Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: ESMA

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

ESMA Publishes Updated AIFMD Q&A

Posted in EU Developments, Financial Markets
On December 16, 2016, the European Securities and Markets Authority (ESMA) published an updated questions and answers paper (Q&A) on the Alternative Investment Fund Managers Directive (AIFMD). The Q&A update amends a question in the existing Q&A on reporting obligations for non-EU alternative investment fund managers (AIFMs) under Article 42 of the AIFMD.… Continue Reading

UK FCA Confirms No Guidance to be Published on the Application of the UCITS Remuneration Code

Posted in EU Developments, Financial Markets, UK Developments
On November 17, the UK Financial Conduct Authority (FCA) updated its webpage focused on Undertakings for Collective Investment in Transferable Securities fund (UCITS) remuneration issues to confirm that it does not intend to publish any specific guidance on the application of the UCITS Remuneration Code. The FCA notes that UCITS management companies may wish to… Continue Reading

ESMA Publishes Opinion Under EMIR

Posted in Derivatives, EU Developments, Financial Markets
On November 15, the European Securities and Markets Authority (ESMA) published an opinion (Opinion) under the European Market Infrastructure Regulation (EMIR). The Opinion is designed to promote a common supervisory approach in relation to: (1) new products and services offered by central counterparties (CCP) that require regulatory approval under Article 15 of EMIR; and (2) the meaning of “significant changes” under Article 49 of… Continue Reading

ESMA Publishes Final Report on Clearing Obligations for Financial Counterparties With Limited Activity Volumes

Posted in Derivatives, EU Developments, Financial Markets
On November 14, the European Securities and Markets Authority (ESMA) published a final report (Final Report) under the European Market Infrastructure Regulation (EMIR). The Final Report sets out draft regulatory technical standards (RTS), which amend the clearing obligations for financial counterparties with a limited volume of OTC derivatives activity (Category 3 Counterparties). Under the RTS, ESMA has proposed to postpone… Continue Reading

ESMA Publishes Updated MAR Q&A

Posted in EU Developments, Financial Markets
On October 26, the European Securities and Markets Authority (ESMA) issues an updated question and answer (Q&A) document on the implementation of the EU Market Abuse Regulation (MAR). The latest Q&A includes additional questions and guidance with respect to managers’ transactions, investment recommendations and recommendations for investment strategies.… Continue Reading

ESMA Publishes MAR Guidelines for EU-Listed Issuers on Delaying Disclosure of Inside Information

Posted in EU Developments, Financial Markets
On October 20, the European Securities and Markets Authority (ESMA) published guidelines (Guidelines) on the scope of circumstances where an EU-listed issuer may delay disclosure of inside information, under the EU Market Abuse Regulation (MAR). The Guidelines apply to EU regulators and issuers of financial instruments admitted to trading on an EU trading venue (EU… Continue Reading

ESMA Publishes Guidelines on Remuneration Practices Under UCITS and AIFMD

Posted in EU Developments, Financial Markets
On October 14, the European Securities and Markets Authority (ESMA) published two sets of guidelines (Guidelines) on sound remuneration practices for EU managers of Undertakings for Collective Investment in Transferable Securities (UCITS) funds (UCITS Guidelines) and EU managers subject to the Alternative Investment Fund Manager (AIFM) Directive (AIFMD Amending Guidelines).… Continue Reading

ESMA Updates UCITS Q&A

Posted in EU Developments, Financial Markets
On October 12, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the EU Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. The changes include the addition of clarification: 1) that the term “regulated market in a member state” includes a multilateral trading facility (as defined by the Markets… Continue Reading

ESMA Publishes Final Guidelines on the Implementation of MiFID II Transaction Reporting

Posted in EU Developments, Financial Markets, UK Developments
On October 10, the European Securities and Markets Authority (ESMA) published final guidelines (Guidelines) on transaction reporting, order record keeping and clock synchronization under the amended and restated Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Guidelines follow a consultation paper published by ESMA in December 2015.… Continue Reading

ESMA Publishes Final Guidance on Inside Information for Commodity Derivatives Under MAR

Posted in Derivatives, EU Developments, Financial Markets
On September 30, the European Securities and Markets Authority (ESMA) published a final report containing guidelines (Guidelines) on inside information and commodity derivatives under the EU Market Abuse Regulation (MAR). The Guidelines are issued under Article 7(5) of MAR and set out a non-exhaustive list of indicative information that is reasonably expected or required to… Continue Reading

ESMA Official Gives Speech on FinTech

Posted in EU Developments, Financial Markets
On September 27, Patrick Armstrong, a senior risk analysis officer in the Innovation and Products Team of the European Securities and Markets Authority (ESMA), delivered a speech discussing regulatory opportunities and challenges for financial technology (FinTech) in the European Union. Mr. Armstrong covered a broad range of topics in relation to FinTech, including: (1) the… Continue Reading

ESMA Publishes Discussion Paper on Mandatory Trade Execution Obligations for OTC Derivatives Under MiFIR

Posted in Derivatives, EU Developments, Financial Markets
On September 20, the European Securities and Markets Authority (ESMA) published a discussion paper (Discussion Paper) on mandatory trade execution obligations for derivatives under the Markets in Financial Instruments Regulation (MiFIR). Articles 28 and 32 of MiFIR establish an obligation for certain over-the-counter (OTC) derivative transactions to be concluded on a regulated market, multilateral trading… Continue Reading

FCA Trade Association Roundtable on MiFID II Implementation

Posted in Derivatives, EU Developments, Financial Markets
On August 31, the UK Financial Conduct Authority (FCA) published minutes from a roundtable (Roundtable) held on August 3 with trade associations. The Roundtable was held as part of ongoing discussions in relation to the application and implementation of the revised and recast Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation… Continue Reading