On October 26, the European Securities and Markets Authority (ESMA) published a statement on the impact of the UK’s departure from the EU on December 31, relating to the requirement for EU investment firms only to trade shares on an EU trading venue, with an EU systemic internalizer or on an equivalent third-country exchange (known as the share trading obligation or STO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR) (the Statement).
Continue Reading ESMA Publishes Statement on Trading Obligation for Shares Under MiFIR After Brexit

On October 27, the European Securities and Markets Authority (ESMA) published a press release announcing it had added UK venues to the list of third-country venues in respect of the opinions on post-trade transparency and position limits under Markets in Financial Instruments Regulation (MiFIR) and the revised Markets in Financial Instruments Directive (MiFID II) (the Press Release).
Continue Reading ESMA Adds UK Venues to Third-Country Trading Venues Under MiFIR and MiFID II

On October 9, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulation Authority (PRA) jointly published a Dear CEO letter to regulated firms regarding final preparations for the end of the Brexit transition period (the Letter).

The key areas addressed by the FCA and PRA in the Letter include:
Continue Reading FCA and PRA Publishes Dear CEO Letter on Final Preparations for the End of Brexit Transition Period

On October 1, the United Kingdom’s (UK) Financial Conduct Authority (FCA) published a statement on trade reporting and position limit obligations under the Markets in Financial Instruments Regulation (MiFIR) (the Statement).
Continue Reading FCA Publishes Statement on MiFIR Trade Reporting and Position Limit Obligations

On September 21, the European Commission (Commission) adopted a time-limited decision to provide financial market participants 18 months within which they should reduce their exposure to UK central counterparties (CCPs) (the Decision).
Continue Reading EU Commission Adopts Time-Limited Decision for Continued Access to UK Central Counterparties

On August 27, the UK’s Financial Conduct Authority (FCA) published the 64th edition of its Market Watch newsletter on market conduct and transaction reporting issues (the Newsletter) providing market participants with advice on the transition from the revised Markets in Financial Instruments Directive (MiFID II) transaction reporting requirements to UK-specific requirements applicable from the end of the Brexit transition period (i.e., once the UK has ceased being subject to EU rules).
Continue Reading FCA Publishes Newsletter on Market Conduct and Transaction Reporting Issues

Katten’s London affiliate office launched its weekly fireside chat on May 5 and each week has covered a wide range of interesting UK and EU financial services regulatory topics. We have received some fantastic feedback from clients on the podcast sessions and now present three key trends that firms should continue to consider in Q3

On August 19, the European Banking Authority (EBA) published its response to the European Commission’s action plan on preventing anti-money laundering (AML) and counter-terrorist financing (CTF) (the Response).

The EBA’s key recommendations set out in the Response are:
Continue Reading EBA Publishes Statement on the European Commission’s AML and CTF Action Plan

On July 23, the Commodity Futures Trading Commission held an open meeting at which it approved an Amendment Order that (1) exempted 16 additional multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register as swap execution facilities (SEFs); and (2) clarified the application of the existing order to UK based MTFs and OTFs during the UK’s Brexit transition period.
Continue Reading CFTC Approves Exempt SEF Amendment Order for Certain EU MTFs and OTFs

On June 23, the House of Commons published a statement made by the UK Government on its approach to implementing financial services regulatory reforms before the end of the Brexit transition period (the Statement).
Continue Reading Brexit: UK Government Statement on Implementing Regulatory Reforms