On November 11, the European Securities and Markets Authority (ESMA) published three sets of technical advice on tiering, comparable compliance and fees charged to third-country central counterparties (TC-CCPs). The advice is directed towards the European Commission (EC) and concerns the revised European Market Infrastructure Regulation (EMIR 2.2).

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On October 18, the Financial Conduct Authority (FCA) published a letter giving guidance on the distinction between suspicious activity reports (SARs) and suspicious transaction and order reports (STORs). The letter was sent in response to a request by UK Finance, a trade association, following a meeting of the ‘SARs Collaboration Working Group.’
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On October 7, the Financial Conduct Authority (FCA) published a “Brexit Special” of its monthly Market Watch newsletter, in which it summarized some recent developments and publications in connection with the regulated sector’s preparedness for the forthcoming departure of the UK from the EU on November 1.

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On October 3, the European Securities and Markets Authority (ESMA) published a Consultation Paper (the Paper) on Draft Technical Advice on the provision of clearing services on a fair, reasonable, non-discriminatory and transparent (FRANDT) basis pursuant to the European Market Infrastructure Regulation (EMIR).

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On September 13, the CFTC and European Commission issued a joint statement reaffirming their mutual commitment to transatlantic cooperation among regulators (Joint Statement). The Joint Statement was released following a September 5 meeting between CFTC Chairman Heath Tarbert and John Berrigan, Deputy Director General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission.
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On September 5, the German Federal Government published a proposal relating to a draft law implementing Regulation (EU) 2019/834 (EMIR REFIT), which also clarifies the licensing requirements for non-EU firms (which would include UK firms after Brexit) that conduct cross-border proprietary trading with German counterparties or on German trading venues.


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On August 20, the European Securities and Markets Authority (ESMA) published a letter written jointly with the European Banking Authority (EBA) and addressed to the European Commission (EC) relating to cryptoassets. The letter responds to a letter from the Commission dated July 19.

The letter begins by welcoming the EC’s work responding to issues identified in the January 2019 reports by ESMA and the EBA on cryptoassets and initial coin offerings (for more information, see the January 11, 2019 edition of Corporate & Financial Weekly Digest). ESMA and the EBA agree that it is vital that further work progresses urgently to inform any actions taken by the new EC.
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