ICMA - International Capital Market Association’s Post

ESMA 2025 Work Programme: Focus on key priorities and implementing new mandates ESMA, the EU’s financial markets regulator, has published its 2025 Annual Work Programme, focusing on resilient, transparent, and sustainable European markets. Key priorities include supporting the European Savings and Investment Union, implementing new mandates like European Green Bonds and ESG regulations, and preparing for the new Active Account Requirement under EMIR 3. In 2025, ESMA will oversee the first Consolidated Tape Provider to enhance market transparency and ensure effective implementation of MiCA for Crypto Assets Services Providers. ESMA will also focus on retail investor protection and coordinated supervision across the EU, while advancing its Data Strategy and preparing to launch the European Single Access Point (ESAP) in 2026. #ESMA #FinancialMarkets #EURegulation #SustainableFinance #CapitalMarkets #CryptoRegulation #EuropeanGreenBonds #MiCA #Transparency #InvestorProtection #Supervision #ESAP #FinancialData #2025WorkProgramme https://lnkd.in/dr2b-7Bn

📣 Calling all crypto-enthusiasts - The European Commission holding an in-person workshop on asset tokenisation, following the adoption of #MiCA and the #DLT Pilot Regime. 📆 June 11th, 2024 📍 Brussels 🔗 https://lnkd.in/dZVrF8f4 Session 1️⃣ ”Tokenisation of funds” explores the merit and challenges of tokenising units in collective investment undertakings. Is it a viable solution or an industry-facing hurdle? Session 2️⃣ ”Secondary markets” focuses on the essential preconditions for facilitating trade in tokenised financial instruments discussing the organisation and structure of these emerging markets. Session 3️⃣ “Interoperability and standardisation” discusses the current state of token standardisation and #DLT interoperability. How can we accelerate tokenised financial instruments without creating a fragmented market environment? Join the dialogue, share your insights and help define the future of tokenisation in the EU 🇪🇺 Register by 12th April 2024 → t.ly/RkAiS #CryptoRegulation #DigitalFinanceEU

🔔 Last Call to Join the Forefront of relevant Financial Innovation – Spots Almost Gone! 🔔 Here are some aspects why I am so excited about the upcoming Point Zero Forum: 🗣 Hear It from the Horse’s Mouth: Engage directly with relevant people driving real change. 🌐 40 Central Banks and Regulators: Direct engagement, not secondary discussions. 🏢 C-Level Access: Dialogue with decision-makers, with the ones who really drive the development and make the difference! 🌍 Global Stage: Insights from a global perspective, not limited to regional views. 📰 Creators of News: AT PZF, we make the headlines, we don't just read them. 🛠️ Meet the Architects of Tomorrow: Connect with those actually building the future, not merely talking about it. 🌎 Be a Part of a Global Community: Join a network of leaders and innovators from around the world. This is your last opportunity to secure a place where the future of finance is being shaped. Don’t miss out! REGISTER AND COME: https://lnkd.in/eaFUDzBk #PointZeroForum #FinancialInnovation #GlobalFinance #Leadership #LastCall #GlobalCommunity Thanks for all your support making that happen: Elevandi Singapore FinTech Festival Financial Times Bloomberg News Goldman Sachs Monetary Authority of Singapore (MAS) Binance Circle iCapital Paxos Ripple Ant International Bybit Cardano Foundation Chainlink Labs Fireblocks Fidelity Digital Assets zeb consulting Emotional Banking Giesecke+Devrient Banking Circle Crypto.com Sygnum Bank Global Ledger and many many more!

Global Perspective: IOSCO Presents Practices for Multinational Exchange Regulation! #Exchange 💼 Redefining Regulation Focusing on current trends and innovations in supervisory law!   💡 Climate Risk: Basel Committee of Banking Supervision on Climate Scenario Analysis (CSA) 💡 Historical Data: New Guidelines Standardize Resubmission of Historical Financial Data 💡 Group Capital Tests: EBA's Directive Streamlines Rules for the Group Capital Test 💡 ESG in Credit Ratings: ESMA Proposes ESG Integration in Credit Rating Regulations 💡 Exchange Oversight: Ensuring Effective Oversight of Evolving Exchange Structures 💡 Crypto Assets: MiCAR Implementation: Germany’s Regulation for providing Clarity in Crypto Markets Are you interested in a direct exchange on our topics? - We would be delighted to hear from you to discuss the interesting news in supervisory law. Our contact persons Christophe Crnkovic, Max Weltersbach, LL.M., Tim Müsse, Nikolai Prehn and Jan Strüter will be happy to help you!   Subscribe directly to our monthly #Financial #Services #Newsletter and stay up to date on the key innovations and current trends in the financial services sector ❗   Register directly: https://lnkd.in/eQqyMdYh

Applying technological innovations to finance means that companies can now issue assets in a tokenised form.  #Shares, #Bonds or #Funds: #tokenisation offers multiple advantages.  For issuers: security (encryption), immutability, transparency (knowledge of end investors), programmability (e.g. of payments), accessibility (7/24/365 to a worlwide base of investors), communication (in particular of the #ESG characteristics of assets) and, above all, reduced processing costs and therefore operational risk. Similarly for investors, the fungibility of traditional and tokenised securities (having the same ISIN code) and the information transmitted by smart contracts will make trading more secure, faster and richer. Thanks to the working group chaired by Marianne Demarchi for finalising, with Muriel Faure and Taille Olivier, a very convincing Position Paper for mobilising the Paris financial center: https://lnkd.in/e-H9SyGG Paris Europlace will continue to promote the use of digital finance to help better finance the economy! French version available here: https://lnkd.in/eE5fQHKb  Autorité des marchés financiers (AMF) – France Afep Mouvement des Entreprises de France AFTE ACI France AFTB Banque de France

📖 #ESMA Newsletter in its May edition highlights the Position Paper with recommendations for more effective and attractive capital markets in the EU, including a factsheet summarising the key points → https://lnkd.in/dvBf4q8Q. ESMA also issued a statement with initial guidance to firms using Artificial Intelligence technologies when they provide investment services to retail clients, and the guidelines that set out harmonised criteria for the use of ESG and sustainability terms in fund names. Discover also: • 11th Joint ESAs Consumer Protection Day → https://lnkd.in/dBxrAR9R • Final Report on the rules on conflicts of interests of crypto-asset service providers under MiCA → https://lnkd.in/eUf4D74W • Final Report on the 2023 Common Supervisory Action and Mystery Shopping Exercise on marketing → https://lnkd.in/d4EXtu4P • Statement on Pre-close calls → https://lnkd.in/eiSURU5h • Statistics on securities and markets → https://lnkd.in/dikUM_Ze • Call for Evidence on the review of the UCITS Eligible Assets Directive → https://lnkd.in/dcSDW78v Consultations on the MiFIR review: • on non-equity trade transparency, reasonable commercial basis and reference data  → https://lnkd.in/dC25A9pX • on Consolidated Tape Providers and other data reporting service providers → https://lnkd.in/dfdV5DFK • on commodity derivatives under MiFID review → https://lnkd.in/dYwZhs9V

While Europe has been a frontrunner in enabling #DLT-based experimentation, the development of DLT-based markets towards scaling has to some extent overtaken the current regulatory regime, which in part inhibits the full deployment of DLT in the financial sector and the further scaling of DLT-based capital markets, including the #tokenisation of sovereign, supranational and agency bonds (SSA bonds). These developments, however, also provide Europe with an opportunity now to be a leader in developing a more definitive policy and regulatory regime that enables the secure scaling of DLT-based capital markets. This AFME (Association for Financial Markets in Europe) report focuses on the policy and regulatory changes that are necessary to enable that development and growth of DLT-based capital markets. In updating and adjusting the regulatory and policy framework in light of developments in DLT-based capital markets and to enable further scaling, four key principles should be considered: 🔹 Achieving full technological neutrality 🔹 Achieving economic equivalence between DLT based securities and traditional formats 🔹 Balancing benefits from technology with new risks 🔹 Enabling innovation 

Latest ESMA newsletter with useful updates on #CMU, guidance on the use of #artificialintelligence in #investmentservices , fund names using #ESG and/or #sustainability terms , #MiFIDII marketing requirement and #MiCA.

#MiCA European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (#MiCA) covering 8 draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data standards to facilitate supervision by National Competent Authorities (NCAs). The final report published today includes the following draft technical standards: 🔹sustainability indicators for crypto-asset consensus mechanisms; 🔹business continuity measures for crypto-asset service providers (CASPs); 🔹trade transparency; 🔹content and format of orderbooks and record-keeping by CASPs; 🔹machine readability of white papers and the register of white papers; and 🔹public disclosure of inside information. 📌 https://lnkd.in/eP5ipMQm

#DigitalFinanceEU | #ESMA published the Final Report under the Markets in Crypto-Assets Regulation #MiCA covering draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data standards to facilitate supervision by National Competent Authorities → https://lnkd.in/d5AxuX98. In detail 🎯 sustainability indicators for crypto-asset consensus mechanisms 🎯 business continuity measures for crypto-asset service providers (CASPs) 🎯 trade transparency 🎯 content and format of orderbooks and record-keeping by CASPs 🎯 machine readability of white papers and the register of white papers 🎯 public disclosure of inside information