Reforming the structure of the EU banking sector: European Commission launches consultation

The European Commission has today started a High-level Expert Group consultation on the structure of the EU banking sector. The one-page consultation document is here. The membership of the High-level Expert Group is here (Carol Sargeant representing the UK) and its mandate is here.  The Group is to report back to the Commission by the end of summer 2012.

Shadow banking regulation: Views of the Bank of England, European Commission and ECB

Three speeches on the possible future regulation of shadow banking from last week’s European Commission High Level Conference:

Market liquidity: Current regulatory proposals

Speech by David Lawton of the FSA on why liquidity matters to regulators, and reviewing some of the proposed European regulations that will impact on the trading and liquidity of financial instruments, here.

FSA briefings on the key European directives affecting UK financial services

The Financial Services Authority maintains on its website a series of briefings on European legislation affecting UK financial services; their principal usefulness is the links they contain to key Commission, ESMA and FSA papers. Many of these briefings have been updated this month.

UK businesses continue to prepare for a Euro event

London-listed Associated Business Foods plc emphasises in its interim dividend announcement this morning that it is analysing the impact of Eurozone “instability” i.e. a potential exit by one or more country from the Euro, or a break up of the Eurozone, on its operations:

“Each of our businesses has analysed the potential impact of euro instability on their operations, looking at a range of possible outcomes and the action necessary to minimise the consequences.”

See also: A Eurozone exit: Legal implications for companies and businesses

EIB inserts currency change clauses into loans to Greek firms

Reports the Greek newspaper Kathimerini:

ESMA publishes final technical advice on delegated acts under the new short selling and credit default swaps regulation

ESMA has today published its final advice on possible delegated acts under the regulation on short selling and certain aspects of credit default swaps ((EC) No 236/2012)). Press release here and final advice here.

Alternative Investment Fund Managers Directive: analysis of differences between ESMA’s technical advice and the Commission’s implementing regulation

Comparision between ESMA’s technical advice and the Commission’s draft implementing regulation, produced by the Alternative Investment Management Association. Press release here and analysis document here.

Prospectus Regulation: European Commission publishes draft delegated regulation under the Amending Directive

The European Commission on 30 March 2012 published a draft delegated regulation to amend the Prospectus Regulation. The draft delegated regulation is here. In the Commission’s words, it amends “Regulation (EC) No 809/2004 as regards the format and the content of the prospectus, the base prospectus, the summary and the final terms and as regards the disclosure requirements.”

The delegated regulation is made under the Amending Directive (2010/73/EU), which requires that the Prospectus Regulation be amended through a delegated regulation.

In the Commission’s words, this “delegated Regulation has not yet entered into force. It is subject to the right of the European Parliament and of the Council to express objections, in accordance with Article 290 (2) of the Treaty on the Functioning of the European Union and Article 24c of the amended Prospectus Directive”. Subject to that, it is expected that the delegated regulation will come into force on 1 July 2012.

The Commission’s webpage on the Prospectus Directive is here.

See also: Amending the prospectus regime: Joint Treasury / FSA consultation paper

UPDATE 6 June 2012: Amending the prospectus regime: HM Treasury and FSA response to their consultation on UK implementation of the Amending Directive

ESMA updates Q&As on the Transparency Directive

And endorses the Q&As previously issued by the CESR. Document here.

ESMA publishes draft technical standards on the new short selling and credit default swaps regulation

ESMA published its draft technical standards on the Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps on 30 March 2012. Announcement here and document here.

The EU’s proposed financial transaction tax: Report from House of Lords EU Sub-Committee on Financial and Economic Affairs

Here. Unsurprisingly, the peers are opposed to the proposed FTT.

European Commission consultation on future of European insolvency law

Press release here (includes link to existing Regulation) and more information and questionnaire here.

A European Contract Law? UK government call for evidence

Reviewing the potential costs, benefits and risks of a Common European Sales Law

EMIR adopted by the European Parliament; and next steps for its implementation

European Market Infrastructure Regulation still to be finally approved by the Council

Market abuse and insider dealing: City lawyers respond to the European Commission’s proposed Regulation and Directive

Improved guidance, clearer definition of “inside information” and resolution of Spector case uncertainties all required, say UK lawyers

Proxy advisors: ESMA, concerned about conflicts of interest, starts consultation on possible regulation

The European Securities and Markets Authority publishes discussion paper on the proxy advisory industry; EU regulation is one option under consideration

Financial reporting for the smallest businesses: Government will consult on taking advantage of the new European regime

Slowly moving towards reducing the amount of reporting that “micro-entities” have to undertake

FRC to investment managers: Get stewardship right, or Europe will regulate

Baroness Hogg on the need for portfolio managers to engage with companies in generating sustainable value

Shadow banking: European Commission considers steps to regulate entities operating outside the regular banking system

European Commission publishes Green Paper on shadow banking

FT-ICSA Business Bellwether survey of company secretaries’ views

“The opinions of FTSE 350 company secretaries on a wide range of business issues”

ESMA: Key objectives, resources and the Alternative Investment Fund Managers Directive

Keynote speech by Steven Maijoor, Chair of the European Securities and Markets Authority, at the EVCA Investors’ Forum

AIFMD: Treasury consultation on transposition into UK law

Policy options for implementing the Alternative Investment Fund Managers Directive

EU consults on mandatory quotas for women on boards

Justice Commissioner suggests quotas could be set at 20%, 30%, 40% or 60%

Two initiatives by European business lobby group to advance women in business

European Round Table of Industrialists launches database of women candidates for directorships, and 23 European companies publish targets for promotion of women

ESMA publishes discussion paper on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM

European Securities and Markets Authority will use consultation responses to develop regulatory technical standards for the AIFMD

European directive adopted on the accounting and financial reporting requirements of micro-enterprises, now needs to be transposed into national law

Directive aims to “relieve micro-enterprises from red tape”

UPDATE 24 March 2012: Following the EU’s adoption of the Directive on micro-entity reporting in February 2012, the Government has now announced that it intends to take advantage of the new EU regime and will consult on implementation in due course. See this post for details.

The Council of the EU and the European Parliament on 21 February 2012 adopted a “Directive on the annual accounts of certain types of companies as regards micro-entities“. From the Council’s press release:

“The new provisions have the potential to significantly reduce administrative bureaucracy for those companies not exceeding the limits of two of the following criteria: a balance sheet total of EUR 350 000, a net turnover of EUR 700 000 and an average of ten employees during the financial year.

The directive will allow EU member states to exempt micro-enterprises from the publication of annual accounts. This optional exemption will be compatible with national obligations to keep records showing the company’s business transactions and financial situation.”

The Directive will come into force on the twentieth day following its publication in the Official Journal and EU member states will then have to transpose the Directive into their national law.

See also: Creating a category of “micro entity” for accounting purposes: Revision to EU law agreed and so UK proposals can be advanced

Simpler financial reporting for the smallest businesses?

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Short selling and CDS regulation adopted, will apply from 1 November 2012

Regulation introduces common EU disclosure requirements on short selling and “harmonises the powers that regulators may use in exceptional situations where there is a serious threat to financial stability”

UPDATE 20 April 2012: ESMA publishes final technical advice on delegated acts under the new short selling and credit default swaps regulation here.

UPDATE 26 March 2012: The Regulation has now been published in the Official Journal and the final text is here. The Regulation will apply from 1 November 2012, with some transitional provisions as set out in Articles 46 and 48 of the Regulation.

UPDATE 30 March 2012: ESMA has published draft regulatory and implementing technical standards for the Regulation. ESMA press release here and draft standards here.

ESMA discussion paper on technical standards for the European Market Infrastructure Regulation

European Securities and Markets Authority consultation on detailed rules for the EMIR

Dividend policy information may be inside information

First Q&A from ESMA on the operation of the Market Abuse Directive

EU Venture Capital passport: state of play

“EuVECA”: Aim is for the European Council and Parliament to reach agreement by June 2012

Things we don’t need: European Commission launches consultation on the future of European company law

“The Commission …wants to check the pulse of stakeholder opinion on the purpose of European company law, and on its future”

FRC explains how to explain

“What constitutes an explanation under comply-or-explain?” – Financial Reporting Council paper

The venture capital industry in the EU: European Parliament report

Discusses the current regulatory framework and public sector financing schemes

EMIR: European Parliament and Council reach deal

Final agreement still needed and then the Regulation will come into force

UPDATE 30 March 2012: The European Parliament has now formally adopted the text of the European Market Infrastructure Regulation – see this post, which also summarises when EMIR will be implemented.

Q&As on professional standards for the private equity industry

EVCA Code of Conduct for General Partners and Limited Partners

MiFID II: The Financial Services Authority’s viewpoint

The FSA’s Director of Markets on the changes required to MiFID

Sarkozy would introduce Tobin tax in France from August 2012

French president announces unilateral action on financial transactions tax

Optimistic Greeks to issue celebratory Euro coin

To mark 10 years of the Euro, each Eurozone member is issuing a commemorative 2 Euro coin

Greece will issue one million of these…

See also: A Eurozone exit: Legal implications for companies and businesses

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FSA discussion paper on the Alternative Investment Fund Managers Directive

Financial Services Authority asks for fund managers’ views on the implementation of the AIFMD

The FSA today published Discussion Paper 12/1 (the DP) on the “Implementation of the AIFMD”. The DP seeks the views of alternative fund managers as the FSA starts working on transposing the AIFMD into national law by the deadline of 22 July 2013. The DP can be read here.