On September 17, the European Securities and Markets Authority (ESMA) renewed its decision (ESMA70-155-11072) to temporarily require holders of net short positions in shares traded on a European Union- (EU) regulated market to report to the relevant EU financial regulator at a reduced threshold of 0.1 percent net short (instead of the pre-existing threshold of 0.2 percent net short).
Continue Reading ESMA Renews 0.1 percent Reporting Requirement of Net Short Positions in EU Issuers

On September 7, the UK’s Financial Conduct Authority (FCA) published the 65th edition of its Market Watch newsletter on market conduct and transaction reporting issues (the Newsletter). The latest issue provides market participants with guidance on (1) FCA information confidentiality requirements; (2) documents subject to legal professional privilege (LPP); and (3) highlighting certain data issues when transaction reporting under the Markets in Financial Instruments Regulation (EU) No 600/2014 (MiFIR).
Continue Reading FCA Publishes Newsletter Market Watch 65

On September 10, the European Banking Authority (EBA) published its response to the European Commission’s March 2020 call for advice on the EU’s future anti-money laundering (AML) and countering the financing of terrorism (CFT) framework (the Response).
Continue Reading EBA Publishes Response to the European Commission’s Call for Advice on the EU’s AML and CFT Framework

On August 27, the International Swaps and Derivatives Association (ISDA) and the Association for Financial Markets in Europe (AFME) (together, the Joint Associations) wrote a letter (Letter) to the European Commission and the European Supervisory Authorities to express gratitude for the mitigation of the impact on both European Union (EU) and United Kingdom (UK) market participants, in anticipation of the UK’s departure from the EU.
Continue Reading ISDA and AFME Request for an Extension of Relief on Brexit-Related Novation

On August 24, the UK’s Financial Conduct Authority (FCA) published a consultation paper on extending its annual financial crime reporting obligation (REP-CRIM) to a wider range of FCA-regulated firms in the UK (the Consultation Paper).

REP-CRIM aims to identify indicators where there is a potential money laundering risk posed by a regulated firm, based on its regulated activities and customers.
Continue Reading FCA Publishes Consultation Paper on Extending Annual Financial Crime Reporting Obligation

On August 27, the UK’s Financial Conduct Authority (FCA) published the 64th edition of its Market Watch newsletter on market conduct and transaction reporting issues (the Newsletter) providing market participants with advice on the transition from the revised Markets in Financial Instruments Directive (MiFID II) transaction reporting requirements to UK-specific requirements applicable from the end of the Brexit transition period (i.e., once the UK has ceased being subject to EU rules).
Continue Reading FCA Publishes Newsletter on Market Conduct and Transaction Reporting Issues

Katten’s London affiliate office launched its weekly fireside chat on May 5 and each week has covered a wide range of interesting UK and EU financial services regulatory topics. We have received some fantastic feedback from clients on the podcast sessions and now present three key trends that firms should continue to consider in Q3

On August 13, the UK’s Financial Conduct Authority (FCA) published a new webpage on conduct rules reporting for FCA solo-regulated firms under the Senior Managers and Certification Regime (SM&CR).

The annual reporting obligation under the SM&CR, using the FCA’s Form REP0008 (filed online using the FCA’s Gabriel portal), requires FCA solo-regulated firms to inform the FCA if disciplinary action has been taken against individuals who are not Senior Managers (i.e., not just certified staff) for breaches of the FCA Conduct Rules. 
Continue Reading SM&CR: Disciplinary Action and Conduct Rules Reporting for Staff at FCA-Regulated Firms