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On March 9, the UK Financial Conduct Authority (FCA) launched a short online survey for firms providing cross-border services into the UK from other European Union/European Economic Area (EEA) jurisdictions (“passporting”), or marketing funds in the UK.

The survey follows the UK government’s December 2017 announcement that, if necessary, it will legislate to provide a temporary licensing/authorization regime for firms in the EEA and funds passporting into the UK (for more information please see the Corporate & Financial Weekly Digest edition of January 5, 2018).
Continue Reading FCA Launches Survey of Firms that Passport Into the UK

On January 8, the International Swaps and Derivatives Association, Inc. (ISDA) published a blog post providing insight into how it is preparing for the UK’s departure from the European Union and how this will impact the use of the industry-standard ISDA Master Agreement.
Continue Reading ISDA Announces Plans for French and Irish Law Governed Master Agreements After Brexit

Under the revised Markets in Financial Instruments Directive (MiFID II), limits are required to be established on the size of a net position a person can hold (at all times) in commodity derivatives traded on EU/European Economic Area (EEA) trading venues and economically equivalent over-the-counter contracts.

On December 7, the UK Financial Conduct Authority (FCA) updated its website in connection with indicative position limits for commodity derivative contracts. The FCA website lists the commodity derivative contracts that the FCA has currently identified as trading on a UK trading venue and in respect of which, beginning January 3, 2018, there will be a bespoke position limit set.
Continue Reading UK FCA, Dutch AFM and French AMF Publish Position Limits for Commodity Derivative Contracts

On October 2, the European Securities and Markets Authority (ESMA) published the official, finalized versions of its Guidelines on transaction reporting, order recordkeeping and business clock synchronization under MiFID II—each translated into the official languages of the European Union.

The finalized Guidelines appear on ESMA’s webpage in each of the official languages, with the English language version having been published originally almost a year ago on October 10, 2016 (also available from ESMA online here).
Continue Reading ESMA Translations of Guidelines on MiFID II Reporting, Recordkeeping and Clock Synchronization

On July 31, the UK Financial Conduct Authority (FCA) began accepting applications for passport notifications under the revised Markets in Financial Instruments Directive (MiFID II).

Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II…

On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II activities (such as operating an organized trading facility (OTF)), or if they will become newly authorized under MiFID II and need to passport after January 3, 2018.
Continue Reading FCA Publishes MiFID II Passporting Forms

On June 30, the European Securities and Markets Authority (ESMA) published an opinion providing guidance on the ancillary activity market size calculation for the purposes of the exemption to the revised Markets in Financial Instruments Directive (MiFID II), available under Article 2(1)(j) of the same.
Continue Reading ESMA Publishes Opinion on Ancillary Activity Calculations

On March 13, the UK Parliament passed the European Union (Notification of Withdrawal) Bill (Bill). The Bill received Royal Assent on March 16.

During the course of debates on the Bill, the UK House of Lords had proposed two amendments, one relating to the rights of EU and European Economic Area (EEA) citizens legally resident in the United Kingdom, and the other to parliamentary approval on the final Brexit deal reached with the European Union.
Continue Reading UK Parliament Formally Adopts Brexit Bill

On February 3, the European Securities and Markets Authority (ESMA) published a practical guide (Guide) to the national rules across the European Economic Area (EEA) on the implementation of the EU/EEA Transparency Directive’s requirements relating to major shareholding notifications (i.e., EEA long-position reporting requirements).
Continue Reading ESMA Publishes Practical Guidance on EEA Major Holdings Notification Obligations