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This study provides a background for the preparation of the Broad Economic Policy Guidelines (BEPG) 2003 and assists the EP in putting forward recommendations in supply-side issues covered in the BEPGs. The report looks at investment, progress in opening markets, integration of financial services, the labour market and taxation, as well as the macroeconomic policy mix. The conclusions are that the Member States should take more seriously the spirit of reform recommendations and the call for policy co-ordination. Social partners should have a stronger role in the various co-ordination processes. Some novel measures could also be introduced in the BEPGs. [European Parliament]

The recent financial crises in Asia, Russia and Latin America have focussed attention on the effectiveness of the world's 'financial architecture'. The freeing of capital movements and the globalisation of markets have boosted economic growth; but also increased instability and systemic risk. This study examines in detail the workings of the system, and the problems it faces. It looks particularly at risk-management techniques, the difficulties of effective prudential supervision, the situation in developing countries, and the impact of hedge funds and other new financial instruments. It also examines the role of money laundering and other criminal activities. Finally, it makes a number of proposals for reform, both at the international and EU level. [European Parliament]

The objective of the study is to shed light on the question of "non-contractual liability" and compensation in connection with the application of the Financial Regulation of the European Communities. It considers jurisdiction based on article 288(2) TEC, and articles 64 to 68 of the Financial Regulation as well as article 22 of the Staff Regulations. For comparison, the relevant practice in three Member States (Belgium, Germany, UK) and at an international organisation (United Nations secretariat) is also looked at. Recommendations are formulated including the extent of liability and possible implications for the Financial Regulation.[European Parliament]

The study discusses the relationship between accountability and transparency in central banking and the role and scope of parliamentary scrutiny. Special attention is given to the consequences of the current crisis for this area. For the authors, the current crisis shows that price stability alone is not sufficient for financial stability. They therefore argue that preserving financial stability should become a second primary objective for the European Central Bank (ECB), which should be given the appropriate tools to prevent the re-emergence of excessive credit creation and leverage. The study gives recommendations for the current situation as well as for the longer term.[European Parliament]

This report examines the role of post-trading clearing and settlement systems in European securities markets and what regulatory risks they pose to financial stability. Although post trade clearing and settlement are sometimes referred to as the ‘plumbing’ of financial markets, this understates their fundamental importance in providing vital linkages among components and participants in the financial system, enabling them to work together smoothly. A well-regulated clearing and settlement system is crucial for the efficient operation of the economy.[European Parliament]

In 2006 the external net borrowing requirement of the Spanish economy was almost 8% of GDP, after having been in balance between 1993 and 1998. This increased borrowing requirement is the financial mirror image of a growth model, in which corporate and households' investments are generating an unprecedented private demand for credit. Although the solvency of Spanish borrowers does not seem to be at risk in the short term, in the medium and long run, any widening of the already extensive recourse to external saving might lead to additional pressure on the economy. An assessment of external imbalances should include scrutiny not only of the existing financial instruments and who issued them, but also of cumulated debt levels, i.e. an analysis of flows and stocks. According to the findings of this country focus, it is portfolio investment, rather than FDI, which is the main financial instrument, while the financial system - and not the corporate sector or general government - has become the main channel between domestic borrowers and private foreign lenders.

The Czech financial sector has changed dramatically since transition. In fifteen years, it has developed from a state-owned mono-bank into a privatised bank-based financial system with developing capital and private equity markets. This country focus analyses the development of the financial sector including its impact on economic growth. While the sector has advanced considerably in scale and efficiency, there is clear room for further development to support future growth.

ESMA is calling for public feedback on possible content to draft technical standards on matters such as settlement discipline, CSD registration and requirements, including confirmation rules (acceptance or rejection of terms in good time before the intended settlement date) for trading venues and investment firms, as well as access to CSDs by other CSDs, participants and other market infrastructures.ESMA has a mandate to draft technical standards on more than 30 aspects under CSDR.ESMA will consider all comments received by 22 May 2014.A public hearing will take place on April 14th at ESMA in Paris, from 13h30 to 17h.As provided for by the ESMA Regulation, a full public consultation will be conducted on the draft technical standards before they are submitted to the European Commission (EC). Therefore, following this DP and on the basis of the relevant input received, ESMA will finalise its proposed draft technical standards, that will be included in a consultation paper. The date of publication of such a consultation paper and the commenting period will depend on the date of publication of the CSDR in the Official Journal and the final deadline for ESMA to deliver the draft RTS and ITS to the EC.[Author vide Copyright]

The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014.The revised Transparency Directive 2013/50/EC (TD) was published in the Official Journal of the European Union on 6 November 2013 and entered into force on 27 November 2013. ESMA is required to submit certain draft Regulatory Technical Standards (RTSs) on major shareholdings (for details on each RTS, see the relevant section) to the European Commission (Commission or EC) by 27 November 2014.According to Articles 10 and 15 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing ESMA (ESMA Regulation), ESMA must conduct a public consultation before submitting draft RTSs to the Commission. This Consultation Paper (CP) therefore seeks stakeholders’ views on proposals for such RTSs. The input from stakeholders will help ESMA finalise the draft RTSs. Respondents to this CP are encouraged to consider the costs and benefits that the draft RTSs would imply and provide the relevant data to support their arguments or proposals.The CP also seeks stakeholders’ views on the proposed content of an indicative list of financial instru-ments referenced to shares and with economic effect similar to holding shares and entitlements to acquire shares.[Author vide Copyright]

The European Securities and Markets Authority (ESMA) has published its Final Report on draft Regulatory Technical Standards (RTS) required under the Credit Rating Agencies (CRA3) Regulation regarding information on transparency of structured finance instruments, the European Rating Platform and periodic reporting of fees charged by credit rating agencies.The draft RTS, which complement the existing regulatory framework for credit rating agencies (CRAs), cover: 1. disclosure requirements on structured finance instruments (SFIs); 2. the European Rating Platform (ERP); and 3. the periodic reporting on fees charged by CRAs.[Author vide Copyright]

Changes are being made to a key piece of European law whose purpose is to protect you when you buy or invest in financial products. The Markets in Financial Instruments Directive (MiFID) is being updated and strengthened in some important areas and will be known as MiFID II.MiFID is central to the regulation of financial markets in the European Union. It regulates the provision of investment services in financial instruments (such as shares, bonds, derivatives and various structured products) by banks and investment firms, and the operation of traditional stock exchanges and alternative trading venues. One of its core objectives is to ensure a high degree of harmonised protection for investors in financial instruments.We highlight some of the more important changes taking place to MiFID which we think are most relevant to you as a retail investor.[Author vide Copyright]

The European Securities and Markets Authority (ESMA) published today an update of its Questions & Answers (Q&A) document on the application of the Alternative Investment Managers Directive (AIFMD).The updated Q&A clarifies: the reporting obligations to national competent authorities; as well as the obligations for depositaries and the calculation of leverage.[Author vide Copyright]