consultation paper

ESMA Consults on Draft Implementing Measures under the Benchmark Regulation

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ESMA published a consultation paper (ESMA/2016/723) on the technical implementation of the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (“Benchmark Regulation“).

The proposals in the paper are based on the provisional text of the Benchmark Regulation published by the European Parliament in April 2016. The paper covers the five areas on which the Commission has requested advice, setting out the relevant provisions and their objectives, an explanation of the related policy issues and references to the relevant responses received to the discussion paper: some elements of the definitions, measurement of the use of critical and significant benchmarks, criteria for the identification of critical benchmarks, endorsement of a benchmark or family of benchmarks provided in a third country and transitional provisions. Consultation paper.

FSA Consultation Paper on the EU Short Selling Regulation

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On August 30, the FSA published a consultation paper on the proposed amendments to the FSA Handbook relating to the EU Short Selling Regulation (SSR), which will apply from November 1. CP12/21. 

The consultation paper proposes the repeal of the UK’s current short selling regime contained in FINMAR 2 and sets out how the UK will implement the SSR in the UK.  Responses should be submitted by September 20.

HM Treasury Consults on Sanctions for Directors of Failed Banks

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On July 3, HM Treasury published a consultation paper on sanctions for the directors of failed banks. Consultation Paper.

In its consultation paper, the Government:

  • proposes to introduce a “rebuttable presumption” that a director of a failed bank is not suitable to be approved by the regulator as someone who could hold a position as a senior executive in a bank.
  • Is considering introducing criminal sanctions for serious misconduct in the management of a bank. This would involve the creation of a new criminal offence that would not necessarily involve any element of dishonesty when it is committed.

Responses to the consultation should be submitted by September 30.

ESMA Proposed Rules on Derivatives, Central Counterparties and Trade Repositories

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On June 25, the European Securities and Markets Authority (ESMA) issued a consultation paper containing draft Regulatory Technical Standards and draft Implementing Technical Standards, which set out specific details of how the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR) will be implemented. A public hearing will be held on July 12, and comments on the paper must be submitted by August 5. Press Release. Consultation Paper.

FSA Consultation Paper on Recovery and Resolution Plans

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On August 9, the FSA published a Consultation Paper and Discussion Paper regarding the implementation of Recovery and Resolution Plans by systemically important banks and large investment firms in the UK. The goal of the paper is to present proposals on what is expected of a firm in planning for stress events that would require it to take action to recover or, if necessary, wind-down in an orderly manner without putting UK taxpayers at risk of loss. FSA Release. FSA Consultation Paper and Discussion Paper.