , and the new code "AK" will not yet be issued. On 11 August , the Bundesfinanzministerium Federal Ministry of Finance published draft law on dematerialized securities.
The draft law objective is to modernize German securities law and the associated supervisory law. The central component is the introduction of a new law on dematerialized securities. According to the current legal situation, financial instruments that are classified as securities under civil law must be securitized in a document. To ensure the marketability of securities and legal compliance however, it requires a suitable replacement of the paper document, for example, by entry in a register based on the blockchain technology.
This proposed regulation also creates regulatory clarity: The Federal Financial Supervisory Authority will monitor issuance and the maintenance of decentralized registers. The adaptation of the legal framework to new technologies, especially blockchain technology, serves to strengthen Germany as a business location and to increase transparency, market integrity and investor protection.
As a benchmark issuer for the euro area, the German federal government will offer different maturities, establish a green yield curve, and thus create added value for the sustainable finance market in Europe. The associated green expenditures will serve different purposes. For example, they will promote clean transport systems and reduce carbon emissions from motor vehicles. They will accelerate the transition towards an economy that largely runs on renewable energies and towards more efficient energy consumption, and they will support research that works towards a more sustainable future.
In this way, the German government is also making a significant contribution to international climate action and the conservation of global biodiversity. On 18 August , the Law on the further implementation of the Transparency Directive amending directive with regard to a uniform electronic format for annual financial reports was published in the Official Journal.
According to the Transparency Directive, certain capital market companies must prepare their annual financial reports in a standardized European electronic format European Single Electronic Format, "ESEF". The European Commission has made the relevant format specifications binding. The aim is to simplify reporting and to facilitate the accessibility, analysis and comparability of the accounting documents contained in an annual financial report for the benefit of issuers, investors and competent authorities.
With the new regulations, the affected capital market companies are therefore obliged to publish their annual and consolidated financial statements as well as their management and group management reports electronically in the "ESEF". The new format specifications are to be applied for the first time to annual and consolidated financial statements as well as management and group management reports that are prepared for the financial year beginning after December 31, , in accordance with European law.
In view of the recent price volatility of various markets and investment products including shares, bonds, commodities, precious metals, FX, etc. Any person carrying on regulated activities in the securities and futures markets and the non-bank retail leveraged foreign exchange market in Hong Kong has to be licensed or registered with the SFC, unless a specific exemption is applicable.
These activities are:. A business registration application other than a simultaneous business registration application or a branch registration application must be made to the Commissioner. AI , other than businesses carried on inside the main structure of any building;. In other words, it is not confined to services involving fiduciary duties. A fund is eligible to be registered as a limited partnership fund if, on its registration as a limited partnership fund:.
Reporting entities are reminded to read the revised AIDG for the details of the changes and their obligation to report all transactions involving the updated coding schemes supported by the HKTR. The amendments contained in the Bill will be operational for a interim period a temporary period of time which ends on 31 December In general. On 7 July , the Statutory Instrument S. On 28 August , the Data Protection Commission published three guidance relating to third parties accidentally in receipt of personal data relating to other individuals.
An organization must be aware of the possibility of finding itself accidentally in possession of personal data. An organisation that acquires control over personal data must deal with it in a way that respects its obligations as a data controller.
The DPC recommends that organisations that come into accidental possession of personal data take immediate steps to identify the rightful data controller and remedy the breach. It should do so in a way that involves the minimum of intrusion or exposure:. If a third party refuses to return or delete wrongly held personal data, the DPC recommends that data controllers act promptly and use all reasonable measures to address and mitigate the risks posed to data subjects and their rights.
Apart from reporting the breach and all relevant information to the DPC, controllers should:. On 14 July , the S. This latest Review examined the accuracy and quality of data submitted, and identified some material instances of incorrect reporting across categories including:. The Review concluded that, in the majority of cases, incorrect reporting was due to either a lack of understanding of reporting requirements or human error.
The Central Bank has set out its expectations that firms will assess their procedures and controls to address specific issues identified and to mitigate against any further incorrect data reporting going forward. The Review also identified a small number of investment intermediaries that were unaware of their obligation to produce annual audited accounts. Finally, the Review found that some investment intermediaries were not actively trading and were retaining their authorisation for future use.
The Guidelines apply from 30 September In the interim, the Central Bank expects full compliance with the Guidelines from 30 September On 25 August , the Financial Information Unit shared guidelines for the production and sending of aggregate anti-money laundering reports. Any reports relating to previous periods must be made in accordance with the provisions in force at the reference date of the report.
In particular, companies other than banks that intend to operate in Italy must submit an application to CONSOB; CONSOB will respond within the term of days, If the authorisation is not obtained, the company must stop its activity by the end of the transaction period.
All British investment firms need to provide Italian customers with updated information on the consequences of the changed operating conditions deriving from Brexit. On 4 August , Banca d'Italia issued a document on the application of the definition of "default". More specifically, the following aspects were modified:. The new regulatory framework described above, impacting prudential default for SIM, will be applied as of the 1 January , as per EBA's guidelines.
The role of Banca d'Italia consists in verifying whether there have been violations, conducting investigation, imposing penalties or informing the interested parties that a sanctioning procedure has been initiated against them.
According to the provisions, Banca d'Italia can apply sanctions to significant entities upon request of ECB. Furthermore, sanctions can be applied to less significant entities autonomously by Banca d'Italia. Banca d'Italia can sanction individuals too. Subsequently, on 27 March , Banca d'Italia recommended to less significant banks not to pay dividends and to refrain from repurchasing treasury shares until 1 October These recommendations aimed at allowing financial intermediaries to absorb shocks.
It should be noted that Banca d'Italia will not request the restoration of capital buffers before the end of and the level of LCR before the end of With note no. Moreover, CONSOB invited administrative and controlling bodies as well as audit entities to pay particular attention to the implementation of these dispositions. Lastly, targeted financial entities are invited to implement these guidelines also when issuing press releases as well as half-yearly financial reports.
On 30 July , the Italian government decided to extend until 15 October the emergency status linked to COVID, allowing the government to take action in order to limit the impact of the pandemic. The decision also extends measures related to the health system, such as how to employ doctors, how to produce sanitary tools e.
Resolution no. The lists of companies to which these thresholds apply were updated resolutions no. On 31 August , Banca d'Italia published the interest rate to be applied to subsidized credit operations. On 30 July , Banca d'Italia launched a consultation on the discipline on collective asset management.
Regarding the first point, the suspension power allows fund managers to temporarily suspend the execution of repayments if, on the same day, they receive requests for repayment exceeding a certain percentage of the total net value of the fund at least five percent. The duration of this temporary suspension is a maximum of fifteen days, it can be used on several consecutive occasions, and can never exceed the duration of one month. Regarding the second point, the goal is to simplify the rules applicable to closed Italian AIFs.
In particular:. Lastly, the third point clarifies that the current legislation does not prohibit the deferred and gradual payment of subscription fees nor does it prescribe a specific method for withdrawing them. Based on MIFID II, Member States should require investment firms to guarantee and demonstrate that individuals who provide 1 investment advice to clients, or 2 information on financial instruments, 3 investment services or 4 ancillary services on behalf of the investment firm, possess adequate knowledge and skills.
The Member States are in charge of deciding on the criteria to evaluate such knowledge and skills. These evaluation criteria set by ESMA represent minimum standards; national authorities should refer to these criteria and implement more strict ones.
In this scenario, CONSOB opened a consultation on these criteria, which define the requirements that professionals should meet to prove that they possess adequate knowledge and skills e. The consultation can result in two alternatives.
In this case, the consultation would be applied to the specific provisions and it would be aimed to enhance the decision-making autonomy of intermediaries. Financial intermediaries would be free responsible of deciding how to implement the provisions from ESMA. The operational process for the acquisition of KIDs, which is the matter subject to consultation, is structured as follows:.
The consultation focuses on the operational aspects allowing CONSOB to acquire this information throughout the process e. These regulations, respectively defined as The Prospectus Regulation and the Delegated Regulation, contain rules on controls that competent national authorities are required to carry out in order to approve the offer prospectuses or admission to the trading of securities. The regulations aim to harmonize the control framework at European level.
The purpose of this communication is to provide an overview on the application of the new regulations covering the following aspects:. On 14 July , the Legislative Decree no. The Legislative Decree is intended to harmonise internal regulations with the Shareholder Rights Directive 2 SHRD 2 encouraging i long-term shareholder commitment and ii the regulation of corporate governance systems in listed companies, through the implementation of Article 7 of Law no.
This piece of legislation includes changes to the regulation of the corporate governance systems of insurance companies on remuneration, together with amendments to both the requirements and eligibility criteria for corporate officers, persons performing key functions and capital participants. Furthermore, the Italian lawmaker has extended the sanctions system for violations of national rules on long-term shareholder commitment to also combat violations of particular obligations by intermediaries.
In addition, the maximum pecuniary sanction for specific cases has been increased from EUR 5 million to EUR 10 million. The transposition of SRDII caused modifications to the existing regulatory framework, on the matters listed below:. Regarding the need for intermediaries to transmit information, issuers should transmit to central depositories information on the convocation of meetings and additional information necessary for the exercise of shareholders' rights.
The consultation focuses on the operative modes to achieve this goal. No further actions were taken on how to facilitate the exercise of shareholder rights, as the national regulatory framework is in line with the directive on this aspect. Lastly, the consultation proposes that the issuers should notify to shareholders when majority voting rights have been granted, following the minimum period to hold shares.
AIM Italia is mainly targeting small and medium-sized enterprises engaged in credible and sustainable growth projects within expanding sectors, with a solid financial structure, capable of attracting a diversified investors. Common indicators , will be completed with an additional list of indicators specific to the collective investment activities and to professionals providing services in that particular sector under the new title II.
Specific indicators concerning collective investment activities. The objective of this paper is to draw the attention of the EBA on some issues raised in the Guidelines. First, ALFI would like to stress the fact that the Joint Guidelines have the merit of giving the professionals across Europe a consistent approach allowing a level playing field between the different actors throughout Europe, in order to successfully combat money laundering.
ALFI believes that the organization of this consultation paper by types of business gives clarity on the scope of application of the AMLD to the various entities subject to its requirements. It is important to have an awareness and understanding of the risks in particular business areas.
On 13 July , Luxembourg published the Law on the register of fiducies and trusts in the Official Journal. Outsourcing: the obligations of a professional relying on a service provider or agent are detailed further. The monitoring obligation should allow the professional to verify and control compliance with the obligations of the service provider.
On 20 August , Grand-Ducal Regulation of 14 August amending the Grand-Ducal Regulation of 1 February clarifying certain provisions of the amended law of 12 November on the fight against money laundering and the financing of terrorism was published in the Official Journal. On 26 June , the European Commission issued draft regulations Regulations that proposed a new type of collective investment framework allowing investors to put money into companies and projects that require long-term capital.
The European Commission proposal seeks to achieve the general objectives of i increasing the means for long-term financing across all sectors of the European economy and ii improving the coherence of the single market. These include requirements in respect of the types of long-term assets in which the ELTIF could invest and the firms that the ELTIFs would be permitted to invest in infrastructure, transport and sustainable energy projects , how the ELTIF would be required to spread its assets to reduce risks and the information provided to investors.
The proposed ELTIFs are designed to meet the needs of institutional and private investors who are prepared to see their money tied into long-term assets such as infrastructure projects in return for a steady income. The European Commission anticipates that pension funds and insurance companies would be particularly interested in ELTIFs and also potentially private investors who can afford to see some of their savings committed for a long period of time.
The ELTIF would be required to meet rules designed to protect both investors and the companies and projects they invest in, in order to benefit from this cross-border passport. Pursuant to the draft Regulations, ELTIFs will be categorised as investment products within the meaning of the Markets in Financial Instruments Directive MiFID and would therefore be subject to all of the requirements of that directive in relation to marketing, selling and disclosure.
In addition to the disclosure requirements contained in MiFID and the transparency requirements contained in AIFMD, ELTIFs would be required to publish a prospectus which would include all information required to be disclosed by collective investment undertakings of the closed-end type in accordance with the Prospectus Directive.
ELTIF would be prohibited from partaking in the short-selling of assets, entering into securities lending agreements and investing in commodities and financial derivative instruments other than for the purpose of hedging the duration and currency risk of the other assets. Due to the illiquid nature of ELTIF investments in long-term projects, ELTIF are precluded from offering regular redemptions to their investors and investors shall not be able to withdraw money until the specified end date of their investment.
However, ELTIFs would be subject to product rules designed to ensure sufficient diversification, address potential conflicts of interest, increase transparency as regards costs and limit the use of derivatives and leverage.
The draft regulations are currently in the early stages of drafting and we await further developments. Elaine specialises in the legal and regulatory issues surrounding the establishment, authorisation, operation and maintenance of Irish regulated funds with strong expertise in the establishment of complex, structured and index based UCITS funds for asset managers and investment banks.
She also advises service providers to such funds. Our Investment Funds team is a top ranked, experienced and dynamic group of specialists, offering a comprehensive legal, regulatory and taxation service to clients.