POLL: Is it time ESMA issued no-action letters?

Author: Jimmie Franklin | Published: 4 Nov 2019
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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 the-less-than-30-seconds poll.

To discuss your answer in more detail, please contact Jimmie Franklin at jimmie.franklin@legalmediagroup.com.

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