On February 4, the UK Financial Conduct Authority (FCA) published a Policy Statement on further remedies to promote competition in the asset management sector, following its asset management market study (AMMS) (see the June 30, 2017 edition of Corporate & Financial Weekly Digest for further details on the FCA’s Final Report on AMMS).… Continue Reading
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ESAs Publish Final Report on Amendments to the PRIIPs Key Information Document
Posted in EU Developments, Financial MarketsOn February 8, the Joint Committee of European Supervisory Authorities (ESAs) published a final report on proposed amendments to Commission Delegated Regulation (EU) 2017/653 (Delegated Regulation) on key information documents (KIDs) for packaged retail and insurance-based investment produces (PRIIPs).… Continue Reading
ESMA Publishes List of Thresholds Below Which an EU Prospectus Is Not Required
Posted in EU Developments, Financial MarketsOn February 8, the European Securities and Markets Authority (ESMA) published a document listing the thresholds relating to the value of an offering of securities to the public below which such an offer does not require a prospectus to be prepared in accordance with Regulation (EU) 2017/1129 (Prospectus Regulation).… Continue Reading
UK Guide to Post-Brexit Financial Sanctions Published
Posted in Brexit, EU Developments, Financial MarketsOn February 1, HM Treasury and the UK Office of Financial Sanctions Implementation (OFSI) published guidance on financial sanctions in preparation for the United Kingdom’s exit from the European Union on March 29 (Exit Day) on the basis of no agreement on transitional arrangements being in place with the EU (no-deal Brexit). The guidance will… Continue Reading
Agreement Reached on EMIR Refit Regulation
Posted in EU Developments, Financial MarketsOn February 5, the Council of the European Union and the European Parliament announced a preliminary agreement on a proposal for a Regulation to amend the European Market Infrastructure Regulation (EMIR Refit). The proposal aims to improve the existing regulatory framework applying to the over-the-counter (OTC) derivative market.… Continue Reading
BoE and ESMA Agree No-Deal MoUs on Recognition of UK CCPs and CSDs
Posted in Brexit, EU Developments, Financial MarketsOn February 4, the European Securities and Markets Authority (ESMA) and the Bank of England announced that they have agreed on Memorandums of Understanding (MoUs) surrounding the cooperation and information-sharing arrangements with respect to UK-based central counterparties (CCPs) and central securities depositories (CSDs) in the event of the United Kingdom’s exit from the European Union… Continue Reading
ESMA Updates MiFIR Data Reporting Q&As
Posted in EU Developments, Financial MarketsOn February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on data reporting under the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A includes four new questions that cover reporting the legal entity identifier (LEI) of issuers to the financial instruments reference database… Continue Reading
ESMA Updates EMIR Implementation Q&As
Posted in EU Developments, Financial MarketsOn February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on the implementation of the European Market Infrastructure Regulation (EMIR). The amendments include: An amended question in relation to trade repositories (TRs) to confirm how counterparties should report a derivative with no maturity date;… Continue Reading
ESMA Publishes Statement on the Impact of a No-Deal Brexit on Its Databases
Posted in Brexit, EU Developments, Financial MarketsOn February 5, the European Securities and Markets Authority (ESMA) issued a statement on the impact the UK’s exit from the European Union on March 29 (Exit Day) without an agreement on transitional arrangements being in place with the European Union (no-deal Brexit) would have on ESMA’s databases. In the scenario of a no-deal Brexit,… Continue Reading
ESMA Publishes Revised Draft Technical Standards and Q&A on Disclosure Requirements
Posted in EU Developments, Financial MarketsOn January 31, the European Securities and Markets Authority (ESMA) published an opinion containing a revised set of draft regulatory and implementing technical standards (RTS/ITS) under the Securitization Regulation, which require certain information to be reported about securitizations by the originator, sponsor or special purpose entity. The opinion includes the format for making the required… Continue Reading
FCA and PRA Publish Direction on Reporting Private Securitizations Under Securitization Regulation
Posted in EU Developments, Financial MarketsOn January 31, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a direction under the UK Securitization Regulations 2018 (a statutory instrument that implements the EU Securitization Regulation) setting out how relevant parties must report certain information to the FCA or PRA.… Continue Reading
Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications
Posted in Brexit/UK Developments, Financial Markets, UK DevelopmentsOn January 24, the Bank of England updated its financial market infrastructure supervision websites with interim lists of entities and systems that will enter into the various temporary or transitional arrangements on exit day should the United Kingdom leave the European Union with no implementation period. The lists consist of: Third-country central counterparties (CCPs) that… Continue Reading
ESMA Updates Q&As Relating to the Benchmarks Regulation
Posted in EU Developments, Financial MarketsOn January 30, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers on the Benchmarks Regulation (BMR). ESMA confirms that the scope of application is identical across both sets of legislative provisions, including the transitional provisions under the BMR. In the new Q&A, ESMA refers to specific requirements… Continue Reading
ESMA Publishes Statement on Clearing and Trading Obligations for Small Financial Counterparties
Posted in EU Developments, Financial MarketsOn January 31, the European Securities and Markets Authority (ESMA) published a statement addressing issues on the forthcoming implementation of the European Market Infrastructure Regulation Regulatory Fitness and Performance program (EMIR REFIT), relating to clearing and trading obligations for small financial counterparties. ESMA’s statement also addresses the requirements for reporting of derivatives that were outstanding… Continue Reading
FCA Consults on Optimizing the SM&CR and Proposes Excluding Heads of Legal From Senior Managers Regime
Posted in Financial Markets, UK DevelopmentsOn January 23, the UK Financial Conduct Authority (FCA), published a consultation paper on optimizing the senior managers and certification regime (SM&CR) (for further details on the SM&CR, see the March 11, 2016 edition of the Corporate & Financial Weekly Digest). Its proposals intend to help firms adjust to the SM&CR and to identify some… Continue Reading
ESMA Publishes Opinion on Position Limits on ICE Low Sulphur Gasoil Futures and Options Commodity Contracts
Posted in Derivatives, EU Developments, Financial MarketsOn January 23, the European Securities and Markets Authority (ESMA) published an opinion, dated January 18, on position limits on ICE Low Sulphur Gasoil futures and options commodity contracts.… Continue Reading
ESMA Updates MiFID II Transitional Transparency Calculations for Electricity Derivatives
Posted in Derivatives, EU Developments, Financial MarketsOn January 22, the European Securities and Markets Authority (ESMA) published an updated version of its transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR).… Continue Reading
Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 Laid Before Parliament
Posted in Brexit/UK Developments, Financial MarketsOn January 15, a draft version of the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, which have been laid before Parliament, was published together with a draft explanatory memorandum.… Continue Reading
European Commission Reports on the Operation of the AIFMD
Posted in EU Developments, Financial MarketsOn January 10, the European Commission published a report (dated December 10, 2018) on the operation of the Alternative Investment Fund Managers Directive (AIFMD).… Continue Reading
Draft PRIIPs Regulations 2019 Published
Posted in Brexit, Brexit/UK Developments, Financial Markets, UK DevelopmentsOn January 9, a draft of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (Draft Regulations 2019) was published together with a draft explanatory memorandum. The purpose of the Draft Regulations 2019 is to ensure that the regime established under EU Regulation on Key Information Documents for PRIIPs (PRIIPs Regulation) continues… Continue Reading
Council of EU Agrees on Its Position on Proposed Investment Firms Regulation and Directive
Posted in EU Developments, Financial MarketsOn January 7, the Council of the European Union published a press release announcing that its Permanent Representatives Committee has agreed on its position relating to the proposed Investment Firms Regulation (IFR) and the proposed Investment Firms Directive (IFD). The Council also has published its compromise proposals on the IFR and the IFD.… Continue Reading
FCA Consults on Contractual Certainty Post-Brexit
Posted in Brexit, Brexit/UK Developments, EU Developments, Financial MarketsOn January 8, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/2) on contractual certainty post-Brexit. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal remains to be ratified by the UK Parliament. If ratification fails, this… Continue Reading
ESMA and EBA Publish Advice on Cryptoassets
Posted in Digital Assets and Virtual Currencies, EU Developments, Financial MarketsOn January 9, the European Securities and Markets Authority (ESMA) published advice addressed to the European Commission, the European Parliament and the Council of the EU on initial coin offerings (ICOs) and cryptoassets. On the same day, the European Banking Authority (EBA) also published advice on cryptoassets addressed to the European Commission.… Continue Reading
ESMA Releases Latest Double Volume Cap Data Under MiFID II
Posted in EU Developments, Financial MarketsOn January 9, 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 September 2018 (for more information, see the September 14, 2018 edition of Corporate… Continue Reading