Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFID II

FCA Opens MiFID II Passporting Gateway

Posted in UK Developments
On July 31, the UK Financial Conduct Authority (FCA) began accepting applications for passport notifications under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

FCA Publishes Notification Guide for Firms Wanting To Rely on MiFID II Ancillary Activity Exemption

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On July 19, the UK Financial Conduct Authority (FCA) updated its webpage on the introduction of the commodity derivatives position limits and reporting regime under the revised Markets in Financial Instruments Directive (MiFID II). The FCA explains that, under the MiFID II Directive, firms or individuals who trade in commodity derivatives on a professional basis… Continue Reading

FCA Publishes MiFID II Passporting Forms

Posted in EU Developments, Financial Markets, UK Developments
On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

FCA Publishes Second Policy Statement on MiFID II Implementation

Posted in UK Developments
On July 3, the UK Financial Conduct Authority (FCA) published its second policy statement (PS17/14) on implementation of the revised Markets in Financial Instruments Directive (MiFID II) into FCA rules. PS17/14 follows the first policy statement on MiFID II published in March 2017 (for further information see the April 7 Corporate Financial Weekly Digest ).… Continue Reading

FCA Publishes Final Report on Asset Management Market Study

Posted in Financial Markets, UK Developments
On June 28, the Financial Conduct Authority (FCA) published its final report after its asset management market study (Study), which began in November 2015. Alongside the report, the first of a number of related consultation papers was also published. The report and consultation paper follow the FCA’s interim report published in November 2016, which had… Continue Reading

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

MiFID II Delegated Regulation and Implementing Technical Standards Published

Posted in EU Developments, Financial Markets
The revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) call for multiple implementing technical standards (ITS) and delegated regulations to provide legislative details not contained within the text of MiFID II and MiFIR. Several of these were recently published: On June 12, the European Commission (EC) adopted… 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

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