Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Financial Markets

MiFID II Implementing Legislation Published

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On June 22, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) were presented to Parliament. The Regulations transpose elements of the revised Markets in Financial Instruments Directive (MiFID II) and related Markets in Financial Instruments Regulation (MiFIR) into UK law. Member States of the European Union are required… Continue Reading

EC Launches Systematic Internalizer Amendment Consultation and Publishes Commodities Reporting ITS

Posted in Derivatives, EU Developments, Financial Markets
On June 20, the European Commission (EC) published a consultation and draft amendment to Delegated Regulation (EU) 2017/565 (Delegated Regulation) supplementing the revised Markets in Financial Instruments Directive (MiFID II). The Delegated Regulation specifies, among other things, additional criteria to be considered in determining whether a firm is a systematic internalizer (SI) for the purposes… 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

FCA Focuses on Dividend Arbitrage

Posted in Derivatives, Financial Markets, UK Developments
On June 2, the Financial Conduct Authority (FCA) published issue 52 of Market Watch, its market conduct and transaction reporting newsletter. The newsletter focuses on the practice of dividend arbitrage, the intention of which is to place shares in alternative tax jurisdictions around dividend dates, with the aim of minimizing withholding taxes (WHT), or generating… 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

FIA Publishes Letter Opposing Relocation of Euro-Denominated Derivatives Clearing

Posted in Brexit, Derivatives, EU Developments, Financial Markets
On June 6, the Futures Industry Association (FIA) published a letter addressed to European Commission (EC) Vice–President Valdis Dombrovskis, detailing its concerns about the potential approach of forced relocation of euro-denominated derivatives clearing to the European Union. Forced relocation was raised as an option for ensuring the protection of the financial stability and monetary policy… Continue Reading

FCA Publishes Statement on National Cyber Attack and Webpage on Cyber Resilience

Posted in Financial Markets, UK Developments
On May 13, the day after the start of the widespread “WannaCry” ransomware cyber-attack, the UK Financial Conduct Authority (FCA) published a statement on the cyber-attack. The statement advised firms to review guidance issued by the National Cyber Security Centre. If firms were affected by the attack, it advised them to contact Action Fraud and… 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

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

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