Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: EU Developments

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ECON Votes To Adopt Draft Reports on Cross-Border Distribution of Collective Investment Funds

Posted in EU Developments, Financial Markets
On December 4, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing that it has voted to adopt draft reports on the European Commission’s legislative proposals for a Regulation and a Directive on the cross-border distribution of collective investment funds. ECON initially published the draft reports in September 2018 (for… Continue Reading

Provisional Political Agreement Reached on CRR II Regulation and CRD V Directive

Posted in EU Developments, Financial Markets
On December 4, the European Parliament published a press release announcing that it reached provisional political agreement with the Council of the European Union on the proposed revisions to the Capital Requirements Regulation (CRR), or CRR II, and to the Capital Requirements Directive (CRD) IV, or CRD V. The European Parliament also published a separate… Continue Reading

EU Council Agrees to Approach on EMIR 2.2

Posted in EU Developments, Financial Markets
On December 3, , the EU Permanent Representatives Committee (COREPER) endorsed the EU Council’s general approach on a revision of the European Market Infrastructure Regulation (EMIR 2.2), as well as a decision on a revision to the statute of the EU system of central banks and the European Central Bank (ECB), specifically taking into account… Continue Reading

LMA Publishes Paper on Impact of a No-Deal Brexit on the European Loan Market

Posted in Brexit, EU Developments, Financial Markets
On December 3, the Loan Market Association (LMA) published a paper on the consequences of a scenario in which the United Kingdom withdraws from the European Union (Brexit) without concluding a withdrawal agreement, commonly referred to as a “no-deal Brexit.” The paper focuses on the impact of a no-deal Brexit on lending by UK lenders… Continue Reading

LEI ROC Consults on Fund Relationships in GLEIS

Posted in EU Developments, Financial Markets
On November 19, the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) published its second consultation paper on fund relationships in the Global Legal Entity Identifier System (GLEIS). In its second consultation paper, LEI ROC explains that a significant proportion of entities that have a legal entity identifier (LEI) are investment funds. Consequently, LEI ROC… Continue Reading

ESMA Updates Q&As Relating to the Market Abuse Regulation

Posted in EU Developments, Financial Markets
On November 12, the European Securities and Markets Authority (ESMA) published version 13 of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). The Q&As now include a new question, 7.10, relating to the scope of the trading restrictions for persons discharging managerial responsibilities (PDMRs) during a closed period under MAR.… Continue Reading

European Commission Publishes Statement on Regulating Cryptoassets and ICOs

Posted in Digital Assets and Virtual Currencies, EU Developments
On November 13, the European Commission (EC) published a statement by Vice-President Valdis Dombrovskis on the regulation of cryptoassets and initial coin offerings (ICOs), which he presented at the European Parliament Plenary debate in Strasbourg. Key takeaways include:… Continue Reading

ESMA Updates Q&As Relating to Transparency and Market Structures

Posted in EU Developments, Financial Markets
On November 14, the European Securities and Markets Authority (ESMA) published the following updated questions and answers document (Q&As): an updated version of the Q&As on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). ESMA has added two points to Q&A 7 and… Continue Reading

ESMA Publishes Updated Supervisory Briefing on MiFID II Suitability Rules

Posted in EU Developments, Financial Markets
On November 13, the European Securities and Markets Authority (ESMA) published an updated version of its supervisory briefing on the suitability requirements of the revised Markets in Financial Instruments Directive (MiFID II). This briefing introduces European supervisors to MiFID II suitability rules, which require investment firms providing investment advice or portfolio management services to provide… Continue Reading

ESAs Publish Consultation Paper Relating to MLD4

Posted in EU Developments, Financial Markets
On November 8, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on draft joint guidelines on cooperation and information exchange between national competent authorities (NCAs) supervision credit and financial institutions for the purposes of the Fourth Money Laundering Directive (MLD4)… Continue Reading

ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives

Posted in Brexit, EU Developments, Financial Markets
On November 8, the European Securities and Markets Authority (ESMA) published a final report proposing new draft regulatory technical standards (RTS) contained in a draft Delegated Regulation that would amend the three European Commission Delegated Regulations on the clearing obligation under the European Markets and Infrastructure Regulation (EMIR).… Continue Reading

ESMA Publishes Statement Clarifying Clearing and Trading Obligations Ahead of December Deadline

Posted in EU Developments, Financial Markets
On October 31, the European Securities and Markets Authority (ESMA) published a statement clarifying firms’ clearing and trading obligations in light of current derogations and phase-in periods ending on December 21, allowing for regulatory forbearance. ESMA explains that, under the European Market Infrastructure Regulation (EMIR), both the current derogation from the clearing obligation for certain… Continue Reading

ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets

Posted in Digital Assets and Virtual Currencies, EU Developments
On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing… Continue Reading

ESMA Updates Q&A Relating to Commodity Derivatives

Posted in EU Developments, Financial Markets
On October 2, the European Securities and Markets Authority (ESMA) published an updated version of its question and answer document (Q&A) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR). The update includes two new answers. The first relates to position… Continue Reading

ESMA Publishes Opinion on Position Limits on UK Natural Gas Contracts Proposed by the FCA

Posted in EU Developments, Financial Markets
On October 5, the European Securities and Markets Authority (ESMA) published an opinion, dated September 24, on position limits on UK natural gas commodity futures and options contracts proposed by the UK Financial Conduct Authority (FCA). ESMA received a notification from the FCA on February 7, under Article 57 of the revised Markets in Financial… Continue Reading

ESMA Updates Q&As Relating to the Market Abuse Regulation

Posted in EU Developments, Financial Markets
On October 1, the European Securities and Markets Authority (ESMA) published an updated version of its sets of question and answer documents (Q&As) on the Market Abuse Regulation (MAR). ESMA has added three new questions and answers relating to the delay of the disclosure of inside information by a credit or financial institution to preserve… Continue Reading

ESMA Publishes Letter on MiFID II and MiFIR Third-Country Regimes

Posted in EU Developments, Financial Markets
On October 1, the European Securities and Markets Authority (ESMA) published a letter (dated September 26) from ESMA chair Steven Maijoor to European Commission vice president Valdis Dombrovskis on issues relating to third-country firms concerning certain requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading