• ESMA Newsletter #16

    ESMA webinars and catch up on publications

    The ESMA published the 16th Newsletter of 2020. The Newsletter focuses on the ESMA webinars and catches up on publications from the summer months. Furthermore, the Newsletter reports about the upcoming analyses of the German reporting system following the collapse of Wirecard AG.

    You can find the complete newsletter…

  • Impact of the Interchange Fees Regulation

    Antitrust: Commission publishes report

    The European Commission has published a report on the impact of the Interchange Fees Regulation (“IFR”) for card-based payment transactions. In line with the requirements on the IFR itself, it has been sent to the European Parliament and the Council. The report concludes that the main objectives of the Regulation have been achieved, as…

  • National thresholds for shareholder identification under the Revised Shareholder Rights Directive

    ESMA has published a draft for the identification of shareholders

    In accordance with its legal obligation under Article 3.a(7), and in order to facilitate transparency around the regimes adopted across Member States (and other countries that are part of the EU single market), ESMA published a draft table. The table is based on information provided by Member States and presents the national thresholds above…

  • 12th European SSM Round Table

    Covid-19 and its Impact on the Financial Sector

    Covid-19 and its Impact on the Financial Sector" - national and international representatives of the banking industry, politics, central banks and banking supervision will discuss this topic on September 30 at the invitation of the International Bankers Forum (ibf) and the Deutsche Bundesbank. The English-language online event will be broadcast…

  • ESMA publishes second TRV report 2020

    High risk of decoupling of financial market performance

    The ESMA published the second  Trends, Risks and Vulnerabilities (TRV) report of 2020. he Report analyses the impact of COVID-19 on financial markets during the first half of 2020 and highlights the risk of a potential decoupling of financial market performance and underlying economic activity, which raises the question of the sustainability of…

  • The European Securities and Markets Authority (ESMA), the EU’s securities and markets regulator, has published a document listing the thresholds above which shareholders can be identified in the various Member States of the European Union (EU). The document contains information provided by national competent authorities setting out:

  • Corporate dollar debt and depreciations

    BIS working paper provides a cross-country analysis

    The BIS published a paper of Julian Caballero, who analyzed how exchange rate falls affect corporate balance. A firm that borrows in foreign currency is vulnerable to unexpected exchange rate movements if its currency exposures are not fully hedged operationally (eg the firm exports) or financially (eg with financial derivatives). A…

  • ECB Survey of Monetary Analysts

    Publication of the September Questionaire

    The ECB published the September Questionaire of the ECB Survey of Monetary Analysts. The ECB Survey of Monetary Analysts (SMA) collects information on market participants’ expectations about the future evolution of key monetary policy parameters, financial market variables, and the economy.

    You can find the survey…

  • Card fraud

    ECB publishes sixth oversight report

    The European Central Bank (ECB) publishes its sixth oversight report on card fraud, which focuses on 2018 data within the overall context of a five-year period from 2014 to 2018. The report differentiates between two main types of card fraud: (i) fraud conducted with physical cards, such as cash withdrawals using counterfeit or stolen cards;…