Regulation Archive

Jun 11, 2019
UK and Dutch financial regulators sign agreement to protect financial markets
Financial regulators the Financial Conduct Authority (FCA) and the Dutch Authority for the Financial Markets (AFM) have signed a joint agreement to protect and enhance the stability of the UK and Dutch financial markets. Ever since the UK announced its intention to withdraw from the EU, a number of financial institutions operating in the UK and the Netherlands have been uncertain about operating in the respective countries – something this arrangement hopes to nul...
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Jun 05, 2019
Brexit could lead to Mifid III, say experts
European regulators have long held opposing views on unbundling, the process of separating the costs of research and trading. The UK’s Financial Conduct Authority (FCA) successfully pushed for strict unbundling rules to appear in Mifid II, against the wishes of French financial regulator the Autorité des marchés financiers (AMF). Now, with the UK set to leave the EU, could some of those rules be pared back? There’s ‘definitely talk about Mifid III’ and it ...
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May 28, 2019
Impact of Modi 2.0 on Indian markets and IR
Last week, India, the world’s largest democracy, voted for Narendra Modi for a second straight term as its premier. The country saw the largest voter turnout in history, with 67 percent of its 900 mn eligible voters heading to the ballot. For the first time since 1984, the trend for a coalition-led government was reversed and a single political party won 55 percent of the electoral seats, paving the way for decisive reforms. When Modi was elected India’s Prime M...
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May 23, 2019
Warning about excessive regulation for US companies wanting to list
A leading US think tank policy adviser has said US listed firms face too much regulation, resulting in companies not going public, and warned about adding to this regulatory burden. James Copland, director of legal policy at the New York-based conservative think tank the Manhattan Institute for Policy Research, gave his views on the issue at a hearing on economic growth and efficient capital markets at the US House Committee on Financial Services. He said: ...
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May 17, 2019
FCA highlights technology challenges
The UK’s Financial Conduct Authority (FCA) director of strategy and competition has warned that technology is changing not only the markets the regulator regulates, but also the way in which they regulate. Christopher Woolard says in a recent speech: ‘The argument about considering our use of technology to deliver better regulatory outcomes while managing the impact of our regulation fits closely with the wider questions on the future of regulation. ‘Th...
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May 01, 2019
Hong Kong exchange sees benefits of introducing dual-class shares
The introduction of dual-class share listings on the Stock Exchange of Hong Kong last April, designed to make the exchange a hub for technology and biotech firms, has come to fruition. A year on from the changes, nine biotech companies have joined the Hong Kong exchange, raising a combined $3.8 bn by IPO, making Hong Kong the second-largest public biotech hub worldwide after leader Nasdaq, according to Refinitiv data. Over the same period, Nasdaq welcomed 57 new bi...
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Apr 29, 2019
Mifid II: UK brokers come under fire and SEC suggests market-approach idea
Interesting developments have recently emerged in the UK and the US regarding ongoing approaches to Mifid II. In the UK, regulator the Financial Conduct Authority (FCA) has criticized the inaction of brokers toward the regulation in its latest CEO letter to all regulated financial firms, a copy of which has been obtained by IR Magazine. The FCA states in the letter: ‘We find that, unlike other types of firms in these markets, brokers have not kept ...
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Apr 22, 2019
SEC investor advocate cautions on proxy adviser controls
The SEC’s investor advocate has urged the commission not to focus on reforms of the proxy advisory industry, amid growing pressure for the agency to impose additional regulatory controls. ‘I think it is fair to say that investors are wary about efforts to regulate proxy advisers,’ Rick Fleming told attendees at the annual SEC Speaks conference earlier this month. ‘Indeed, at the roundtable on the proxy process that the commission held last November, ...
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Apr 15, 2019
Investor revolt over Lyft dual-class shares creates ongoing debate
The call last month from a group of investors for Lyft to cancel its dual-class shares has seemingly shifted the dial on an issue that has long been a source of debate. A letter addressed to Lyft’s directors was penned by a powerful group of investors from the UK’s Local Authority Pension Fund Forum, French-owned BNP Paribas Asset Management, pension funds representing public employees in New York, Los Angeles, Chicago and Ohio, and US labor unions the Internati...
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