On 14 September 2016, the European Commission published a communication on accelerating its capital markets union reforms. In particular, the Commission intends to do everything in its power to reach agreement with the European Parliament and the Council on the proposed prospectus regulation (replacing the prospectus directive) by the end of 2016. That is why the possibility of creating a consolidated EU band is one of the firm objectives announced by the Commission in its CMU action plan. We are particularly pleased that the Commission has put it on its priority list, although the issue was not sufficiently appreciated by the High Level Forum at the beginning of the year. On the other hand, the revision of the market structure and transparency aspects of the MIF will take longer and no legislative proposal is expected until next year. It is therefore time to analyse the state of the securities and derivatives markets almost three years after the application of the MIF Directive, particularly in terms of transparency. Let me address these very controversial issues today; highly controversial, as views differ between buy-in, sales and market infrastructure. And it is true that not all market players` interests are coherent and that it is very difficult to achieve an adequate level of transparency which will both improve price formation and better execution and do not harm market training activities. 2.
Q100 is interested in how an issuer, supplier or person applying for admission to trading should react when a participant in a live presentation (for example. B, a roadshow/interview) asks for information on alternative performance measures that are not included in the prospectus. The updated 25th version is available at: ESMA/2016/1133 We have a labyrinthine system, with a strong technical justification for every detail, but with a very poor overall result; It is clear that improvements are needed. The Commission`s Delegate Regulation (2016/1075) came into force on 28 July 2016, which sets out the technical regulatory standards (“RTS”) to determine (i) the content of the contractual bailout and (ii) to determine the types of debts to be exempted from the obligation. On 14 September 2016, the European Parliament formally rejected the Delegated Regulation on the Commission`s presentation, content, revision/review and provision on 30 June 2016, raising serious doubts about the date of application of the PRIIP KID regulation, which is due to apply from 31 December 2016. To determine whether a trade is “important”, it is understandable to take into account its absolute value, but the regulation also introduced statistical redistricting of the transaction (a transaction is currently important if it is greater than a certain percentile of trades for the asset class) and also the trading system, voice trading systems, which benefit from reduced thresholds. The consolidated volume foreseen in the texts of miFID II has not yet appeared. However, we are convinced that this can be a useful instrument for European markets, all the more so when we consider their highly fragmented nature. For this consolidated market vision to be beneficial, data quality is essential.
Improving the transparency regime will certainly help ensure that a future TC provides a necessary consolidated vision. The book Jargon® is available on the App Store and Google Play. 1. Q99 deals with Article 11, paragraph 3, the Commission`s 2016/301 Delegate Regulation (EU) and the exemption in the case of oral advertising from the obligation to broadcast modified advertising in at least the same way as the original advertisement.