On October 22, the European Commission (Commission) launched its formal public consultation (Consultation) on its review of the Alternative Investment Fund Managers Directive (AIFMD).

The Consultation follows the Commission’s June 10 report on the application and scope of the AIFMD (see the June 12, 2020 edition of Corporate & Financial Weekly Digest) and aims to achieve a more efficient, effective and competitive European market for alternative investment funds (AIFs) as a part of a stable financial system. The Consultation also notes that it may result in adjustments the existing European mutual fund rules (UCITS).
Continue Reading AIFMD II – European Commission Consultation on AIFM Directive Review

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 19, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) concerning central counterparties (CCPs) under Regulation (EU) 2019/2099 (EMIR 2.2) (the Consultation Paper).
Continue Reading ESMA Publishes Consultation Paper on Draft RTS Relating to CCPs

On October 8, the European Parliament published a press release announcing that it had adopted a resolution regarding the creation of a robust EU framework for crypto-assets, cyber resilience, data sharing and customer safety (the Press Release).

The basis of the resolution originates from a previous report that the Economic and Monetary Affairs Committee (ECON) had voted to adopt in September 2020.
Continue Reading European Parliament Adopts Resolution on Digital Finance and Data Sharing

On October 5, the European Commission (the Commission) published the text of an Implementing Regulation, laying down Implementing Technical Standards (ITS) with regard to procedures and forms for an exchange of information and cooperation under Articles 24 and 25 of the Market Abuse Regulation (MAR) (the Implementing Regulation).
Continue Reading European Commission Adopts New Standards for Cooperation Under MAR

On September 24, the UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) updated their respective statements, originally published in March, regarding key workers and working from home during the COVID-19 pandemic. Both the FCA and PRA advised firms to follow government advice on remote working until notified otherwise.
Continue Reading COVID-19: FCA and PRA Updates on Working from Home and Key Workers

On September 28, the European Securities and Markets Authority (ESMA) published its final report (Final Report), accompanied by draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the European Union (EU) by third-country firms under the Markets in Financial Instruments Directive (MiFID II) (600/2014) and the associated Markets in Financial Instruments Regulation (MiFIR).
Continue Reading MiFID II: ESMA Publishes Final Report on Third-Country Firm Regime

On September 30, the UK Financial Conduct Authority (FCA) published a statement outlining an additional six month extension and amendments to a temporary coronavirus (COVID-19) measure regarding a requirement to notify investors of depreciations in the value of their account.
Continue Reading MiFID II: FCA Publishes Regulatory Forbearance on the 10 Percent Depreciation Rule