9 July 2012
In September 2011 the European Securities and Markets Authority opened an investigation into “empty voting”, which it described as:
“The separation of the economic interest relating to shares from their voting interest (decoupling of voting rights), usually achieved by using derivative instruments and trading strategies in the securities markets…(i.e. having voting rights attached to shares without corresponding economic exposure).”
On 29 June 2012 ESMA released a Feedback Statement summarising responses received to its investigation. Based on its analysis of the responses, ESMA has decided that there is no basis for any regulatory action in relation to empty voting. From page 12 of the Feedback Statement:
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9 July 2012
Following the European Parliament’s approval of the European Market Infrastructure Regulation on 29 March 2012, the Council of the EU adopted the EMIR on 4 July 2012. The final text of the EMIR is here.
The EMIR, more formally the “Regulation on OTC derivatives, central counterparties and trade repositories”, will apply from the end of 2012. The European Securities and Markets Authority now has to prepare the technical standards required to support the EMIR. Steven Maijoor (the Chair of ESMA) stated in this speech on 4 July 2012 that it plans to submit those technical standards to the European Commission on 30 September 2012. ESMA’s 25 June 2012 consultation on those technical standards is here.
UPDATE 27 July 2012: The text of the EMIR has been published in the Official Journal and so will come into force in 20 days time. For key dates on its implementation thereafter, see this Herbert Smith note.
UPDATE 10 August 2012: ESMA has published the responses received to its June 2012 technical standards consultation.
See also: What is the EMIR?
9 July 2012
The European Securities and Markets Authority published on 2 July 2012 the fifteenth updated version of its “Question and Answers on Prospectuses“. The purpose of the Q&As is to “promote common supervisory approaches and practices in the application of the PD [the Prospectus Directive] and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the PD”.