- MF Global spoke of 'strong' finances
- EC: No corp gov powers for ESAs
- FSA appoints senior investment bank adviser
- GFS has now closed
- Czechs join UK on fiscal compact sidelines
- Davos stalemate on EU's IMF funds
- Tucker: Resolution regime 'top priority'
- Saudi Arabia increases central bank role
- FSB urges Canada for one securities regulator
- CFTC set for committee to scrutinise HFT
- Fitch downgrades Belgian banks
- What corruption really costs
- UK FSA pushes for Mifid II rethink on OTCs
- Shanghai boosts global financial status
- Canada aligns credit rating rules with EU
- Bowles blasts lack of women at ECB
- Sarkozy to introduce French FTT in August
- Barnier warns on further bonus reforms
Setting out its proposed measures for the legislation on Tuesday, Esma admitted that the consultation process is “significantly compressed”, with comments needed by 13 February. In November Esma chairman Steven Maijoor hit out at the huge workload that Esma has in trying to draft the technical standards for the short selling regulation. Speaking in Brussels, Maijoor admitted that the authority needed at least 12 months to consult and write the technical standards to ensure that the “quality” of legislation is not harmed. Esma has until the end of March to provide the EC with the finalised requirements which will come into force from November 2012. Set up in 2011, Esma is required to keep a pan-European watch over securities markets, while also being required to write the technical measures for new securities legislation. However, it is only projected to have 100 employees by the end of 2012, compared to around 4,000 staff at the UK’s Financial Services Authority. Earlier this month, a letter from eight trade associations in the industry called for EU regulation to be delayed to ensure that Esma would be able to conduct more thorough consultations.
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EDITOR’S CHOICE
- Diamond warns against ‘Balkanisation’
- ABI: UK insurers must keep EU links
- EU Parliament site hit by hacktivists
- George Soros: New year, same crisis
- FSB: Swiss regulator needs more teeth
- OCC: Deriv fears are an overreaction
- ‘Major wave’ of Solvency II drafts in May
- IMF paper urges Aus bank capital boost
- BoE: Limit bonuses to boost bank capital
- 2012 vision: Increased regulatory exposure looms
- Barnier offers hope to NYSE/Boerse
- Esma rushes short selling consultation
- Bowles re-elected as Econ chair
- Hoogervorst hints at accounting slowdown
- Asia in the year of the dragon
- Barnier: FTT will not be forced on UK
STRAW POLL
Will markets in 2012 have a tougher time than 2011?
