On May 18, the European Securities and Markets Authority (ESMA) published a statement regarding the non-renewal and termination of the short selling bans imposed by certain EU financial regulators (the Statement).

As a result of the impact of the COVID-19 pandemic on EU financial markets, the Austrian Finanzmarktaufsicht (FMA), the Belgian Financial Securities and Markets Authority (FSMA), the French Autorité des Marchés Financiers (AMF), the Greek Hellenic Capital Market Commission (HCMC), the Spanish Comisión Nacional del Mercado de Valores (CNMV) and the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) introduced bans on short selling from the middle of March 2020.
Continue Reading ESMA Publishes Statement on the End of Short Selling Bans by Certain EU Financial Regulators

On May 19, the UK Government published a suite of draft legal texts (the Legal Texts) to accompany its policy paper, “The Future Relationship with the EU,” published on February 27 (the Policy Paper).

The UK Government states that the draft Legal Texts are the legal articulation of its approach in the Policy Paper and that these have formed the basis of discussions with the EU.
Continue Reading Brexit: UK Government Publishes Legal Texts on Future UK-EU Relationship Negotiations

Katten is continuing our weekly, 15-minute fireside chat series featuring London partners Carolyn Jackson, Nathaniel Lalone and Neil Robson. Next week’s discussion will focus on the UK’s brand-new insolvency rules, which will be of particular interest to investment firms and proprietary traders. Please join us on Tuesday, May 19 at 1:00 p.m. Eastern

On May 7, the European Commission (the Commission) adopted a new Delegated Regulation to amend the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies under the Fourth Money Laundering Directive (the Delegated Regulation).

The Delegated Regulation will:
Continue Reading AML: European Commission Adopts a New Delegated Regulation in Relation to the Fourth Money Laundering Directive

On May 11, the International Capital Market Association’s (ICMA) Sustainable Finance Committee published a report setting out its proposed high-level definitions for the most frequently used terminology in the sustainable finance sector (the Report).
Continue Reading ICMA Publishes a Report on Definitions for Sustainable Finance

On April 27, five industry trade associations, including the International Swaps and Derivatives Association, the Association for Financial Markets in Europe, the Asia Securities Industry and Financial Markets Association, the Global Financial Markets Association and the Securities Industry and Financial Markets Association published a joint letter (the Letter) to the European Securities and Markets Authority (ESMA) regarding the effective date for the commencement of the mandatory delegated reporting obligation for financial counterparties (FCs) under the EMIR Refit Regulation (EMIR Refit) in light of the COVID-19 pandemic.
Continue Reading ISDA Letter to ESMA on Mandatory Delegated Reporting under EMIR Refit

On April 28, the European Commission (the Commission) published an interpretative communication on the application of the accounting and prudential frameworks to facilitate European Union (EU) bank lending, support the EU economy and help mitigate the impact of the COVID-19 pandemic (the Communication).
Continue Reading EC Adopts a New Set of Measures in Response to the COVID-19 Pandemic