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The Commission’s Chairman talks to IFLR’s John Crabb about the need to balance derivatives market regulation and financial system stability with economic growth and prosperity

The new Investment Services and Activities and Regulated Markets Law 87(I)/2017 (the IS Law), which implements the revised EU Markets in Financial Instruments Directive (Mifid II) in Cyprus, will enter into force on January 3 2018. In preparation, the Cyprus Securities and Exchange Commission (CySEC) has issued guidance to regulated entities advising them of the more rigorous product governance requirements which will apply under the new law. The product governance requirements under Mifid II are set out in articles 17(3) and 25(2) of the IS Law, chapter III of Commission Delegated Directive (EU) 2017/593 and European Securities and Markets Authority (Esma) guidelines document Esma35-43/620.

Updating the legal framework in Central America will help guarantee data confidentiality. But in order for companies to face growing vulnerabilities and risks, any internal policies or regulations that they establish must be complemented with appropriate technology. In El Salvador and the rest of the region, companies are rethinking their security strategies, including controls, policies, work regulations and internal processes. These new security measures are driven by the evolution of technology, IT security incidents and industry growth.

As these loans become ever more popular in Europe, capital providers need enhanced creditor protections to manage any potential downside

The Diet passed the Housing Rental Business Act (an official translation is yet to be determined) on June 9 2017. The Act, which will take effect in June 2018, defines and regulates vacation rental businesses such as Airbnb.

In August 2017, the Minister of Energy and Mineral Resources introduced a new regulation which revoked its previous controversial (and short-lived) regulation which had required that the ministry's approval be obtained by sponsors of independent power producers (IPP) before executing any share transfer or change of the IPP's board of directors or commissioners.

As far back as 1987, through the 2008 financial crisis and on to this very month, the concept of integrating the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission's (CFTC) has been an ongoing discussion that has neither gained steam nor gone away. The US is unusual in having a financial regulatory system that has evolved organically, and equally unusual it has distinct agencies that regulate the securities and derivatives spaces.

Trying to get rid of non-performing loans (NPLs) in Europe is akin to digging a hole with a spoon – an already painstakingly drawn out process that's made even longer by the lack of adequate tools to deal with the problem.

While a repeat of the 1997 financial crisis is a possibility, it's an unlikely one. 'Asia is much better equipped, much more advanced now, and much more resilient,' IMF Asia-Pacific department director Changyong Rhee recently told Chinese media Xinhua.

The Slovak Commercial Code is set for sweeping changes, most of which, if signed by the president, will come into force in January 2018.