The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the new quarterly liquidity assessment of bonds, the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments and the consolidated tape provider (CTP) under MiFID II and MiFIR. Bonds quarterly […]
Author Archives: ETE
ESAs recommend steps to enhance the monitoring of BigTechs’ financial services activities
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU pursuant to EU licences and highlights inherent opportunities, […]
Remarkable resilience of financial markets in a higher-for-longer interest-rate environment
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes its first risk monitoring report of 2024, where it sets out the key risk drivers currently facing financial markets. Verena Ross, ESMA’s Chair, said: “At ESMA we are observing a financial system that has shown a high level of […]
Court declares Westpac engaged in unconscionable conduct for interest rate swap, maximum penalty applied
The Federal Court has declared Westpac Banking Corporation (Westpac) engaged in unconscionable conduct in October 2016 when executing a $12 billion interest rate swap transaction, the largest of its kind in Australian financial market history. Westpac will pay the maximum penalty of $1.8 million in relation to the conduct, together with $8 million for ASIC’s […]
ASIC releases summary document for Indigenous Financial Services Framework Workshop
Understanding and responding to identification challenges for First Nations consumers ASIC has published a summary document from a 30 November 2023 virtual workshop which focussed on building an understanding of identification verification challenges faced by First Nations consumers, and how industry can apply flexible approaches while meeting legislative requirements. The November workshop provided a deep […]
Court declares Westpac engaged in unconscionable conduct for interest rate swap, maximum penalty applied
The Federal Court has declared Westpac Banking Corporation (Westpac) engaged in unconscionable conduct in October 2016 when executing a $12 billion interest rate swap transaction, the largest of its kind in Australian financial market history. Westpac will pay the maximum penalty of $1.8 million in relation to the conduct, together with $8 million for ASIC’s […]
ESMA steps up its monitoring of EU alternative investment funds and sees potential risks in funds exposed to leverage and liquidity mismatches
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a report on the EU alternative investment funds (AIFs)’ market and an article on the risks posed by leveraged AIFs in the EU. ESMA confirms the risks posed by real estate (RE) funds, in a context of declining volumes […]
ESMA consults on reverse solicitation and classification of crypto assets as financial instruments under MiCA
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes two Consultations Papers on guidelines under Markets in Crypto Assets Regulation (MiCA), one on reverse solicitation and one on the classification of crypto-assets as financial instruments. ESMA invites comments from stakeholders by 29 April 2024. Consultation paper on guidelines […]
FCA statement on judicial review of debt packager measures
On 12 January 2024, the Administrative Court refused permission for Promethean Finance Limited to bring a judicial review claim to challenge the FCA’s rules that ban referral fees for debt packagers. Debt packagers are regulated providers of debt advice, who typically don’t provide debt solutions themselves. The FCA introduced rules last year which banned debt […]
FCA statement on judicial review of debt packager measures
On 12 January 2024, the Administrative Court refused permission for Promethean Finance Limited to bring a judicial review claim to challenge the FCA’s rules that ban referral fees for debt packagers. Debt packagers are regulated providers of debt advice, who typically don’t provide debt solutions themselves. The FCA introduced rules last year which banned debt […]