Let us know your thoughts by voting in our
November poll now.
Despite calls from its chair, Steven Majoor, the European
Securities and Marketing Authority (ESMA) still
can’t issue no-action letters, unlike regulators
in the US.
Used regularly by the US Securities and Exchange Commission
(SEC) and the Commodities Future Trading Commission (CFTC),
no-action letters can offer clarity to those unintentionally
caught between overlapping regulations.
The instrument can be issued indefinitely, or on a fixed
term basis, such as the temporary relief that
the SEC issued following the implementation of the
EU’s revised Markets in Financial Instruments
Directive (Mifid II) in 2018.
This month, IFLR is polling readers on whether it is time
ESMA is granted the authority to issue no action letters,
To have your say, click here and take
To discuss your answer in more detail, please contact Jimmie
Franklin at firstname.lastname@example.org.
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