Regulatory radar - issue 39 (October 2011)
In October, the European Commission published its proposals to revise MIFID and MAD. The MiFID proposals aim to make financial markets more efficient, resilient and transparent and to strengthen the protection of investors. More information on MiFID II can be found here.
On 12 October, ESMA published an opinion on the practical arrangements for the late transposition of the UCITS IV Directive setting out practical measures that competent authorities can agree upon to mitigate a number of issues arising out of the late transposition.
On a wider international level, the Financial Stability Board published a number of interesting reports such as a follow-up peer review report on compensation practices which assesses progress made by national authorities and significant financial institutions in implementing the Principles for Sound Compensation Practices and Implementation Standards.
On a national level, the Belgian Parliament adopted the law containing tax and miscellaneous measures, among which an amendment to the provisions governing bank secrecy rules. We hope you enjoy the reading.
Best wishes for 2012,
The Editorial Board