Tag Archives: ESMA

ESMA clarifies timelines for publication of credit ratings and rating outlooks

Credit rating agencies (‘CRAs’) that operate in the EU will be interested to hear that on 30 March 2017, ESMA published an update to its Questions & Answers (Q&A) on the ‘CRA’ Regulation (Regulation 1060/2009, as amended in 2011 and 2013).  The CRA Regulation requires CRAs within the EU to be registered and to comply … Continue Reading

Regulation of Money Market Funds and Securitisation

On 4 September 2013, the European Commission published a draft regulation on the regulation of European money market funds.  Money market funds are important investors in certain types of securitisation, particularly asset backed commercial paper, and the draft Regulation includes some detailed provisions dealing with this relationship.  This is explained in the recitals: “Due the fact … Continue Reading

Hellenic Capital Market Commission – New Emergency Prohibition under the EU Short Selling Regulation

On 28 January the competent authority for supervising securities in Greece, the Hellenic Capital Market Commission (HCMC), made use of its powers of intervention in exceptional circumstances and decided to introduce yet another emergency measure under Article 20 of Regulation No 236/2012, also known as the EU Short Selling Regulation. As defined in the Regulation, short … Continue Reading

The EU Prospectus Directive Regime – Winds of Change

Further to proposals by the European Securities and Markets Authority (“ESMA”), the Prospectus Directive regime in Europe, particularly the requirements in relation to the form of prospectuses, transaction summaries, final terms and supplements have undergone some major changes. These changes have been brought about by amending the Prospectus Directive and the Commission Regulation (EC) No … Continue Reading
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