On April 17, the European Banking Authority (EBA) published its draft implementing technical standards (ITS) on reporting for resolution plans under the EU Bank Recovery and Resolution Directive (BRRD). Under the BRRD, EU Member States must ensure that resolution authorities have the power to require investment firms and credit institutions to cooperate as much as… Continue Reading
On April 13, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report, featuring the European Parliament legislative resolution with ECON’s amendments to a proposal regarding the prudential supervision of EU investment firms. This amends the Capital Requirements Directive IV and the revised Markets in Financial Instruments Directive (MiFID II) (collectively,… Continue Reading
On April 19, the European Parliament (EP) published a press release announcing its adoption of a proposal for a fifth Anti-Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate &… Continue Reading
On March 22, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Union (EU) Benchmarks Regulation (BMR). The Q&As aim to promote common supervisory approaches and practices in the day-to-day application of the BMR. The updated Q&As on the BMR add one new question and answer which considers the application of… Continue Reading
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As relating to investor protection under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As include updated existing questions and answers relating to inducements, information on costs and charges, and post-sale reporting. The… Continue Reading
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on December 14, 2017, as reported in the Corporate & Financial Weekly Digest edition of December 15, 2017. The updated Q&As now consider the disclosure of inside information related to the… Continue Reading
On March 23, the European Central Bank (ECB) published two guides (together, Guides): a guide to assessing license applications (General Licence Application Guide) which covers the general application process and the assessment requirements regarding, for example, governance, risk management, capital; and a guide to assessing financial technology (FinTech) credit institution license applications (FinTech Licence Application… Continue Reading
On March 23, the Official Journal of the European Union published the European Commission Delegated Regulation 2018/480 (Delegated Regulation). The Delegated Regulation sets out regulatory technical standards (RTS) on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds (ELTIFs), assessment criteria for the market for potential… Continue Reading
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of the Central Securities Depositories Regulation (CSDR). The aim of the Q&As is to promote common supervisory approaches and practices in the application of the CSDR.… Continue Reading
On March 26, the European Securities and Markets Authority (ESMA) published a list of the trading venues and central counterparties (CCPs) benefitting from a temporary exemption from the access provisions set out in Articles 35 and 36 of the Markets in Financial Instruments Regulation (MiFIR). CCPs and trading venues had until January 3 to apply… Continue Reading
On March 26, the European Securities and Markets Authority (ESMA) published its final report on proposed amendments to the regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments. The report included amendments regarding transaction execution obligations in respect… Continue Reading
On March 20, the Fixed Income, Commodities and Currency Markets Standards Board (FMSB) published a draft of its transparency standard on Secondary Market Trading Error Compensation, setting out expected behaviors for the payment of compensation for trading errors. The transparency standard proposes three methods, subject to these complying with applicable local law, for paying compensation… Continue Reading
On March 22, the UK government held its second annual International Fintech Conference. The Conference forms part of the UK’s plans to maintain its world leading position in technology-enabled innovation in financial services (FinTech). The Conference follows the launch of the European Commission’s FinTech Action Plan, further details of which are available in the Corporate… Continue Reading
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) spoke on March 20, regarding ESMA’s work during the past year. In his speech, Mr. Maijoor commented on ESMA’s work in relation to: supervisory convergence to limit the scope for regulatory arbitrage in light of the United Kingdom’s upcoming withdrawal from the European Union… Continue Reading
On March 9, the UK Financial Conduct Authority (FCA) launched a short online survey for firms providing cross-border services into the UK from other European Union/European Economic Area (EEA) jurisdictions (“passporting”), or marketing funds in the UK. The survey follows the UK government’s December 2017 announcement that, if necessary, it will legislate to provide a… Continue Reading
On March 14, the UK Financial Conduct Authority (FCA) published a webpage in relation to its review of potential closet tracker funds and closet constrained funds. The review forms part of the FCA’s supervision to protect investors and maintain a competitive market. On its webpage, the FCA explains that both types of funds look like… Continue Reading
On March 12, as part of the development of the EU’s Capital Markets Union (CMU), the European Commission (EC) published two legislative proposals in relation to the cross-border distribution of collective investment funds within the EU: a Regulation (Proposed Regulation) facilitating the above and amending existing Regulations on European venture capital funds and European social… Continue Reading
On February 19, the UK’s Financial Conduct Authority (FCA) published a “Dear CEO” letter that it recently sent to IFPRU investment firms and BIPRU firms (as defined below) concerning the quality of information submitted to the FCA in prudential regulation returns.… Continue Reading
The UK Financial Conduct Authority (FCA) has reviewed the bespoke position limits set for a number of commodity derivatives traded on UK venues. Following its review and as a result of strong growth in some commodity derivative contracts, the FCA has increased the limits of approximately 20 commodity derivative contracts as of February 8.… Continue Reading
On February 8, the UK Financial Conduct Authority (FCA) and the UK Information Commissioner’s Office (ICO) published a joint statement on the EU General Data Protection Regulation (GDPR). GDPR will go into effect in the UK on May 25. The GDPR is designed to strengthen the rules governing data protection across the European Union and… Continue Reading
On February 5, the European Securities and Markets Authority (ESMA) updated its set of Questions and Answers (Q&As) on the implementation of Regulation (EU) 236/2012 (the Short Selling Regulation). The aim of the Q&As is to promote common supervisory approaches and practices in the application of the Short Selling Regulation by regulators across the European… Continue Reading
On January 24, the UK Financial Conduct Authority (FCA) published a statement relating to performance scenarios in key information documents (KIDs) provided in accordance with the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.… Continue Reading
On January 25, the UK Financial Conduct Authority (FCA) published position limits on a further commodity derivative contract that is traded on a UK trading venue.… Continue Reading
On January 16, the German federal regulator, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), updated its Database of Position Limits and published additional indicative position limits for the following contracts:… Continue Reading
