Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

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Agreement Reached on EMIR Refit Regulation

Posted in EU Developments, Financial Markets

On February 5, the Council of the European Union and the European Parliament announced a preliminary agreement on a proposal for a Regulation to amend the European Market Infrastructure Regulation (EMIR Refit). The proposal aims to improve the existing regulatory framework applying to the over-the-counter (OTC) derivative market.… 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

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

European Parliament Adopts EMIR 2.1 Proposal

Posted in Derivatives, EU Developments, Financial Markets

On June 12, the European Parliament (EP) issued a press release announcing its adoption in plenary of the proposed regulation to amend the European Market Infrastructure Regulation (EMIR) in respect of, among others, clearing, reporting and risk-mitigation techniques for over-the-counter derivatives contracts not cleared by a central counterparty (CCP).… Continue Reading

Council of EU Adopts MLD5

Posted in EU Developments, Financial Markets

On May 14, the Council of the EU published a press release announcing that it has adopted the proposed Fifth Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate & Financial… Continue Reading

UK Triggers Article 50; Great Repeal Bill White Paper Published

Posted in Brexit, Brexit/UK Developments, UK Developments

On March 29, the United Kingdom submitted its “Article 50 Notice” to begin its departure from the European Union in the form of a letter (Notice) from Prime Minister Theresa May to EU Council President Donald Tusk. The Notice marks the formal start of a two-year process of negotiations to exit the European Union. If… Continue Reading

Cybersecurity Directive Adopted by the EU Council

Posted in EU Developments

On May 17, the Council of the EU (Council) announced it had formally adopted the new EU Directive concerning measures for a high common level of security for network and information systems (Cybersecurity Directive). The Cybersecurity Directive establishes EU-wide security and incident notification requirements for operators of essential services (such as banking and financial market… Continue Reading