The hedge fund industry has risen in 2007 to the top of the international political agenda, yet the debate surrounding it is limited by a lack of understanding of how the industry functions, or even how it is to be defined. The industry consists largely of investment funds operating from...

This paper provides an analytical description of the experiences made in the United States of America with the last two revisions of legislation controlling lobbyists and their activities, in particular the US Lobbying Disclosure Act. Conclusions with respect to the ongoing debate in the EU on...

The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification...

This report evaluates the consistency of application of key requirements of IFRS 3 - Business Combina-tions and how compliant and entity-specific IFRS 3 disclosures are in the 2012 annual IFRS financial statements of a sample of 56 issuers in the European Union (EU). It also includes other IFRS...

Reasons for publication: Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 amended by Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 (herein after the “Transparency Directive” or “TD”) requires ESMA to develop...

The Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) set out prudential requirements for banks and other financial institutions which have been applied from 1 January 2014. Among others, the CRR contains specific mandates for the EB A to develop draft Regulatory...