The European Commission has launched infringement proceedings against 19 member states of the European Union whom it states are failing in transposing the revised Markets in Financial Instruments Directive (MiFID II) into local law. MiFID II is due to go into effect on January 3, 2018, and the deadline for transposition into local law was July 3, 2017.
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On September 29, Reuters published comments from European Securities and Markets Authority (ESMA) Chairman Stephen Maijoor on the implementation of the significantly revised and updated Markets in Financial Instruments Directive (MiFID II and its subordinate regulations and directives) and the implications of Brexit.
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On September 20, a senior official in the UK’s Financial Conduct Authority (FCA) opened the door to an informal conformance period for market participants following the implementation of the revised Markets in Financial Instruments Directive (MiFID II), which takes effect on January 3, 2018. The breadth and scope of the new regulatory and compliance requirements

On July 13, the European Securities and Markets Authority (ESMA) published three opinions (Opinions) to support supervisory convergence (i.e., a consistent approach to authorization, supervision and enforcement) in the European Union in light of the potential relocation of entities from the United Kingdom to the remaining 27 member states of the EU (EU27) following Brexit.
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On July 10, the European Securities and Markets Authority (ESMA) published a letter (dated July 7) (Letter) from Steven Maijoor, ESMA chair, to Valdis Dombrovskis, European Commission (EC) vice president, on the regulatory regimes for non-EU countries (known as “third countries”) where they are within ESMA’s area of authority.
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On June 28, the Financial Conduct Authority (FCA) published its final report after its asset management market study (Study), which began in November 2015. Alongside the report, the first of a number of related consultation papers was also published. The report and consultation paper follow the FCA’s interim report published in November 2016, which had indicated many of the conclusions and proposed remedies of the report (for further information on the interim report, please see the Corporate & Financial Weekly Digest edition of December 2, 2016).
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On June 26, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (Regulations) went into effect in the United Kingdom, having been presented to Parliament on June 22. The Regulations represent the implementation of the EU 4th Money Laundering Directive (4MLD). The Regulations replace the UK’s Money Laundering Regulations 2007.
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On June 22, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) were presented to Parliament. The Regulations transpose elements of the revised Markets in Financial Instruments Directive (MiFID II) and related Markets in Financial Instruments Regulation (MiFIR) into UK law. Member States of the European Union are required to implement MiFID II and MiFIR into national law by July 3, before MiFID II and MiFIR go into effect on January 3, 2018. Other elements of MiFID II and MiFIR have been implemented in the United Kingdom by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (SI 2017/488), which was made by HM Treasury in March 2017 having been presented to Parliament in draft form in February 2017.
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On June 13, the European Commission (EC) published a proposed amendment (Proposal) to the European Market Infrastructure Regulation (EMIR) aimed at enhancing the supervision of EU and non-EU based or “third-country” central counterparties (CCPs). The Proposal follows the suggested reforms to EMIR published in May 2017 (for further information, please see the Corporate & Financial Weekly Digest edition of May 5) and the announcement of the Futures Industry Association’s opposition to relocation requirement s for non-EU CCPs (for further information, please see the Corporate & Financial Weekly Digest edition of June 9).
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