European Securities and Markets Authority April 20, 2012 ESMA has published its final advice to the Commission on possible delegated acts concerning the draft regulation on short selling and certain aspects of credit default swaps. This advice includes a discussion on what constitutes a significant fall in value for the various financial instruments and the criteria and factors to be taken into account in determining when adverse events or developments arise.

European Securities and Markets Authority April 26, 2012 ESMA has published a report on the divergence of the use of administrative and criminal sanctions by national regulators under MAD. This report will be used in the legislative process on the new market abuse regime.

European Securities and Markets Authority April 26, 2012 ESMA has begun discussions with non-EU supervisors of entities subject to the provisions of the Alternative Investment Fund Managers Directive, aimed at examining areas where co-operation will be necessary. ESMA will lead the negotiation of co-operation arrangements with third country authorities, which will culminate in the execution of memoranda of understanding by the competent EU authorities.

European Parliament May 23, 2012 The European Parliament has adopted a legislative resolution on the European Commission's proposal for a Financial Transaction Tax, declaring that such a tax should go ahead, even if only some member states would choose to implement it.

European Commission May 25, 2012 The European Commission is set to propose the creation of a new bank resolution regime, with the aim of ensuring the long-term stability of the financial system and minimising the effect of future financial crises on tax payers and on economic growth. Key elements of the proposal include powers for early intervention by supervisory authorities, co-ordination tools and bail-in measures.