Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Neil Robson

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Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 Laid Before Parliament

Posted in Brexit/UK Developments, Financial Markets
On 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

Draft PRIIPs Regulations 2019 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On 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

FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 7, the UK Financial Conduct Authority (FCA) announced that the notification window for the temporary permissions regime (TPR) is now open. 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 (Withdrawal Agreement) has not been ratified by… Continue Reading

Council of EU Agrees on Its Position on Proposed Investment Firms Regulation and Directive

Posted in EU Developments, Financial Markets
On 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 Markets
On 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 Markets
On 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 Markets
On 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

ESMA Publishes Updated Q&As on MiFID II and MiFIR Commodity Derivatives Topics

Posted in Derivatives, EU Developments, Financial Markets
On January 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivative topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). This follows the last updated version of its Q&As, which ESMA published… Continue Reading

ESMA Publishes Updates Q&As on MiFID II and MiFIR Transparency Topics

Posted in EU Developments, Financial Markets
On January 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). This follows the last updated version of its Q&As, which ESMA published on… Continue Reading

FCA Publishes Instruments Implementing the EU Securitization Regulation

Posted in Financial Markets, UK Developments
On January 3, the UK Financial Conduct Authority (FCA) published the Securitization Regulation Implementation (Fees for Third Party Verifiers) Instrument 2019 (FCA 2019/1) and Enforcement (EU Securitization Regulation) Instrument 2019 (FCA 2019/2) (collectively, the Securitization Instruments).… Continue Reading

ESMA Provides Update on Assessment of Third-Country Trading Venues Under MiFID II and MiFIR

Posted in EU Developments, Financial Markets
On December 20, the European Securities and Markets Authority (ESMA) published a press release providing an update on its assessment of third-country trading venues (TCTVs) for the purposes of post-trade transparency and position limits under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MIFIR).… Continue Reading

European Commission Implements “No-Deal” Contingency Action Plan in Specific Sectors

Posted in Brexit, EU Developments, Financial Markets
On December 19, the European Commission (EC) published a communication, along with a number of legislative measures, detailing its “no-deal” Brexit contingency plans for certain sectors, including financial services. The measures are limited to those areas identified by the EC as where a no-deal scenario would create “major disruption for citizens and businesses” in the… Continue Reading

Short Selling (Amendment) (EU Exit) Regulations 2018 Made in Preparation of Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On December 7, the Short Selling (Amendment) (EU Exit) Regulations 2018 (UK Regulations) were published, together with an explanatory memorandum. A draft version of the UK Regulations was published on October 10. The UK Regulations ensure that the regime established in the United Kingdom under the EU Short Selling Regulation (SSR) will continue to operate… Continue Reading

FCA Publishes Consultation Paper on Product Intervention Measures for Retail Binary Options

Posted in Financial Markets, UK Developments
On December 7, the UK Financial Conduct Authority (FCA) published a consultation paper on product intervention measures for retail binary options. The FCA is proposing to prohibit the sale, marketing and distribution of binary options in or from the UK to retail consumers by creating new rules in its Conduct of Business sourcebook (COBS).… Continue Reading

HM Treasury Publishes Updated Draft Brexit Statutory Instrument Relating to Collective Investment Schemes

Posted in Brexit, Financial Markets
On December 6, HM Treasury published updated versions of the draft Collective Investment Scheme (Amendment etc.) (EU Exit) Regulations 2018 (Draft CIS (Brexit) SI) and the related explanatory information. Draft CIS (Brexit) SI ensures that the regime established under the UCITS IV Directive for investment funds and their managers continues to operate effectively after the… Continue Reading

FCA Publishes Consultation Paper on Restricting CFD Products Sold to Retail Clients

Posted in Derivatives, Digital Assets and Virtual Currencies, Financial Markets, UK Developments
On December 7, the UK Financial Conduct Authority (FCA) published a consultation paper on restricting contract for difference (CFD) and other derivative products sold to retail consumers. In its consultation paper, the FCA is proposing to intervene in the CFD market to address allegedly poor conduct by firms offering CFD products to retail customers, and… Continue Reading

European Commission Reported to Grant Temporary Access to UK Clearing Houses

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets
On December 12, it was reported that the European Commission (EC) intends to grant temporary and conditional equivalence status to UK central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR) in the event of the United Kingdom withdrawing from the European Union (Brexit) without concluding a withdrawal agreement (“no-deal Brexit”).… Continue Reading

ECJ Rules That Article 50 Notice of Intention to Leave the EU Can Be Unilaterally Revoked

Posted in Brexit, EU Developments, Financial Markets
On December 10, the European Court of Justice (ECJ), in the case of Wightman and Others v. Secretary of State for Exiting the European Union, ruled that the notice of an intention to leave the European Union, once properly submitted, can be unilaterally revoked, rather than requiring the consent of all other EU Member States.… Continue Reading

UK Securitization Regulations 2018 Published

Posted in Financial Markets, UK Developments
On December 4, the UK Securitization Regulations 2018 (UK Regulations) were published, together with an explanatory memorandum. The UK Regulations reflect the application of the EU Securitization Regulation in the UK. The EU Securitization Regulation harmonizes and reforms existing rules on due diligence, risk retention and disclosure for securitizations, securitizing entities and EU regulated institutional… Continue Reading

ECON Votes To Adopt Draft Reports on Cross-Border Distribution of Collective Investment Funds

Posted in EU Developments, Financial Markets
On December 4, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing that it has voted to adopt draft reports on the European Commission’s legislative proposals for a Regulation and a Directive on the cross-border distribution of collective investment funds. ECON initially published the draft reports in September 2018 (for… Continue Reading