Thorsten Höche’s Post

Joined the round table discussing the implementation / transposition of the CDDII Directive into Czech law. Great moderation of #MartinaSobkova of the periodical #Bankovnictvi. Key presenters included #JiriHauptmann, Board Member, The Association of Non-Banking Financial Lenders, #DusanHradil, Director General - Financial Markets, Ministry of Finance, #DavidBorges, Policy analyst for People in Need, and #DavidVyhnalek, Director, Financial Market Regulation Division III at the Czech National Bank. The venue was under the auspices of Mr. Michael Kohajda, MP, Chamber of Deputies, Parliament of the Czech Republic. Topics discussed include (just a selected few): ·      The trade-off between consumer protection and capping the price of the credit, ·      Impact of technology throughout the credit value chain from underwriting to collections, ·      How to ensure fairness while keeping efficiency in the underwriting process, and ·      Limitations to use available data due to privacy constraints.

On the occasion of The Network Forum, in vibrant Warsaw, I shared some of the ECSDA thoughts with participants on how CSDs provide scalability for markets: ✔ through consolidation projects, ✔ by establishing CSD Links and passporting (allowing issuance of non-domestic issuers by supporting their law), ✔ working on standardisation and alignment of practices. There are however limits to what CSDs can achieve in a fragmented legal, tax and investor protection environment. As “notaries of financial markets” in the Union, CSDs are asked to apply coherently incoherent rules 🤔 - that contradiction should not be solely for the CSDs to solve. It is a question for all of us in the Union and first, to the authorities: how serious we are about the #CMU? If so, then tackling legal and tax fragmentation to solve the root cause is essential.  Still, we also need to remember that it’s not because of a notary (as efficient and innovative as it can be 😉), that one chooses where to buy an apartment. 🤣  European Central Securities Depositories Association (ECSDA) #PostTrade #CSD The Network Forum

📌 European Commission’s Draft Interpretative Communication on MiFIR The European Commission unveiled a draft interpretative notice on Wednesday, March 27, to clarify the transitional provision of the revised Markets in Financial Instruments Regulation (MiFIR) for market participants. 🔗 Link to the announcement : https://lnkd.in/dF_Ynf4A #EuropeanCommission #MiFIR #FinancialMarkets #Interpretation #Regulation #EU

On September 19, the Australian Securities and Investments Commission (ASIC) welcomed the introduction of new financial market infrastructure (FMI) laws that significantly enhance its regulatory powers, ensuring a more stable and efficient Australian financial system. These reforms are part of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024. Key Highlights: - Strengthened Regulatory Regime: The new laws empower ASIC and the Reserve Bank of Australia (RBA) to better monitor, manage, and respond to risks related to FMIs, including financial market operators, clearing and settlement facilities, and derivative trade repositories. - Enhanced Powers: ASIC now has expanded authority to regulate FMIs, enforce compliance, and promote fair and effective service provision by licensed clearing and settlement facilities, ensuring the resilience and stability of Australia’s capital markets. - Collaborative Approach: ASIC Commissioner Simone Constant emphasized the importance of working closely with the RBA and industry to implement these reforms effectively, with a focus on developing updated regulatory guidance and ensuring compliance across the sector. This legislative change marks a significant step forward in maintaining the integrity and stability of Australia’s financial markets, positioning ASIC to more effectively safeguard the financial system against emerging risks. For more updates on financial market regulations and infrastructure reforms, unlock cutting-edge legal intelligence with our subscription free platform — join us today. Visit https://lnkd.in/gZmkUPim to know more. #ASIC #FinancialMarkets #InfrastructureReforms #Regulation #Australia #CapitalMarkets #GRI

On November 30, 2023, the Canadian Securities Administrators released a proposal and request for comment on giving OBSI binding decision-making powers up to $350,000, which may be increased at a later date. Comments are due February 28, 2024. Click here: https://lnkd.in/eUU4mK-V to view the PCMA’s article on the proposed changes to the definition of a “complaint” in NI 31-103 to include ANY expression of dissatisfaction on its new dedicated advocacy website Fair & Balanced Regulation. The PCMA has concerns about the Proposal and its impact on Exempt Market Dealers. To read more about the PCMA’s thoughts and analysis on this impactful Proposal, visit https://lnkd.in/d7mCCWsP. #PrivateCapitalMarkets #InvestorProtection #RegulatoryChanges #RegulatoryBurden #OBSI #PCMA #CSA #FairandBalanced

🆕🗞 What should be the priorities of the next 🇪🇺 Commission in #payments? Find out in our latest explainer authored by Judith Arnal Martínez, Fredrik Andersson, and Beatriz Pozo Pérez! Covering: ➡ Level 1 - Pending files: #PSD3, #PSR, #FIDA and the #DigitalEuro ➡ Level 2 - Implementation of the #InstantPayments Regulation ➡ Level 3 - Our recommendations for the future 💡 READ THEM ALL HERE: https://lnkd.in/d-QDeE_8

A well functioning payments system is crucial for any economy. Our payments landscape has dramatically changed in the past years and more initiatives are coming. Interoperability and fraud prevention should be priorities in the coming cycle. More in our ECRI - European Credit Research Institute contribution 👇👇

💡 A global survey by the International Chamber of Commerce estimated that digitisation could cut trade finance costs by up to US$6 billion in 3-5 years and boost banks' trade finance revenues by 10%. As momentum to move away from a paper-dominated system builds, it is important to understand the impact that the Model Law on Electronic Transferable Records (MLETR) has on international trade. 👉🏻 What is MLETR? MLETR is a legislative framework developed by the United Nations Commission on International Trade Law (UNCITRAL) with the goal to enable the use of and recognition of electronic documents of title to engage in commercial activities. In our interview with Tianmi Stilphen, Lead of Legal Reform at ICC DSI, we discuss frequently asked questions that come up in discussions about MLETR, including its goal and key principles. You will find answers to questions like:  ✅ What are the key principles of MLETR?  ✅ How does the alignment of MLETR impact international trade standards?  ✅ What are the 8 stages of MLETR alignment? Learn more: https://lnkd.in/e9yzdgte #InternationalTrade #MLETR #ElectronicTransferableRecords #DigitalTrade #TradeDigitisation #WeAreICC #ICCWBO 

A must-read for everyone in the European payments industry: ACI’s global head of #realtimepayments, Craig Ramsey, has contributed to the latest ECRI - European Credit Research Institute Explainer outlining the priorities of the next #EuropeanCommission for #payments and #credit. We are proud to be working with EU stakeholders to create a better and fairer #financialsystem for all.  

Sebi's proposed overhaul in handling minor violations by market intermediaries marks a commendable shift towards efficiency. The introduction of summary proceedings aligns with global standards and promises to expedite resolutions significantly. By potentially concluding cases within 50 days, this approach not only reduces the regulatory burden but also enhances investor protection. Streamlining the process for obvious violations allows Sebi to focus on more critical issues, ensuring a more robust market oversight. However, incorporating a brief personal hearing could balance speed with fairness, providing intermediaries a chance to explain their circumstances. Overall, this reform is a strategic move towards a more efficient and effective regulatory environment. https://lnkd.in/gp7GVsdz #SEBI #MarketRegulations #RegulatoryOverhaul #FinancialMarkets #MarketIntermediaries #SummaryProceedings #InvestorProtection #RegulatoryEfficiency