Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: EU Developments

Subscribe to EU Developments RSS Feed

ESMA Publishes Updates Q&As on MAR

Posted in EU Developments, Financial Markets
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on November 12, 2018 (as reported in the November 16, 2018 edition of the Corporate & Financial Weekly Digest).… Continue Reading

ESMA Updates Q&As on the Application of the AIFMD

Posted in EU Developments, Financial Markets
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD). In their updated Q&As, ESMA has added the following under section VII: Q&A 6, on the treatment of short-term interest rate futures for… Continue Reading

Equivalence for UK CCPs and CSDs Extended

Posted in Brexit, EU Developments, Financial Markets
On April 4, two Commission Implementing Decisions (Amending Decisions) were published in the Official Journal of the European Union, amending the following December 20, 2018 equivalence decisions (Equivalence Decisions): Implementing Decision (EU) 2018/2031, on the temporary equivalence of the UK’s regulatory framework for central counterparties (CCPs); and Implementing Decision (EU) 2018/2030, on the temporary equivalence… Continue Reading

ESMA Updates Q&As on MiFID II and MiFIR Commodity Derivatives

Posted in Derivatives, EU Developments, Financial Markets
On March 27, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As, were last updated on January 4, (as reported in the… Continue Reading

ESMA Publishes Statement on Preparations Regarding Clearing and Settlement for a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On March 28, the European Securities and Markets Association (ESMA) published a statement updating market participants on its preparations for the United Kingdom’s withdrawal from the European Union, in the event of an agreement on transitional arrangements (Withdrawal Agreement) not being in place (No-Deal Brexit). ESMA’s update follows the European Council’s (EC’s) agreement to the… Continue Reading

ECB Announces Euro Short-Term Rate Start Date and Recommendations on Transition From EONIA

Posted in EU Developments, Financial Markets
On March 14, the European Central Bank (ECB) working group on euro risk-free rates published recommendations on transitioning from the euro overnight index average (EONIA) to the euro short-term rate (€STR). The ECB’s recommendations include the following:… Continue Reading

ESMA Extends Its Register of Derivatives to be Traded On-Venue Under MiFIR

Posted in Derivatives, EU Developments, Financial Markets
On March 21, the European Securities and Markets Authority (ESMA) updated its public register of derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR). ESMA’s update follows the authorization, on the same date, of additional trading venues where the classes of derivatives subject to the trading obligation… Continue Reading

ESMA Publishes Statement on the Impact on the MiFIR Trading Obligation for Shares; the FCA Responds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United… Continue Reading

ESMA Announces Results of MiFID II Annual Calculations of LIS and SSTI Thresholds for Bonds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a press release announcing the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. ESMA’s publication had originally been planned for March 1, but was postponed as its IT systems required… Continue Reading

ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without… Continue Reading

ESMA Delays Publication of Annual Calculations of LIS and SSTI Thresholds for 2019/20 Bonds

Posted in EU Developments, Financial Markets
On March 1, the European Securities and Markets Authority (ESMA) published a press release relating to the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. In its press release, ESMA has announced that it will postpone publishing the results of the annual calculations because its… Continue Reading

ESMA Publishes Annual Transparency Calculations for 2019/20 Equity and Equity-Like Instruments

Posted in EU Developments, Financial Markets
On March 1, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available the results of the annual transparency calculations for equity and equity-like instruments. There are currently 1,344 liquid shares and 389 liquid equity-like instruments other than shares, subject to calculations relating to the transparency requirements in… Continue Reading

EBA Publishes Final Report on Outsourcing Guidelines

Posted in EU Developments, Financial Markets
On February 25, the European Banking Authority (EBA) published its final report setting out guidelines on outsourcing. In its report, the EBA updates and replaces the guidelines on outsourcing that the EBA’s predecessor, the Committee of European Banking Supervisors (CEBS), issued in 2006. The CEBS guidelines applied exclusively to credit institutions, but the new EBA… Continue Reading

European Parliament and Council of the European Union Reach Agreement on Investment Firms Regulation and Directive

Posted in Brexit, EU Developments, Financial Markets
On February 26 and 27, the Council of the European Union and the European Parliament issued statements, respectively, announcing that they had reached a political agreement on the proposed Investment Firms Regulation (IFR) and the proposed Investment Firms Directive (IFD).… Continue Reading

ESMA to Recognize Three UK CCPs in the Event of a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On February 18, the European Securities and Markets Authority (ESMA) published a press release confirming that it has adopted recognition decisions to permit three UK central counterparties (CCPs) to continue to provide CCP services to EU trading venues and EU clearing members following the United Kingdom’s withdrawal from the European Union on March 29 (Exit… Continue Reading

ESAs Publish Final Report on Amendments to the PRIIPs Key Information Document

Posted in EU Developments, Financial Markets
On February 8, the Joint Committee of European Supervisory Authorities (ESAs) published a final report on proposed amendments to Commission Delegated Regulation (EU) 2017/653 (Delegated Regulation) on key information documents (KIDs) for packaged retail and insurance-based investment produces (PRIIPs).… Continue Reading

ESMA Publishes List of Thresholds Below Which an EU Prospectus Is Not Required

Posted in EU Developments, Financial Markets
On February 8, the European Securities and Markets Authority (ESMA) published a document listing the thresholds relating to the value of an offering of securities to the public below which such an offer does not require a prospectus to be prepared in accordance with Regulation (EU) 2017/1129 (Prospectus Regulation).… Continue Reading

UK Guide to Post-Brexit Financial Sanctions Published

Posted in Brexit, EU Developments, Financial Markets
On February 1, HM Treasury and the UK Office of Financial Sanctions Implementation (OFSI) published guidance on financial sanctions in preparation for the United Kingdom’s exit from the European Union on March 29 (Exit Day) on the basis of no agreement on transitional arrangements being in place with the EU (no-deal Brexit). The guidance will… Continue Reading

Agreement Reached on EMIR Refit Regulation

Posted in EU Developments, Financial Markets
On February 5, the Council of the European Union and the European Parliament announced a preliminary agreement on a proposal for a Regulation to amend the European Market Infrastructure Regulation (EMIR Refit). The proposal aims to improve the existing regulatory framework applying to the over-the-counter (OTC) derivative market.… Continue Reading

BoE and ESMA Agree No-Deal MoUs on Recognition of UK CCPs and CSDs

Posted in Brexit, EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) and the Bank of England announced that they have agreed on Memorandums of Understanding (MoUs) surrounding the cooperation and information-sharing arrangements with respect to UK-based central counterparties (CCPs) and central securities depositories (CSDs) in the event of the United Kingdom’s exit from the European Union… Continue Reading

ESMA Updates MiFIR Data Reporting Q&As

Posted in EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on data reporting under the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A includes four new questions that cover reporting the legal entity identifier (LEI) of issuers to the financial instruments reference database… Continue Reading

ESMA Updates EMIR Implementation Q&As

Posted in EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on the implementation of the European Market Infrastructure Regulation (EMIR). The amendments include: An amended question in relation to trade repositories (TRs) to confirm how counterparties should report a derivative with no maturity date;… Continue Reading