On August 8, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter concerning cross-border booking arrangements. In the letter, the FCA explains that the UK’s impending withdrawal from the EU has resulted in firms needing to put in place contingency plans that, when executed, will impact current business models, legal entity strategies and… Continue Reading
On August 6, the Global Foreign Exchange Committee (GFXC) published a paper looking back over the first year of the FX Global Code (Code), as well as an updated version of the Code. The paper highlights the GFXC’s priorities, including:… Continue Reading
On August 6, the European Securities and Markets Authority (ESMA) published an updated version of the transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR). The TTC is a series of calculations in relation to equity and non-equity… Continue Reading
On July 30, the Association of Financial Markets in Europe (AFME) and the International Swaps and Derivatives Association, Inc. (ISDA) released a paper outlining the challenges UK and EU firms will face in relation to legacy over-the-counter (OTC) derivative contracts following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading
On August 1, the European Securities and Markets Authority (ESMA) published the first tranche of data for market participants to determine whether they are systematic internalizers (SIs) in equities, equity-like instruments and bonds under the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading
On July 24, HM Treasury published its draft version of the European Economic Passports Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (draft Regulations). The purpose of the draft Regulations is to remove references to the passporting framework set out in the Financial Services and Markets Act 2000 and in other UK legislation.… Continue Reading
On July 20, the Joint Committee of the European Supervisory Authorities (ESAs), which comprises the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, updated its Q&As on the key information document (KID) required to be issued in connection with packaged retail and insurance-based investment products (PRIIPs)… Continue Reading
On July 23, the European Securities and Markets Authority (ESMA) issued a press release announcing updates to two of its sets of Questions and Answers (Q&As): (1) Q&As relating to the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive; and (2) those relating to the Alternative Investment Fund Managers Directive (AIFMD).… Continue Reading
On July 20, the European Securities and Markets Authority (ESMA) released a template (Template) to determine whether investment firms are systematic internalizers (SIs). Under the revised Markets in Financial Instruments Directive (MiFID II), an SI is an investment firm which, on an organized, frequent systematic and substantial basis, deals on its own account when executing… Continue Reading
On July 19, the European Commission (EC) issued a press release, announcing that it has referred Spain and Slovenia to the Court of Justice of the European Union (ECJ) for their failure to fully enact the revised Markets in Financial Instruments Directive (MiFID II) and certain MiFID II implementing legislation. The deadline for implementation by… Continue Reading
On July 16, the Financial Stability Board (FSB) published a report on the work of the FSB and standard setting bodies on cryptoassets. The report was delivered to the G20 Finance Ministers and Central Bank Governors ahead of their meeting on July 21 – 22. The standard setting bodies, whose work is summarized in the… Continue Reading
On July 16, a draft of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was published. The publication of the draft regulations follows the making of the first delegated legislation under the European Union (Withdrawal) Act 2018 earlier this month (discussed in the Corporate & Financial Weekly Digest edition of… Continue Reading
On July 17, the European Securities and Markets Authority (ESMA) updated its Q&As on the 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 update to the Q&As on the BMR clarifies: when a calculation agent is considered a user of benchmarks… Continue Reading
On July 13, the European Securities and Markets Authority (ESMA) published a press release announcing two consultations with respect to the new EU Prospectus Regulation. The first consultation paper contains draft technical advice on the minimum content for the information that must be made available to investors when applying for a certain exemption from the… Continue Reading
On July 18, eight of the EU member states (Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden, and The Netherlands) published a joint statement on the Capital Markets Union (CMU) after Brexit. The joint statement sets out the shared views of the member states’ finance ministers and urges the European Union to use Brexit as a… Continue Reading
On June 29, the Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 were published. The Regulations make some minor amendments to the Financial Services and Markets Act 2000 (FSMA) for the purposes of the United Kingdom’s implementation of part of the new EU Prospectus Regulation (Prospectus Regulation).… Continue Reading
On July 3, the Department for Exiting the European Union created the European Union (Withdrawal) Act 2018 (Commencement and Transitional Provisions) Regulations 2018 (Regulations). The United Kingdom’s European Union (Withdrawal) Act 2018 (Act) delegates power to make such provisions.… Continue Reading
On July 4, the UK Financial Conduct Authority (FCA) issued a press release announcing its proposal to introduce a new public directory of the status and history of individuals working in financial services (including information on their prior employers, any enforcement actions, prohibitions, etc.).… Continue Reading
On July 12, the UK Department for Exiting the European Union published a white paper, which sets out the United Kingdom’s proposal for the UK-EU relationship after the United Kingdom’s withdrawal from the European Union on March 29, 2019 (Brexit) through what it terms “an association agreement.” Notably, the white paper features differing approaches with… Continue Reading
On July 6, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under the revised Markets in Financial Instruments Directive (MiFID II). The update follows last month’s update to the DVC public register (for further details, see the June 15 edition of Corporate… Continue Reading
On July 12, the European Securities and Markets Authority (ESMA) released a public statement concerning the timely submission of requests for authorization regarding the United Kingdom withdrawing from the European Union (Brexit).… Continue Reading
On July 11, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a press release announcing that ECON has adopted a draft report on relationships between the EU and third countries concerning financial services regulation and supervision.… Continue Reading
On June 26, the UK Financial Conduct Authority (FCA) published a statement updating stakeholders on its preparations for the United Kingdom’s withdrawal from the European Union (Brexit). The FCA’s statement noted HM Treasury’s preparations for Brexit, which were then published in HM Treasury’s own press release, dated June 27.… Continue Reading
On June 25, the European Banking Authority (EBA) published an opinion on preparations for the withdrawal of the United Kingdom from the European Union (Brexit). Its opinion cites two aims with respect to national competent authorities: ensuring that financial institutions are adequately considering the risks of a possible Brexit without a ratified withdrawal agreement, and… Continue Reading
