On 8 April 2020, SEC detailed disclosures key for markets, in Covid. Chair Clayton statement on importance of disclosure, fight against pandemic, facilitate engagement to mitigate economic contraction, evolve strategies, address challenges. Firm Disclosures Respond to investor interest firm's currrent operational, financial status. Response to Covid, progress to protect health, well-being of workforce, clients, how…
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E.U. – ESMA MiFID II Double Volume Cap
On 7 April 2020, EU ESMA issued updated public register with latest DVC dataset as per MiFID II, calculations for period 1 March 2019 to 29 February 2020 plus other updates. The number of new breaches is 46:37 equities for the 8% cap, applicable to all trading venues, and 9 equities for the 4% cap,…
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Singapore – MAS Fund Management FAQs
On 6 April 2020, SIN MAS updated the FAQs on the licensing and registration of FMCs. Updated question 19 on case-by-case exemption for single family office (SFO).
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Austria – FMA Consultation on Extension of Short Selling Ban
On 6 April 2020, AUT FMA issued consultation on extending the ban until 16 July 2020. Due to the exceptional situation, consultation is open for responses until 8 April 2020.
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U.K. – CMA Mastercard and Nets Merger
On 3 April 2020, UK CMA requested EC investigate proposed acquisition. CMA has requested the European Commission to investigate the anticipated acquisition by Mastercard Incorporated of parts of the corporate services business of Nets A/S. Followed February 2020 request by Danish Competition and Consumer Authority (DCCA). Merger is subject to clearance by the DCCA and…
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E.U. – ESMA MiFID Investor Protections
On 1 April 2020, EU ESMA issued advice on inducements, costs, charges disclosures. EU CMSN is encouraged to conduct some further analysis on the topic of inducements. Changes proposed to regime mainly at improving client understanding of inducements. Regarding costs and charges disclosure, ESMA found the MiFID II disclosure regime generally works well, and that…
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