Three key areas are the focus of FI's new report Supervision of the securities market; financial infrastructure, transparency on the securities market as well as new rules for market supervision and the enforcement of financial information.
Central counterparties, central securities depositories, stock exchanges and other types of firms that make up financial infrastructure are necessary for the financial system to work.
As a consequence of new regulation following the financial crisis, central counterparties have become more important to the financial system, which in turn has given rise to new requirements for such operations. Also, entities that settle executed transactions – the central securities depositories – have become subject to new regulation.
An important priority for FI is that central counterparties and the other firms that make up financial infrastructure stand well equipped and can deal with any crisis situations that might arise.
In 2014 the EU resolved on new harmonised rules for the European securities market, known as the MiFID regulations. The regulations contain i.a. provisions regarding the transparency on the securities markets. FI is currently participating in the work conducted by the European Securities and Markets Authority (ESMA) to define the scope of the new transparency requirements.
During the year, FI decided on the early introduction of a new practice of increased transparency on the corporate bond market, because in FI's opinion this can ultimately give a more efficient market.
In the past year, new EU rules regarding both market supervision and the enforcement of financial information have been presented, which are expected to lead to changes to FI's supervision. In terms of market supervision, the new rules primarily bring a new order for sanctions in market abuse. An inquiry has been presented, containing proposals for the enforcement of financial information to be reformed, and that responsibility be transferred to FI.