On December 15, 2017, ESMA proposed draft RTS on prospectus summary information. On key financial information to appear in summary per new prospectus regulation. Data and machine readability of information sent to ESMA for storage, including a mechanism which provides public with free-of-charge access and search functions. Adverts on public offers or new trading, cases…
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U.S. SEC Delay – FINRA CAT Replacement OATS
On 21 November, SEC designated longer period to take action, ending 27 January 2018. Background: On 15 May, FINRA proposed rules for retiring OATS due to CAT system. To eliminate order audit trail system (OATS) in FINRA Rule 7400, for CAT reporting. Amend FINRA electronic blue sheet (EBS) Rules 8211, 8213 to meet CAT…
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Italy Consob Whistleblowing Powers
On 13 November, Consob proposed rules on whistleblowing protections. MiFID II requires firms to adopt procedures to enable staff report rule violations. Rules cover financial consulting firms, market operators and communication firms. Provisions have been extended to the operators of equity crowdfunding platforms. Firms are required to approval internal reporting systems by administrative board. Communication…
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AUS Government Enforcement
On 23 October, AUS Government proposed rules on penalties for misconduct. ASIC can pursue range of regulatory, enforcement sanctions, remedies for misconduct. Concerns emerged in a number of forums that the penalties in the legislation may not be effective and do not reflect community perceptions as to seriousness of misconduct. Effect of key positions put…
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Hong Kong HKMA Customer Address AML
On 11 October, HKMA, SFC issued AML guidelines on address verification. HKMA has been reviewing its anti-money laundering and counter-terrorism guidelines. Has agreed to remove the address verification requirement currently in the AML guide. FIs will only be required to collect address information without documentary evidence. For now absence of verification of address will be…
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E. U. ESMA Updates Market Abuse FAQs
On 29 September, ESMA issued updated FAQs on disclosure of inside information - Art 17(4). Cover delayed inside information that has lost the feature of price sensitivity under MAR. Clarifies where information ceases to be price sensitive it is no longer insider information. Issuer neither obliged to publicly disclose information nor inform the competent…
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