Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: EU Developments

Amendments Published to Ensure EMIR REFIT is Fully Effective in the UK

Posted in EU Developments, Financial Markets
On June 18, 2019, the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 (the Regulations) were published on legislation.gov.uk with an explanatory memorandum. The Regulations make amendments to UK legislation to ensure that the regulation amending the European Market Infrastructure Regulation (EMIR REFIT) is fully… Continue Reading

ESMA Updates AIFMD and UCITS Q&As

Posted in EU Developments, Financial Markets
On June 4, the European Securities and Markets Authority (ESMA) announced that it had published an updated version of each of its questions and answers documents (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive.… Continue Reading

ESMA Updates Statement on the Impact of Brexit on the MiFIR Trading Obligation for Shares

Posted in Brexit, EU Developments, Financial Markets
On May 29, the European Securities and Markets Authority (ESMA) published a revised statement outlining its approach relating to the trading obligation for shares (TO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR), if the United Kingdom were to leave the European Union (Brexit) without a withdrawal agreement (no-deal Brexit) and without… Continue Reading

EMIR REFIT Published in the Official Journal of the European Union

Posted in EU Developments, Financial Markets
On May 28, the regulation amending the European Market Infrastructure Regulation (EMIR), or EMIR REFIT, was published in the Official Journal of the European Union. A handful of provisions are subject to delayed implementation (per Article 2, thereof), but the majority will go into effect on June 17, being 20 days after publication.… Continue Reading

ESMA Updates Its Opinion on Ancillary Activity Calculations

Posted in EU Developments, Financial Markets
On May 27, the European Securities and Markets Authority (ESMA) published an updated opinion on the ancillary activities calculation under the revised Markets in Financial Instruments Directive (MiFID II). Article 2(1)(j) of MiFID II provides an exemption for persons dealing on their own account or providing investment services relating to commodity derivatives, provided that their… Continue Reading

ESMA Launches Call for Evidence on Position Limits in Commodity Derivatives Under MiFID II

Posted in EU Developments, Financial Markets
On May 24, the European Securities and Markets Authority (ESMA) published a call for evidence on position limits and position management in commodity derivatives. The call for evidence has been launched so that ESMA can provide advice to the European Commission for its report on the impact of position limits and position management on commodity… Continue Reading

European Commission Adopts Fifth Communication Regarding Preparations for a No-Deal Brexit

Posted in Brexit, EU Developments
On June 12, and ahead of the European Council meeting on June 20 and 21, the European Commission (EC) adopted a fifth Brexit Preparedness Communication, taking stock of the European Union’s preparations and contingency measures if the United Kingdom exits the European Union without a deal or an implementation period (No-Deal Brexit).… Continue Reading

Council of the EU has Adopted CRR II Regulation and CRD V Directive at First Reading

Posted in EU Developments, Financial Markets
On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the… Continue Reading

Council of the EU has Adopted EMIR Refit Regulation at First Reading

Posted in EU Developments, Financial Markets
On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted at first reading the proposed Regulation to amend the European Markets Infrastructure Regulation (EMIR), or the EMIR Refit Regulation. This follows the preliminary political agreement the Council of the EU and the European… Continue Reading

ESMA Publishes Final Reports on Technical Advice on Integrating Sustainability Risks and Factors in the UCITS Directive, AIFMD and MiFID II

Posted in EU Developments, Financial Markets
On May 3, the European Securities and Markets Association (ESMA) published final reports on technical advice to the European Commission (EC) on integrating sustainability risks and factors in the core EU asset management directives: the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive; the Alternative Investment Fund Managers Directive (AIFMD); and the revised… Continue Reading

ESMA Publishes Updates Q&As on MAR

Posted in EU Developments, Financial Markets
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on November 12, 2018 (as reported in the November 16, 2018 edition of the Corporate & Financial Weekly Digest).… Continue Reading

ESMA Updates Q&As on the Application of the AIFMD

Posted in EU Developments, Financial Markets
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD). In their updated Q&As, ESMA has added the following under section VII: Q&A 6, on the treatment of short-term interest rate futures for… Continue Reading

Equivalence for UK CCPs and CSDs Extended

Posted in Brexit, EU Developments, Financial Markets
On April 4, two Commission Implementing Decisions (Amending Decisions) were published in the Official Journal of the European Union, amending the following December 20, 2018 equivalence decisions (Equivalence Decisions): Implementing Decision (EU) 2018/2031, on the temporary equivalence of the UK’s regulatory framework for central counterparties (CCPs); and Implementing Decision (EU) 2018/2030, on the temporary equivalence… Continue Reading

ESMA Updates Q&As on MiFID II and MiFIR Commodity Derivatives

Posted in Derivatives, EU Developments, Financial Markets
On March 27, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As, were last updated on January 4, (as reported in the… Continue Reading

ESMA Publishes Statement on Preparations Regarding Clearing and Settlement for a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On March 28, the European Securities and Markets Association (ESMA) published a statement updating market participants on its preparations for the United Kingdom’s withdrawal from the European Union, in the event of an agreement on transitional arrangements (Withdrawal Agreement) not being in place (No-Deal Brexit). ESMA’s update follows the European Council’s (EC’s) agreement to the… Continue Reading

ECB Announces Euro Short-Term Rate Start Date and Recommendations on Transition From EONIA

Posted in EU Developments, Financial Markets
On March 14, the European Central Bank (ECB) working group on euro risk-free rates published recommendations on transitioning from the euro overnight index average (EONIA) to the euro short-term rate (€STR). The ECB’s recommendations include the following:… Continue Reading

ESMA Extends Its Register of Derivatives to be Traded On-Venue Under MiFIR

Posted in Derivatives, EU Developments, Financial Markets
On March 21, the European Securities and Markets Authority (ESMA) updated its public register of derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR). ESMA’s update follows the authorization, on the same date, of additional trading venues where the classes of derivatives subject to the trading obligation… Continue Reading

ESMA Publishes Statement on the Impact on the MiFIR Trading Obligation for Shares; the FCA Responds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United… Continue Reading

ESMA Announces Results of MiFID II Annual Calculations of LIS and SSTI Thresholds for Bonds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a press release announcing the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. ESMA’s publication had originally been planned for March 1, but was postponed as its IT systems required… Continue Reading

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