On October 12, the UK Financial Conduct Authority (FCA) published a consultation paper (October Consultation Paper) setting out its proposals to amend the Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) of the FCA Handbook. The FCA explains that the amendments are needed because of the changes introduced by the statutory instrument (SI),… Continue Reading
On October 15, the UK Financial Conduct Authority (FCA) published a discussion paper (Discussion Paper) on climate change and green finance. On the same day, the UK Prudential Regulation Authority (PRA) published a consultation paper (Consultation Paper) on a draft supervisory statement (Draft Supervisory Statement) on enhancing the approach of banks and insurers to managing… Continue Reading
On October 12, the UK Department for Business, Energy and Industrial Strategy (BEIS) published two guidance notes relating to trading in energy should the UK leave the EU without agreement (No-Deal Brexit). One guidance note focuses on gas and the other relates to electricity. The guidance notes are part of a series of technical notices… Continue Reading
On October 5, HM Treasury published two draft statutory instruments (SIs) together with explanatory notes, which will make amendments to retained EU law relating to the revised Markets in Financial Instruments Directive (MiFID II) and Trade Repositories (TRs).… Continue Reading
On October 10, the UK Financial Conduct Authority (FCA) published two consultation papers relating to the United Kingdom’s withdrawal from the European Union (Brexit). The first, CP18/28, is the FCA’s first consultation paper on proposed changes to the FCA Handbook and to binding technical standards (BTS) resulting from Brexit. The second, CP18/29, focuses on the… Continue Reading
On October 8, HM Treasury published two draft statutory instruments (SIs), together with explanatory notes, which will make amendments to retained EU law relating to collective investment schemes (CIS) and alternative investment fund managers (AIFMs).… Continue Reading
On October 2, the European Securities and Markets Authority (ESMA) published an updated version of its question and answer document (Q&A) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR). The update includes two new answers. The first relates to position… Continue Reading
On October 5, the European Securities and Markets Authority (ESMA) published an opinion, dated September 24, on position limits on UK natural gas commodity futures and options contracts proposed by the UK Financial Conduct Authority (FCA). ESMA received a notification from the FCA on February 7, under Article 57 of the revised Markets in Financial… Continue Reading
HM Treasury published a draft statutory instrument (SI) under the European Market Infrastructure Regulation (EMIR) relating to non-UK central counterparties (CCPs) after the United Kingdom’s withdrawal from the European Union (exit day). It has also published a supporting explanatory memorandum.… Continue Reading
On September 27, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers (Q&As) on the Benchmarks Regulation (BMR).… Continue Reading
On October 1, the European Securities and Markets Authority (ESMA) published an updated version of its sets of question and answer documents (Q&As) on the Market Abuse Regulation (MAR). ESMA has added three new questions and answers relating to the delay of the disclosure of inside information by a credit or financial institution to preserve… Continue Reading
On October 1, the European Securities and Markets Authority (ESMA) published a letter (dated September 26) from ESMA chair Steven Maijoor to European Commission vice president Valdis Dombrovskis on issues relating to third-country firms concerning certain requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading
On October 2, the European Securities and Markets Authority (ESMA) published an updated opinion on ancillary activity calculations under the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading
On September 19, the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) published Dear CEO letters that they jointly sent to the chief executive officers (CEOs) of major banks and insurance companies regulated in the United Kingdom, regarding their preparations for the transition from the London Interbank Offered Rate (LIBOR) to alternative… Continue Reading
On September 24, the UK Financial Conduct Authority (FCA) published Issue 56 of Market Watch, its newsletter on market conduct and transaction reporting issues. Issue 56 contains articles that provide a useful reminder in relation to obligations in relation to market abuse surveillance and payment for order flow (PFOF).… Continue Reading
On September 26, the European Securities and Markets Authority (ESMA) published updates to two of its sets of question and answer documents (Q&As): (1) Q&As relating to the implementation of the European Market Infrastructure Regulation (EMIR); and (2) those relating to data reporting under the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading
On September 24, the European Parliament published a press release announcing that its Committee on Economic and Monetary Affairs (ECON) voted to adopt its draft reports on the European Commission’s proposals for a regulation on the prudential supervision of investment firms (Investment Firms Regulation (IFR)), and a directive on the prudential supervision of investment firms… Continue Reading
On September 27, the European Securities and Markets Authority (ESMA) published a press release announcing two new data completeness indicators for trading venues relating to the delivery of double volume cap (DVC) and bond liquidity data. DVC and bond liquidity data are required form trading venues for transparency purposes pursuant to the revised Markets in… Continue Reading
On September 21, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published the following draft reports, both dated September 18: a draft report on the proposal for a directive on the cross-border distribution of collective investment funds; and a draft report on the proposal for a regulation on facilitating cross-border distribution of collective investment… Continue Reading
On September 10, the UK Financial Conduct Authority (FCA) released a video focused on the Senior Managers and Certification Regime (SM&CR). The video emphasizes the importance of clarity of responsibilities and maintaining high standards under the SM&CR. For further details on the SM&CR, see the July 28, 2017 edition of Corporate & Financial Weekly Digest.… Continue Reading
On September 14, the UK Financial Conduct Authority (FCA) published a statement and direction clarifying how a market operator based in the European Economic Area (EEA) may make an application to become a recognized overseas investment exchange (ROIE), following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading
On September 7, 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 DVC public register was last updated in July (for further details, see the July 13 edition of Corporate & Financial… Continue Reading
On September 11, the Joint Committee of the European Supervisory Authorities (ESAs) published a report on risks and vulnerabilities in the EU financial system, which sets out recommendations for policy action.… Continue Reading
On September 3, the European Commission (EC) published a communication, dated August 10, in response to a proposal from the European Securities and Markets Authority (ESMA) regarding amendments to Delegated Regulation 2017/587, which sets out regulatory technical standards on transparency requirements for trading venues and investment firms regarding financial instruments (RTS 1), supplementing the Markets… Continue Reading
