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The Future Of Capital Formation - Speech By Craig M. Lewis, SEC Chief Economist And Director, Division Of Economic And Risk Analysis MIT Sloan School Of Management’s Center For Finance And Policy’s Distinguished Speaker Series April 14, 2014

Date 15/04/2014

Good morning.  It is a pleasure to be here and I am honored to be part of the Distinguished Speaker series.  But no matter how distinguished my remarks attempt to be, I must make clear to you that they are my own and do not necessarily reflect the views of the Commission, Commissioners, or of SEC staff.

Markets In Financial Instruments Directive (MiFID II): Frequently Asked Questions

Date 15/04/2014

See also STATEMENT/14/129

A. Background, main elements and costs/benefits of the reform

1. What is MiFID and why was it reviewed only four years after its entry into force?

MiFID is the Markets in Financial Instruments Directive (Directive 2004/39/EC). It replaced the Investment Services Directive (ISD) which was adopted in 1993. It has been in force since 2008. It is a cornerstone of the EU's regulation of financial markets. It seeks to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensuring a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products. MiFID has brought greater competition across Europe in the provision of services to investors and between trading venues. This has helped contribute to deeper, more integrated and liquid financial markets. It has also driven down costs for issuers, delivering better and cheaper services for investors, and contributing to economic growth and job creation in Europe.

More Transparent And Safer Financial Markets: European Commission Welcomes European Parliament Vote On Updated Rules For Markets In Financial Instruments (MiFID II)

Date 15/04/2014

The European Parliament today adopted in plenary session updated rules for markets in financial instruments (MiFID II).

Greater Protection For Retail Investors: Commission Welcomes European Parliament Adoption Of Strengthened European Rules On UCITS

Date 15/04/2014

The European Parliament has today adopted in plenary session an amended Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (the so-called UCITS V). The new rules will considerably strengthen the protection of investors vis-à-vis managers of UCITS funds and their depositaries. It will also ensure that managers who break the law will be sanctioned in an appropriate way.

The London Bullion Market Association Approves Dillon Gage's Precious Metals Depositories As Associates - Membership Enhances The Depositories' Relationships Around The Globe

Date 15/04/2014

International Depository Services of Delaware and its affiliate International Depository Services of Canada, subsidiaries of Dallas-based Dillon Gage Metals, were recently named associates of the London Bullion Market Association. The LBMA is a world-wide trade group representing wholesale gold and silver bullion, over-the-counter market members.

Egypt's Prime Minister Ibrahim Mahlab Meets With Dr. Mohamed Omran – Head Of The Egyptian Stock Exchange Authority

Date 15/04/2014

The Prime Minister met yesterday with Dr. Mohamed Omran - Head of the Egyptian Stock Exchange Authority.

Treasury International Capital Data For February

Date 15/04/2014

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2014.  The next release, which will report on data for March 2014, is scheduled for May 15, 2014.

European Parliament: Key Things Small Investors Should Be Told

Date 15/04/2014

New EU rules on the information that small investors must be given before they sign a contract were approved by Parliament on Tuesday. This information will be set out in a mandatory, three-page A4 Key Information Document (KID).

Opening Remarks By Federal Reserve Chair Yellen At The 2014 Financial Markets Conference

Date 15/04/2014

Good morning. I'm delighted to have this opportunity to speak to you today, even though I am unable to be with you in person. I'd like to share a few thoughts about the important issues that the Financial Markets Conference (FMC) is addressing this year. Many of these issues, of course, are ones the FMC has grappled with every year since the crisis, an event which elevated the importance of this gathering and of the vital contributions made by the research and the policy discussion the FMC fosters.

Warsaw Stock Exchange: First Year Of Operation Of UTP Trading System

Date 15/04/2014

• The first trading session in the new trading system, the Universal Trading Platform (UTP), took place a year ago on 15 April 2013.
• Implementation of UTP was the most important infrastructure project on the Polish capital market in many years.