Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: ESMA

ESMA Publishes Opinions To Support Supervisory Convergence Post-Brexit

Posted in EU Developments
On July 13, the European Securities and Markets Authority (ESMA) published three opinions (Opinions) to support supervisory convergence (i.e., a consistent approach to authorization, supervision and enforcement) in the European Union in light of the potential relocation of entities from the United Kingdom to the remaining 27 member states of the EU (EU27) following Brexit.… Continue Reading

ESMA Invites European Commission To Strengthen EU Third-country Equivalence Regime For Key Market Players In Light of Brexit

Posted in EU Developments
On July 10, the European Securities and Markets Authority (ESMA) published a letter (dated July 7) (Letter) from Steven Maijoor, ESMA chair, to Valdis Dombrovskis, European Commission (EC) vice president, on the regulatory regimes for non-EU countries (known as “third countries”) where they are within ESMA’s area of authority.… Continue Reading

European Commission Publishes Proposed EMIR Amendments Impacting the Relocation of Euro Clearing

Posted in Brexit, EU Developments, Financial Markets
On June 13, the European Commission (EC) published a proposed amendment (Proposal) to the European Market Infrastructure Regulation (EMIR) aimed at enhancing the supervision of EU and non-EU based or “third-country” central counterparties (CCPs). The Proposal follows the suggested reforms to EMIR published in May 2017 (for further information, please see the Corporate & Financial… Continue Reading

ESMA Updates MiFID II Q&A on Investor Protection

Posted in EU Developments, Financial Markets
On June 6, the European Securities and Markets Authority (ESMA) updated its question and answer document (Q&A) relating to investor protection under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A contains new questions and answers relating to the following topics: information on costs… Continue Reading

ESMA Publishes Opinion on the Meaning of Traded on a Trading Venue

Posted in Derivatives, EU Developments, Financial Markets
On May 22, the European Securities and Markets Authority (ESMA) published an opinion regarding the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The opinion clarifies the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under… 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

ESMA Publishes Revised Draft ITS on MiFID II Position Reporting

Posted in EU Developments, Financial Markets
On February 9, the European Securities and Markets Authority (ESMA) published a revised draft implementing technical standards (ITS) on position reporting under the revised Markets in Financial Instruments Directive (MiFID II). The ITS were originally published in 2015. Since then, ESMA has identified a number of technical amendments necessary for the correct functioning of the… Continue Reading

ESMA Publishes Letter to the European Commission on Potential Exploitation of MiFID II Systematic Internalizer Regime

Posted in EU Developments, Financial Markets
On February 14, the European Securities and Markets Authority (ESMA) published a letter (Letter), dated February 1, to the European Commission (EC) in relation to the systematic internalizer (SI) regime under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Publishes Practical Guidance on EEA Major Holdings Notification Obligations

Posted in EU Developments, Financial Markets
On February 3, the European Securities and Markets Authority (ESMA) published a practical guide (Guide) to the national rules across the European Economic Area (EEA) on the implementation of the EU/EEA Transparency Directive’s requirements relating to major shareholding notifications (i.e., EEA long-position reporting requirements).… Continue Reading

ESMA Updates Q&As on MiFID II Transparency and Market Structure Topics

Posted in EU Developments, Financial Markets
On January 31, the European Securities and Markets Authority (ESMA) updated two Question and Answer (Q&A) documents on implementation issues relating to transparency and market structure under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Issues Open Letter on EMIR Review and Sanctioning Powers to the EC

Posted in EU Developments, Financial Markets
On January 27, the European Securities and Markets Authority (ESMA) wrote an open letter (Letter) to the European Commission (EC) to ask it to consider a number of issues relating to its supervisory and sanctioning powers under the European Market Infrastructure Regulation (EMIR). This request is in the context of the ongoing review of EMIR… Continue Reading

ESMA Publishes Briefing on MiFID II Technical Data Reporting Requirements

Posted in EU Developments, Financial Markets
On January 13, the European Securities and Markets Authority (ESMA) published a briefing paper (Briefing Paper) summarizing technical data reporting requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Publishes Follow-Up Report on Peer Review of Best Execution

Posted in EU Developments, Financial Markets, UK Developments
On January 11, the European Securities and Markets Authority (ESMA) published its follow-up report (Follow-Up Report) to its peer review on best execution of European Economic Area (EEA) national regulators. Best execution refers to the obligation under article 21 of the Markets in Financial Instruments Directive (MiFID) for investment firms to execute orders on terms… Continue Reading