Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: EU Developments

ESMA Updates TTC Calculations for MiFID II/ MiFIR

Posted in Derivatives, EU Developments, Financial Markets
On August 6, the European Securities and Markets Authority (ESMA) published an updated version of the transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR). The TTC is a series of calculations in relation to equity and non-equity… Continue Reading

ESMA Publishes First Systematic Internalizer Calculations Data for Investment Firms Under MiFID II

Posted in EU Developments, Financial Markets
On August 1, the European Securities and Markets Authority (ESMA) published the first tranche of data for market participants to determine whether they are systematic internalizers (SIs) in equities, equity-like instruments and bonds under the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading

European Supervisory Authorities Release Guidance on PRIIPS KID

Posted in EU Developments, Financial Markets
On July 20, the Joint Committee of the European Supervisory Authorities (ESAs), which comprises the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, updated its Q&As on the key information document (KID) required to be issued in connection with packaged retail and insurance-based investment products (PRIIPs)… Continue Reading

ESMA Updates UCITS and AIFMD Q&As

Posted in EU Developments, Financial Markets
On July 23, the European Securities and Markets Authority (ESMA) issued a press release announcing updates to two of its sets of Questions and Answers (Q&As): (1) Q&As relating to the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive; and (2) those relating to the Alternative Investment Fund Managers Directive (AIFMD).… Continue Reading

ESMA Releases Template to Determine Whether Investment Firms Are Systematic Internalizers

Posted in EU Developments, Financial Markets
On July 20, the European Securities and Markets Authority (ESMA) released a template (Template) to determine whether investment firms are systematic internalizers (SIs). Under the revised Markets in Financial Instruments Directive (MiFID II), an SI is an investment firm which, on an organized, frequent systematic and substantial basis, deals on its own account when executing… Continue Reading

EC Refers Spain and Slovenia to ECJ for Failure to Implement EU Directives

Posted in EU Developments, Financial Markets
On July 19, the European Commission (EC) issued a press release, announcing that it has referred Spain and Slovenia to the Court of Justice of the European Union (ECJ) for their failure to fully enact the revised Markets in Financial Instruments Directive (MiFID II) and certain MiFID II implementing legislation. The deadline for implementation by… Continue Reading

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

Eight EU Member States Publish Joint Statement on the Capital Markets Union Post Brexit

Posted in Brexit, EU Developments, Financial Markets
On July 18, eight of the EU member states (Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden, and The Netherlands) published a joint statement on the Capital Markets Union (CMU) after Brexit. The joint statement sets out the shared views of the member states’ finance ministers and urges the European Union to use Brexit as a… Continue Reading

UK Regulations Published, Amending FSMA To Implement EU Prospectus Regulation

Posted in EU Developments, Financial Markets, UK Developments
On June 29, the Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 were published. The Regulations make some minor amendments to the Financial Services and Markets Act 2000 (FSMA) for the purposes of the United Kingdom’s implementation of part of the new EU Prospectus Regulation (Prospectus Regulation).… Continue Reading

UK Government Unveils Brexit White Paper

Posted in Brexit, EU Developments, Financial Markets, UK Developments
On July 12, the UK Department for Exiting the European Union published a white paper, which sets out the United Kingdom’s proposal for the UK-EU relationship after the United Kingdom’s withdrawal from the European Union on March 29, 2019 (Brexit) through what it terms “an association agreement.” Notably, the white paper features differing approaches with… 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

ECON Supports Greater Input on Equivalence of EU/Third-Country Rules by European Parliament

Posted in EU Developments, Financial Markets
On July 11, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a press release announcing that ECON has adopted a draft report on relationships between the EU and third countries concerning financial services regulation and supervision.… Continue Reading

EBA Publishes Opinion on Firms’ “Inadequate” Brexit Preparations

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On June 25, the European Banking Authority (EBA) published an opinion on preparations for the withdrawal of the United Kingdom from the European Union (Brexit). Its opinion cites two aims with respect to national competent authorities: ensuring that financial institutions are adequately considering the risks of a possible Brexit without a ratified withdrawal agreement, and… Continue Reading

EBA Consults on Guidelines for Outsourcing Business Activities

Posted in EU Developments, Financial Markets
On June 22, the European Banking Authority (EBA) published a consultation paper with draft guidelines on arrangements for outsourcing business activities. The EBA’s draft guidelines differentiate between the nature of the functions outsourced so that functions that are more critical are subject to stricter and stronger requirements.… 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

UK’s EU Withdrawal Act Receives Royal Assent

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On June 26, the European Union (Withdrawal) Act 2018 (Withdrawal Act) received royal assent, which is the final stage for approving UK parliamentary bills. The Corporate & Financial Weekly Digest edition of July 14, 2017 included a substantive review of the Withdrawal Act. Notably, the House of Commons amended that bill to require that any… Continue Reading

Fifth Money Laundering Directive Published in Official Journal of the EU

Posted in EU Developments, Financial Markets
On June 19, the text for the Fifth Money Laundering Directive (MLD5) was published in the Official Journal of the European Union. MLD5 will enter into force on July 9, and EU member states must transpose MLD5 into their national laws by January 10, 2020. The introduction of MLD5 forms part of the European Commission’s… 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

European Parliament Adopts EMIR 2.1 Proposal

Posted in Derivatives, EU Developments, Financial Markets
On June 12, the European Parliament (EP) issued a press release announcing its adoption in plenary of the proposed regulation to amend the European Market Infrastructure Regulation (EMIR) in respect of, among others, clearing, reporting and risk-mitigation techniques for over-the-counter derivatives contracts not cleared by a central counterparty (CCP).… Continue Reading

FIA Publishes Report on Clearing Members’ Brexit Implementation Plans

Posted in Brexit, EU Developments, Financial Markets
On June 5, the Futures Industry Association (FIA) published a report summarizing the responses to its latest survey and setting out its recommendations to United Kingdom (UK) and European Union (EU) policymakers. The survey concerns Brexit implementation plans for the client clearing businesses of FIA members.… Continue Reading