Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: Financial Markets

Subscribe to Financial Markets RSS Feed

European Union Adopts Brexit Negotiation Guidelines

Posted in Brexit/UK Developments, EU Developments, Financial Markets
On April 29, a Special European Council, meeting as 27 member states (as opposed to the full 28 member states, as would usually be present), adopted the Article 50 guidelines (Guidelines) to formally define the EU’s position in Brexit negotiations with the United Kingdom. This follows the resolution of the European Parliament on key principles… Continue Reading

European Commission Proposes Reforms to EMIR

Posted in EU Developments, Financial Markets
On May 4, the European Commission (EC) proposed reforms (Proposal) to the European Market Infrastructure Regulation (EMIR). The Proposal aims to provide simpler and more proportionate rules for over-the-counter (OTC) derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability.… Continue Reading

European Commission to Establish Blockchain Observatory

Posted in EU Developments, Financial Markets
On April 18, the European Commission (EC) published a pre-information notice for a pilot project mandated by the European Parliament, consisting of a “Blockchain Observatory and Forum” (Project). A pre-information notice is published prior to a tender for services, which in this case is a service contract for setting up the Observatory.… Continue Reading

European Commission Publishes Speech on Equivalence and Supervisory Convergence

Posted in Brexit, EU Developments, Financial Markets
On April 25, the European Commission (EC) published a speech given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on the challenges facing EU financial services policy. In the speech, among other things, Mr. Dombrovskis considered the implications for financial services of the UK’s departure from… Continue Reading

FCA Publishes Fifth Consultation on UK Implementation of MiFID II

Posted in Financial Markets, UK Developments
On March 31, the Financial Conduct Authority (FCA) published its fifth consultation paper (CP17/8) on the implementation of the revised Markets in Financial Instruments Directive (MiFID II). CP17/8 covers the following three areas: occupational pension scheme (OPS) firms; the decision procedure and penalties manual and enforcement guide; and consequential changes to the FCA Handbook and… Continue Reading

ESMA Updates MiFID II Q&As on Market Structures, Commodity Derivatives and Transparency

Posted in EU Developments, Financial Markets
On April 5, the European Securities and Markets Authority (ESMA) announced that it had published four new questions and answers (Q&A) providing guidance on implementation of the revised Market in Financial Instruments Directive (MiFID II) and Market in Financial Instruments Directive Regulation (MiFIR).… Continue Reading

ESMA Updates MiFID II/MiFIR Investor Protection Q&As

Posted in EU Developments, Financial Markets
On April 4, the European Securities and Markets Authority (ESMA) added 10 new questions and answers (Q&A) to its Q&A document on the implementation of investor protection topics under the revised Market in Financial Instruments Directive (MiFID II)and Market in Financial Instruments Directive Regulation (MiFIR). The Q&A provides clarification on the following topics: best execution;… Continue Reading

Investment Association Consults on New Code for Charges and Transaction Costs Disclosure

Posted in Financial Markets, UK Developments
On March 27, the Investment Association (IA), the UK investment management trade association, opened a consultation on a new code (Code) for enhanced disclosure of charges and transaction costs. The goal of the Code’ is to develop a consistent and comprehensive framework to allow fund and asset managers to deliver underlying charges and transaction cost… Continue Reading

Anti-Money Laundering: FCA Releases Draft Guidance on PEPs for Consultation

Posted in Financial Markets, UK Developments
On March 16, the Financial Conduct Authority (FCA) released draft guidance (Guidance) for consultation (Consultation) on the treatment of politically exposed persons (PEPs). Section 333U of the UK’ s Financial Services and Markets Act (FSMA) requires the definition of PEPs in the Guidance be in line with the Money Laundering and Transfer of Funds (Information… Continue Reading

HM Government to Create Office for Professional Body Anti-Money Laundering Supervision

Posted in Financial Markets, UK Developments
On March 15, HM Treasury unveiled plans to create a new UK watchdog for tackling potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit. The new “Office for Professional Body Anti-Money Laundering Supervision” (OPBAS) will focus its work on accountancy and legal sectors with the goal of helping to… Continue Reading

Government Publishes Report on UK Trade Options After Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 7, the UK House of Commons International Trade Committee (Committee) published a report titled “UK trade options beyond 2019” (Report). In the Report, the Committee examines different potential models for UK international trade after the United Kingdom leaves the European Union. The Report covers the UK’s relationship with the World Trade Organization (WTO),… Continue Reading

FCA Highlights Best Execution Concerns at Investment Managers

Posted in Financial Markets, UK Developments
On March 3, the UK Financial Conduct Authority (FCA) published a Press Release in which it expresses concern about how investment managers are failing to ensure effective oversight of best execution. The FCA’s concerns include: poor practices not being addressed despite the FCA’s 2014 thematic review on the topic; poor use of management information on… Continue Reading

HM Treasury Amends Definition of Financial Advice

Posted in Financial Markets, UK Developments
On February 28, HM Treasury published its response (Response) to its consultation on amending the definition of “financial advice” for the purposes of article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(RAO). The Response gives summaries of responses submitted to the consultation by market participants, as well as the government’s… Continue Reading