Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: ESMA

EU Prospectus Regulation: ESMA Consults on Minimum Information Content for Exemption and Guidelines on Risk Factors and Publishes Final Report on RTS

Posted in EU Developments, Financial Markets
On July 13, the European Securities and Markets Authority (ESMA) published a press release announcing two consultations with respect to the new EU Prospectus Regulation. The first consultation paper contains draft technical advice on the minimum content for the information that must be made available to investors when applying for a certain exemption from the… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On July 6, 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 update follows last month’s update to the DVC public register (for further details, see the June 15 edition of Corporate… Continue Reading

European Commission Confirms MiFID II Ancillary Exemption Test on An Entity-By-Entity Basis

Posted in Derivatives, EU Developments, Financial Markets
In a May 31 letter, the Vice President of the European Commission (EC), Valdis Dombrovskis, provided confirmation to the Chair of the European Securities and Markets Authority (ESMA) regarding the test to apply the ancillary activity exemption under Article 2(1)(j) of the revised Markets in Financial Instruments Directive (MiFID II). In April 2018, ESMA had… Continue Reading

ESMA Confirms No Extension to LEI Introduction Period

Posted in EU Developments, Financial Markets
In a press release of June 20, the European Securities and Markets Authority (ESMA) confirmed that the temporary introduction period for the use of legal entity identifiers (LEIs) will not be extended beyond July. The six-month period was designed to allow for a smooth introduction of the revised Markets in Financial Instruments Directive (MiFID II),… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On June 7, 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 update follows last month’s update to the DVC public register (for more information, see the May 11, 2018 edition of… Continue Reading

ESMA Guidelines on EMIR Anti-Procyclicality Margin Measures for CCPs

Posted in EU Developments, Financial Markets
On May 28, the European Securities and Markets Authority (ESMA) published its final report with guidelines on the European Market Infrastructure Regulation (EMIR) anti-procyclicality margin measures for central counterparties (CCPs). The guidelines aim to establish consistent, efficient and effective supervisory practices and to ensure a common, uniform and consistent application of EMIR in order to… Continue Reading

MiFID II/MiFIR Q&As Updated and Guidelines Published on MiFID II Suitability Requirements

Posted in EU Developments, Financial Markets
The European Securities and Markets Authority (ESMA) recently updated its questions and answers on the following topics: On May 29, the revised Markets in Financial Instruments Directive (MiFID II) Q&As on transparency and market structures topics (available here and here, respectively one for transparency and one for market structures). Among other things, ESMA clarifies how… Continue Reading

MiFID II/MiFIR Q&A Updates Concerning Best Execution and Client Categorization

Posted in EU Developments, Financial Markets
On May 25, the European Securities and Markets Authority (ESMA) updated its questions and answers on the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) investor protection and intermediaries topics, with nine new or updated Q&As.… Continue Reading

ESMA Publishes Opinion on Position Limits on ICE Low Sulphur Gasoil 1st Line Contracts

Posted in EU Developments, Financial Markets
On May 15, the European Securities and Markets Authority (ESMA) published an opinion on position limits proposed by the UK Financial Conduct Authority (FCA) in respect of ICE Low Sulphur Gasoil 1st Line Future and Option contracts. ESMA found that the contracts are consistent with the objectives established in the revised Markets in Financial Instruments… Continue Reading

ESMA Unveils One-Stop Company Portal for Information on EU Authorization

Posted in EU Developments, Financial Markets
On May 7, the European Securities and Markets Authority (ESMA) announced a new portal for investors seeking information on whether a financial services provider is authorized within the European Union. The portal includes registers of the following: Markets in Financial Instruments Directive (MiFID) investment firms, including systematic internalizers; MiFID trading venues; MiFID data reporting service… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On May 8, 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 update follows last month’s update to the DVC public register (for further details, see the April 13 edition of Corporate… Continue Reading

ESMA Publishes First Liquidity Assessment for Bonds Subject to MiFID II Transparency Requirements

Posted in EU Developments, Financial Markets
On May 2, the European Securities and Markets Authority (ESMA) published its first liquidity assessment for bonds that are subject to the pre- and post-trade requirements of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation.… Continue Reading

ESMA Seeks EC Clarification on Ancillary Activity Test Under MiFID II

Posted in EU Developments
The European Securities and Markets Authority (ESMA) published a letter to the European Commission (EC) dated April 9, requesting clarification with respect to the exemption available to non-financial entities (NFEs) from having to be authorized as an investment firm under the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading

ESMA Publishes Updated Double Volume Cap Public Register

Posted in EU Developments
On April 10, the European Securities and Markets Authority (ESMA) published updated results of the double volume cap (DVC) mechanism on its website—for the period of March 1, 2017 to February 28, 2018, and for already published DVCs. The DVC mechanism is set out in the Markets in Financial Instruments Regulation (MiFIR) and is designed… Continue Reading

ESMA Publishes Final Report: Technical Advice Under the Prospectus Regulation

Posted in EU Developments
On April 3, the European Securities and Markets Authority (ESMA) published a final report with its technical advice under the European Union Prospectus Regulation. The report covers the format and content requirements for a prospectus, the EU growth prospectus, and the scrutiny and approval process for a prospectus.… Continue Reading

ESMA Further Updates Its Q&As on the Benchmarks Regulation

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

ESMA Updates MiFID II Q&As on Investor Protection

Posted in EU Developments, Financial Markets
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As relating to investor protection under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As include updated existing questions and answers relating to inducements, information on costs and charges, and post-sale reporting. The… Continue Reading

ESMA Updates Q&As on Market Abuse Regulation

Posted in EU Developments, Financial Markets
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on December 14, 2017, as reported in the Corporate & Financial Weekly Digest edition of December 15, 2017. The updated Q&As now consider the disclosure of inside information related to the… Continue Reading

ESMA Publishes List of Trading Venues and CCPs Benefitting From a Transitional Exemption From the Access Provisions of MiFIR

Posted in EU Developments, Financial Markets
On March 26, the European Securities and Markets Authority (ESMA) published a list of the trading venues and central counterparties (CCPs) benefitting from a temporary exemption from the access provisions set out in Articles 35 and 36 of the Markets in Financial Instruments Regulation (MiFIR). CCPs and trading venues had until January 3 to apply… Continue Reading

ESMA Clarifies Quoting Obligations Under MiFIR for Systematic Internalizers

Posted in EU Developments, Financial Markets
On March 26, the European Securities and Markets Authority (ESMA) published its final report on proposed amendments to the regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments. The report included amendments regarding transaction execution obligations in respect… Continue Reading

ESMA Publishes Speech on Supervisory Convergence, Transaction Cost Transparency and Pan-European Regulators

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) spoke on March 20, regarding ESMA’s work during the past year. In his speech, Mr. Maijoor commented on ESMA’s work in relation to: supervisory convergence to limit the scope for regulatory arbitrage in light of the United Kingdom’s upcoming withdrawal from the European Union… Continue Reading