Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: ESMA

ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
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… Continue Reading

ESMA Delays Publication of Annual Calculations of LIS and SSTI Thresholds for 2019/20 Bonds

Posted in EU Developments, Financial Markets
On March 1, the European Securities and Markets Authority (ESMA) published a press release relating to the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. In its press release, ESMA has announced that it will postpone publishing the results of the annual calculations because its… Continue Reading

ESMA Publishes Annual Transparency Calculations for 2019/20 Equity and Equity-Like Instruments

Posted in EU Developments, Financial Markets
On March 1, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available the results of the annual transparency calculations for equity and equity-like instruments. There are currently 1,344 liquid shares and 389 liquid equity-like instruments other than shares, subject to calculations relating to the transparency requirements in… Continue Reading

European Parliament and Council of the European Union Reach Agreement on Investment Firms Regulation and Directive

Posted in Brexit, EU Developments, Financial Markets
On February 26 and 27, the Council of the European Union and the European Parliament issued statements, respectively, announcing that they had reached a political agreement on the proposed Investment Firms Regulation (IFR) and the proposed Investment Firms Directive (IFD).… Continue Reading

ESMA to Recognize Three UK CCPs in the Event of a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On February 18, the European Securities and Markets Authority (ESMA) published a press release confirming that it has adopted recognition decisions to permit three UK central counterparties (CCPs) to continue to provide CCP services to EU trading venues and EU clearing members following the United Kingdom’s withdrawal from the European Union on March 29 (Exit… Continue Reading

ESMA Publishes List of Thresholds Below Which an EU Prospectus Is Not Required

Posted in EU Developments, Financial Markets
On February 8, the European Securities and Markets Authority (ESMA) published a document listing the thresholds relating to the value of an offering of securities to the public below which such an offer does not require a prospectus to be prepared in accordance with Regulation (EU) 2017/1129 (Prospectus Regulation).… Continue Reading

BoE and ESMA Agree No-Deal MoUs on Recognition of UK CCPs and CSDs

Posted in Brexit, EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) and the Bank of England announced that they have agreed on Memorandums of Understanding (MoUs) surrounding the cooperation and information-sharing arrangements with respect to UK-based central counterparties (CCPs) and central securities depositories (CSDs) in the event of the United Kingdom’s exit from the European Union… Continue Reading

ESMA Updates MiFIR Data Reporting Q&As

Posted in EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on data reporting under the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A includes four new questions that cover reporting the legal entity identifier (LEI) of issuers to the financial instruments reference database… Continue Reading

ESMA Updates EMIR Implementation Q&As

Posted in EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on the implementation of the European Market Infrastructure Regulation (EMIR). The amendments include: An amended question in relation to trade repositories (TRs) to confirm how counterparties should report a derivative with no maturity date;… Continue Reading

ESMA Publishes Statement on the Impact of a No-Deal Brexit on Its Databases

Posted in Brexit, EU Developments, Financial Markets
On February 5, the European Securities and Markets Authority (ESMA) issued a statement on the impact the UK’s exit from the European Union on March 29 (Exit Day) without an agreement on transitional arrangements being in place with the European Union (no-deal Brexit) would have on ESMA’s databases. In the scenario of a no-deal Brexit,… Continue Reading

ESMA Publishes Revised Draft Technical Standards and Q&A on Disclosure Requirements

Posted in EU Developments, Financial Markets
On January 31, the European Securities and Markets Authority (ESMA) published an opinion containing a revised set of draft regulatory and implementing technical standards (RTS/ITS) under the Securitization Regulation, which require certain information to be reported about securitizations by the originator, sponsor or special purpose entity. The opinion includes the format for making the required… Continue Reading

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… Continue Reading

ESMA Publishes Statement on Clearing and Trading Obligations for Small Financial Counterparties

Posted in EU Developments, Financial Markets
On January 31, the European Securities and Markets Authority (ESMA) published a statement addressing issues on the forthcoming implementation of the European Market Infrastructure Regulation Regulatory Fitness and Performance program (EMIR REFIT), relating to clearing and trading obligations for small financial counterparties. ESMA’s statement also addresses the requirements for reporting of derivatives that were outstanding… Continue Reading

ESMA Updates MiFID II Transitional Transparency Calculations for Electricity Derivatives

Posted in Derivatives, EU Developments, Financial Markets
On January 22, the European Securities and Markets Authority (ESMA) published an updated version of its transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR).… 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

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

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

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

ESMA Updates Q&As Relating to the Market Abuse Regulation

Posted in EU Developments, Financial Markets
On November 12, the European Securities and Markets Authority (ESMA) published version 13 of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). The Q&As now include a new question, 7.10, relating to the scope of the trading restrictions for persons discharging managerial responsibilities (PDMRs) during a closed period under MAR.… Continue Reading

ESMA Updates Q&As Relating to Transparency and Market Structures

Posted in EU Developments, Financial Markets
On November 14, the European Securities and Markets Authority (ESMA) published the following updated questions and answers document (Q&As): an updated version of the Q&As on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). ESMA has added two points to Q&A 7 and… Continue Reading