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来源类型 | Researchers' work published externally |
规范类型 | 其他 |
Study on exemptions for third-country central banks and debt management offices under MiFIR and MAR | |
Cosmina Amariei; Diego Valiante; Karel Lannoo; Marco Lamandini; David Ramos Muñoz; Alessandro Pomelli; Francesca Pellegrini; Marta Garcia De Vicuña Unda | |
发表日期 | 2017-10-12 |
出处 | Capital Markets Union |
出版年 | 2017 |
语种 | 英语 |
摘要 | In accordance with Article 1.9 of the Markets in Financial Instruments Regulation (MiFIR) and Article 6.5 of the Market Abuse Regulation (MAR), this study reviews central banks’ and Debt Management Offices’ (DMOs) mandates and operational procedures for a selected group of non-EU countries. It describes the main legal framework for market abuse and for the transparency of operations and markets applicable to third-country (non-EU) central banks. The study also offers a snapshot of the current transparency of central banks’ balance sheets and trading activities with EU counterparts or in EU-listed financial instruments. For DMOs, the study only covers the market abuse regime, as DMOs are outside the scope of the MiFIR exemption. Market transparency and market abuse frameworks applicable in the EU are also discussed in this study, as a benchmark for the assessment of third-country regimes. The countries covered include Australia, Brazil, Canada, China, Hong Kong SAR, India, Japan, Mexico, Singapore, South Korea, Switzerland, Turkey and the United States (as well as the BIS under MiFIR). The report concludes that the extension of the exemptions under MiFIR and MAR is appropriate and necessary for all central banks and DMOs, with the exception of two institutions under the MiFIR regime and one institution under the MAR regime due to insufficient information and/or transaction data. This study was undertaken from September 2014 to July 2015 by a consortium formed by researchers from CEPS (Diego Valiante, Cosmina Amariei, Karel Lannoo), University of Bologna (Marco Lamandini, Alessandro Pomelli, Francesca Pellegrini) and University of Madrid – Carlos III (David Ramos Muñoz, Marta Garcia De Vicuña Unda). The study was published on the OPOCE website on 12 October 2017 and is republished by CEPS with the kind permission of the DG FISMA - European Commission. Legislative process (follow up on the study) A. Markets in Financial Instruments Regulation (MiFIR)
B. Market Abuse Regulation (MAR)
Next steps. The list of exempted central banks and DMOs of third countries will be reviewed, as deemed appropriate, including with a view to extend, where appropriate, the exemptions to other central banks and DMOs of third countries that have not yet been included in the delegated regulations or to remove such public entities from the existing lists. |
主题 | Economy and Finance |
URL | https://www.ceps.eu/publications/study-exemptions-third-country-central-banks-and-debt-management-offices-under-mifir |
来源智库 | Centre for European Policy Studies (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/64537 |
推荐引用方式 GB/T 7714 | Cosmina Amariei,Diego Valiante,Karel Lannoo,et al. Study on exemptions for third-country central banks and debt management offices under MiFIR and MAR. 2017. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
Study%20on%20exempti(5743KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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