On December 12, amendments to the European Market Infrastructure Regulations (EMIR), known as “EMIR 2.2”, were published in the Official Journal of the European Union, which is available here. This means that, as expected, the provisions of EMIR 2.2 will become effective on January 1, 2020. EMIR 2.2 is different from EMIR REFIT

On November 29, the UK’s Financial Conduct Authority (FCA) published a consultation paper on applying the Senior Managers Regime (SMR) to benchmark administrators. (For more information on the Senior Managers and Certification Regime, or SM&CR, please see the July 28, 2017 edition of the Corporate & Financial Weekly Digest.)

SM&CR already applies to banks and insurers, and will apply to most other UK financial services firms as of December 9. Because benchmark administrators only began to be supervised by the FCA in January 2018, the SMR will apply to them starting December 7, 2020. This gives these firms one extra year to prepare for the regime.
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On December 4, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD).

The new question concerns the apparent conflict between Article 24(2) AIFMD, which requires managers of alternative investment funds (AIFMs) to report results of liquidity stress tests for all of the alternative investment funds (AIFs) that they manage, and Article 16(1) AIFMD, which exempts managers of closed-ended unleveraged AIFs from conducting liquidity stress tests.
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On November 11, the UK Jurisdiction Taskforce (UKJT) published a statement with two key findings on the legal status of cryptoassets and smart contracts under English law (the Statement). The UKJT is a taskforce of the LawTech Delivery Panel of the Law Society, which is the representative body for solicitors in England and Wales. The Statement was made following a public consultation, which closed in June 2019.
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On November 11, the European Securities and Markets Authority (ESMA) published three sets of technical advice on tiering, comparable compliance and fees charged to third-country central counterparties (TC-CCPs). The advice is directed towards the European Commission (EC) and concerns the revised European Market Infrastructure Regulation (EMIR 2.2).

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On October 31, the Financial Conduct Authority (FCA) published five revised directions, extending the Temporary Permissions Regime (TPR) to January 20, 2020. This coincides with the most recent extension of the Brexit deadline from October 31 to January 31, 2020 and is the fourth time that the TPR has been extended.
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