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WFE Focus January 2011
Regulation

New European financial supervisory authorities went live

On 1 January 2011, the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority will overlook the financial markets of EU member states with more coordination and more strictly than before. This follows a decision of the Council of the European Union in November 2010. The reform also involved a reorganization of macro and micro-prudential supervisory authorities. The European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority will replace the previous EU committees responsible for financial market services, having had only consultative competences.
On 13 January 2011, the European Securities and Markets Authority selected Steven Maijoor as the first Chair of ESMA. The objectives of ESMA are to draft a "single European rule book” for all market participants doing business in the EU, to help improve the quality and consistency of supervision and to wield direct supervisory powers over certain pan-European market participants, such as rating agencies. ESMA would also have the power to take specific measures in an emergency situation.

Irish Stock Exchange publishes additional new rules in relation to corporate governance

The Irish Stock Exchange has published new listing rules which require Irish listed companies to comply or explain against additional corporate governance provisions which arise from the recommendations contained in the report on compliance with the combined code on Corporate Governance by Irish listed companies. These rules supplement the existing provisions which require Irish listed companies to comply or explain against the requirements of the UK Corporate Governance Code. The new rules are effective immediately.

Korea Exchange requires voluntarily disclosure of management information on green business

The government of Korea has identified the low-carbon green industries as the new growth engine and has been providing an active policy support for the development of green technologies and industrial infrastructure. In support of such government efforts, the Korea Exchange has amended the KOSPI Market Disclosure Regulation, requiring the listed companies to voluntary disclose the management information on green business. The amended regulations are effective on 1 January 2011.

Osaka Securities Exchange revises futures and options trading rules

From the viewpoint of further improving the international competitiveness of the Osaka Securities Exchange markets, the Exchange will revise futures and options trading rules in order to increase liquidity of its markets and improve the convenience for investors at the same time as the launch of a new derivatives trading system (J-GATE) on 14 February 2011, which is equipped with the standard trading functions and the highest level of order processing performance in the world. In addition, OSE will revise the fee schedule for futures and options trading, in order to avoid the fee level fluctuation risks, etc.

Shenzhen Stock Exchange revises guidelines for SME Board sponsors

The Shenzhen Stock Exchange released the “Guidelines for SME Board Sponsoring Work” which was recently revised. The guidelines take the further step to clearly specify the rights and obligations of sponsoring institutions and sponsoring representatives in respect of sustained supervision and guiding.

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