On June 23, the House of Commons published a statement made by the UK Government on its approach to implementing financial services regulatory reforms before the end of the Brexit transition period (the Statement).
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SM&CR to Apply to Benchmark Administrators
Posted in Financial Markets, UK Developments
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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ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit
On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without a withdrawal agreement (no-deal Brexit).
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ESMA Updates Q&As Relating to the Benchmarks Regulation
Posted in EU Developments, Financial Markets
On 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…
ESMA Updates Q&As Relating to the Benchmarks Regulation
Posted in EU Developments, Financial Markets
On September 27, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers (Q&As) on the Benchmarks Regulation (BMR).
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ESMA Updates Benchmarks Regulation Q&As
By Nathaniel Lalone on
Posted in EU Developments, Financial Markets
On July 17, the European Securities and Markets Authority (ESMA) updated its Q&As on the EU Benchmarks Regulation (BMR). The Q&As aim to promote common supervisory approaches and practices in the day-to-day application of the BMR.
The update to the Q&As on the BMR clarifies:
- when a calculation agent is considered a user of benchmarks
…
ESMA Further Updates Its Q&As on the Benchmarks Regulation
On March 22, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Union (EU) Benchmarks Regulation (BMR). The Q&As aim to promote common supervisory approaches and practices in the day-to-day application of the BMR.
The updated Q&As on the BMR add one new question and answer which considers the application of governance and control requirements by supervised contributors during the transitional period, the varying timeframes of which are further detailed in Article 51 of the BMR.
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