Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: ESMA

ESMA Provides Update on MiFID II Registers

Posted in EU Developments, Financial Markets
On December 8, the European Securities and Markets Authority (ESMA) published a press release confirming that it will provide updated registers in line with the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). On January 3, 2018, the effective date of MiFID II and MiFIR, ESMA will… Continue Reading

ESMA Publishes New/Updated Q&As on MiFID II, Commodity Derivatives, EMIR and MAR

Posted in EU Developments, Financial Markets
On December 14 and 15, the European Securities and Markets Authority (ESMA) published a number of new and updated question and answer documents (Q&As) relating to, among other things, the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As relate to the following topics: MiFID II… Continue Reading

ESMA Publishes Transitional Transparency Calculations for Equity and Bond Instruments

Posted in Derivatives, EU Developments, Financial Markets
On December 7, the European Securities and Markets Authority (ESMA) published transitional transparency calculations (TTC) for equity and bond instruments for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). MiFID II and MiFIR introduce transparency requirements for equities, bonds, structured finance products, emission… Continue Reading

ESMA Publishes Video and Slides on LEI Requirements Under MiFID II

Posted in EU Developments
On November 20, the European Securities and Markets Authority (ESMA) published a video and accompanying presentation slides that it used for a webinar on the legal entity identifier (LEI) requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Highlights ICO Risks

Posted in EU Developments
On November 13, the European Securities and Markets Authority (ESMA) published two statements (statements) in relation to initial coin offerings (ICOs); one was made in relation to the risks of ICOs for investors and the other is in relation to the rules for firms involved in ICOs. ICOs are a way for businesses or individuals… Continue Reading

FCA Publishes Issue 54 of Market Watch Newsletter

Posted in Financial Markets, UK Developments
On November 8, the UK Financial Conduct Authority (FCA) published issue 54 of Market Watch, its newsletter on market conduct and transaction reporting issues. With the January 3, 2018 implementation date of the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) fast approaching, Market Watch contains articles relating… Continue Reading

ESMA Agrees to MiFID II Position Limits Proposed by FCA

Posted in Derivatives, EU Developments, Financial Markets
On October 24, the European Securities and Markets Authority (ESMA) published nine opinions on limits regarding commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The opinions follow the work plan agreed by ESMA and the national competent authorities of the European Union (NCAs),… Continue Reading

EU Begins Infringement Proceedings Against 19 Member States Failing to Implement MiFID II

Posted in EU Developments, Financial Markets
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… Continue Reading

ESMA Updates MiFID II Q&A on Commodity Derivatives

Posted in EU Developments
On October 4, the European Securities and Markets Authority (ESMA) updated a question and answer document (Q&A) relating to commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A contains new questions and answers relating to the following topics: position management controls… Continue Reading

ESMA Highlights Importance of LEI for MiFID II Compliance

Posted in EU Developments
On October 9, the European Securities and Markets Authority (ESMA) published a briefing (Briefing) on the importance of the legal entity identifier (LEI) in enabling firms to comply with their obligations under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), beginning January 3, 2018.… Continue Reading

ESMA Updates UCITS and AIFMD Q&As

Posted in EU Developments
On October 5, the European Securities and Markets Authority (ESMA) updated two question and answer documents: one relating to the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the other relating to the Alternative Investment Fund Managers Directive (AIFMD).… Continue Reading

ESMA Chairman Comments on MiFID II implementation and Brexit

Posted in EU Developments
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.… Continue Reading

ESMA Translations of Guidelines on MiFID II Reporting, Recordkeeping and Clock Synchronization

Posted in EU Developments
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… Continue Reading

ESMA Publishes Additional Guidance on Direct Electronic Access

Posted in EU Developments
On October 3, the European Securities and Markets Authority (ESMA) updated its questions and answers on market structures topics (Q&A) under the revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation. The updated ESMA Q&A addresses several open questions regarding the provision and receipt of direct electronic access… Continue Reading

Update on MiFID II ESMA Opinions for Pre-Trade Transparency Waivers and Position Limits

Posted in EU Developments
On September 28, the European Securities and Markets Authority (ESMA) issued a press release (Press Release) that it and the national competent authorities (NCAs) had agreed to a work plan (Work Plan) on completing the opinions that must be issued by ESMA under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) in… Continue Reading

ESMA Publishes Final Text of Mandatory Trading Obligation

Posted in EU Developments
On September 29, the European Securities and Markets Authority (ESMA) published the text of the final draft regulatory technical standards (TO RTS) for implementing the mandatory trading obligation under the Markets in Financial Instruments Regulation (MiFIR) for certain standardized over-the-counter (OTC) derivatives. Article 28 of MiFIR mandatory trade execution obligations affect OTC Derivatives that are… Continue Reading

ESMA Publishes Further Guidance on Open Access Transitional Periods

Posted in EU Developments
The Markets in Financial Instruments Regulation (MiFIR) provides for a new “open access” regime between trading venues and central counterparties (CCPs) whereby, subject to meeting certain enumerated conditions, a trading venue may request that a CCP clear trades executed on its platform, and a CCP may request that a trading venue route trades to it… Continue Reading

ESMA Publishes Final Report on Transfer of Data Between Trade Repositories Under EMIR

Posted in EU Developments
On August 24, the European Securities and Markets Authority (ESMA) published a final report (Report) setting out guidelines (Guidelines) on the transfer of data between trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR). The Guidelines apply to TRs registered or recognised by ESMA and aim to provide TRs with additional clarification on how… Continue Reading

ESMA Publishes Opinions To Support Supervisory Convergence Post-Brexit

Posted in EU Developments
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.… Continue Reading

ESMA Invites European Commission To Strengthen EU Third-country Equivalence Regime For Key Market Players In Light of Brexit

Posted in EU Developments
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.… Continue Reading