Association Française des entreprises d'investissement

The European Securities and Markets Authority (ESMA) published on 14 November a discussion paper outlining the approach it intends to adopt for drafting the technical standards it will submit to the European Commission in connection with the Market Abuse Regulation.

The market advisory group set up by the Banque de France and the Paris Chamber of Commerce and Industry completed its work on Euro PP issuance and trading in early January. The resulting Best Practice Charter is due to be published shortly under the names of the organisations involved in the work from the outset, as well as any other bodies that may wish to join in.

The content of the political compromise reached on 14 January between the European Parliament and EU member states on MiFID 2 is due to be made public in mid-February. Further, the ESMA consultation paper on Level 2 measures is expected at the end of May, with a very short consultation period.

The draft Regulation on benchmark indices is being examined by the Economic and Monetary Affairs Committee (ECON) of the European Parliament. The proposal raises a number of issues insofar as it applies to proprietary indices used by their administrators solely with their clients. AMAFI discussed these issues in an ad hoc working group.