South Korea's financial regulator is moving to strengthen consumer protection by holding asset managers accountable from the product design stage, potentially amending the Financial Consumer Protection Act to prevent blame-shifting and align with EU standards.
#YonhapInfomax #FinancialSupervisoryService #FinancialConsumerProtectionAct #LeeChanJin #AssetManagers #MiFIDII #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=91106
#MiFIDII
EUROSCOPE | L’ÉPARGNANT PERDU DANS LA FORÊT MiFID
Quand la protection vire à l’absurde,
l’ESMA cherche la lumière dans le labyrinthe réglementaire.
Pourra-t-on encore investir sans se perdre ?
MiFID II : L'ESMA renforce la transparence des actions
Avec son rapport final, l’ESMA simplifie et modernise les règles pour une transparence accrue des marchés financiers. Une étape clé pour l’innovation et la compétitivité européenne. 📊💶
➡️ https://whatsapp.com/channel/0029VaE5Wl8Dp2Q7vJyg0G30/2047
RT by @EU_Finance: NOW AVAILABLE: Final compromise texts on the markets in financial instruments regulation and directive #MiFIDII and #MiFIR.
The texts were endorsed by EU ambassadors in #COREPERII this morning.
Find them at the bottom of this press release 👇
https://europa.eu/!gKbrJ3
🐦🔗: https://nitter.cz/EUCouncilPress/status/1714656765759955344#m
[2023-10-18 14:56 UTC]
📤 #ESMA newsletter is out → https://europa.eu/!3x74JX.
🪙 #MiCA consultation package
📊 Analysis of the cross-border investment activity
🌍Statement on the sustainability disclosure in prospectuses
🔎 Implementation of SRD2
📄 Briefing on the definition of advice under #MiFIDII
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1688838215791161347
📄 Translations of the Guidelines on #MiFIDII product governance requirements → https://europa.eu/!k8Qg6V.
🗓️ Guidelines apply from 3 October 2023 to firms and competent authorities.
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1688556572899753984
#ESMA revised the technical standards for passporting under Article 34 of #MiFIDII → https://europa.eu/!3R7yWG.
🎯 The proposals include amendments that would add new information requirements to the list of details investment firms have to provide at the passporting stage.
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1683401671831846912
Re ESMA's expectations for firms’ compliance w/ #MIFIDII:
👉revenues from securities lending should directly accrue to retail client, net of a normal compensation for the services
👉express prior consent of retail clients shouldn't be sought by the firm’s general terms & conditions https://n.respublicae.eu/ESMAComms/status/1680885267618570241/photo/1
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1680885267618570241
What is an #investment advice in a supervisory briefing under #MIFIDII?
✅ #ESMA reviewed and updated the CESR Q&A on the definition
🗣️ Who? National supervisors and firms
🎯 Why? Align it with new business models and recent technological developments
https://europa.eu/!crmvnV https://t.co/HK3KNYkYZR
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1678760017246433281
Firms comply w/ most of the elements of the ex-post cost and charges requirements ☂️ #MIFIDII.
ESMA Statement on its 2022 Common Supervisory Action ➕ on the #mystery shopping exercise regarding compliance w/ disclosure requirements for costs and charges: https://europa.eu/!CyyNfg https://t.co/kcMFKDjVit
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1676919014520496128
Re 2/2 The already existing circuit breakers under #MIFIDII could deliver on the objective to limit excessive intra-day price volatility.
ESMA is working on further guidance to be issued in the second half of 2023.
https://europa.eu/!NWj4rf
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1674724442339958784
1/2 Launched 🚀 Call for Evidence on integrating sustainability preferences into suitability assessment and product governance arrangements under #MIFIDII.
🗓️ Deadline: 15 September 2023
https://europa.eu/!dyXw6W https://t.co/wYw1DFGGT1
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1669706675329155072
Published ✅ Translations of:
▪️ Guidelines on certain aspects of the #MiFIDII remuneration requirements → https://europa.eu/!DJhFQF.
▪️ Guidelines on certain aspects of the MiFID II suitability requirements → https://europa.eu/!myWTgd.
🗓️ Guidelines apply from 3 October 2023.
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1646453485112524800
ESMA sets out expectations regarding #MIFIDII requirements on:
👉Information requirements
👉Product governance
👉Suitability & appropriateness assessment
👉Remuneration & inducement
👉Qualifications of traders whose trades are being copied
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1641376887183233026
Out now 📤 #ESMA Guidelines on #MIFIDII product governance guidelines → https://europa.eu/!y6fvYb.
Amendments
🔎 specification of sustainability-related objectives
🔎 “clustering approach”
🔎 determination of a compatible distribution strategy
🔎 periodic review of products
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1640293004144525312
🤝 ESMA & national authorities launched a common supervisory action on the application of #MIFIDII disclosure rules regarding marketing communications across EU → https://europa.eu/!JVrJJK.
- marketing & advertising via distribution channels
- influencers
- greenwashing practices
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1614922554388451329
🔴 #ESMA agrees with the position limits notified by 🇳🇱 @AutoriteitFM for the ICE Endex Dutch TTF #Gas futures and options contracts → https://europa.eu/!P9bhMf.
The limits are consistent with the #MIFIDII objectives and with the methodology developed for setting the limits.
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1605201421959581696
📣 #ESMA expects National Competent Authorities not to prioritise supervisory actions on the obligation to publish RTS 27 reports after 28 February 2023 in light of the ongoing legislative procedure on the #MiFIDII/MiFIR review.
📌 Public statement → https://europa.eu/!YvtYyf
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1603037675690270720
🎙️ #ESMA Chief Economist explained at @EP_Economics our perspective of the #FTX collapse and its implications.
He also made clear how @FTX_Official could have operated from Cyprus 🇨🇾 under a #MIFIDII license, which does not cover crypto transactions.
http://europa.eu/!JrG3Vy
RT @EP_Economics: #FTX collsapse @EP_Economics discuss impact w/ @EU_Commission & @ESMAComms & call for rapid #MICA implementation
https://www.europarl.europa.eu/news/en/press-room/20221128IPR58031/committee-meps-discuss-impact-of-the-ftx-cryptocurrency-exchange-collapse
🐦🔗: https://n.respublicae.eu/ESMAComms/status/1597950079213920256
📤 #ESMA updates CFI validation document relevant for data reporting under #MiFIDII → https://europa.eu/!T9hGVp.
💡 Applicable to financial instruments with specific CFI codes
🗓️ New validation rules apply from 6 February 2023
📄 Reporting instructions → https://europa.eu/!QRpQTh
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