On December 8, the European Banking Authority (EBA) published a statement informing customers of UK financial institutions regarding practical and contractual arrangements following the end of the Brexit transition period (the Statement).
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EU Developments
ESMA Publishes Final Report on EMIR RTS Clearing Obligation Regarding Intragroup Transactions and Novations From UK to EU Counterparties
Posted in EU Developments, Financial Markets
On November 23, the European Securities and Markets Authority (ESMA) published a final report on regulatory technical standards (RTS) on the risk mitigation techniques for OTC derivative contracts not cleared by central counterparties detailing bilateral margin requirements under the European Market Infrastructure Regulation (EMIR) (the Report).
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ESMA Publishes Statement Regarding Post-Brexit Impact on MiFIR Derivatives Trading Obligation
Posted in EU Developments, Financial Markets
On November 25, the European Securities and Markets Authority (ESMA) published a statement regarding the impact on the derivatives trading obligation (DTO) under Article 28 of the Markets in Financial Instruments Regulation (600/2014) (MiFIR) following the United Kingdom’s withdrawal from the European Union on December 31 (the Statement).
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Regulatory Capital – UK Authorities Jointly Publish Statement on New UK Prudential Rules
On November 16, the UK’s HM Treasury, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) jointly published a statement on the introduction of the new Investment Firms Prudential Regime (IFPR) and the UK implementation of Basel standards reflecting the CRR II Regulation (the Statement).
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ESMA Publishes Draft Guidelines on MiFIR and MiFID II Market Data Obligations
Posted in EU Developments, Financial Markets
On November 6, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on obligations regarding market data under the Markets in Financial Instruments Regulation (MiFIR) and Markets in Financial Instruments Directive (MiFID II) (the Consultation Paper).
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ESMA Published Decision on MiFIR Assessments of Third-Country Trading Venues
Posted in EU Developments, Financial Markets
On November 9, the European Securities and Markets Authority (ESMA) published a decision of its board of supervisors (held on November 5) on the delegation to the ESMA chair of the assessment of third-country trading venues (TCTVs) under Articles 20 and 21 of the Markets in Financial Instruments Regulation (MiFIR) (the Decision).
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ESG: European Commission Extends Consultation Period for Rules Under Disclosure Regulation
By Neil Robson on
Posted in EU Developments, Financial Markets
On October 30, the European Commission (the Commission) published a letter from John Berrigan (the Commission’s Director General for Financial Stability, Financial Services and Capital Markets Union) to the European Securities and Markets Authority, European Insurance and Occupational Pensions Authority, and the European Banking Authority (jointly the European Supervisory Authorities (ESAs)) regarding a delay to the implementation of detailed subordinate rules under the Sustainable Finance Disclosure Regulation (SFDR or Disclosure Regulation) caused by the COVID-19 pandemic (the Letter).
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AIFMD II – European Commission Consultation on AIFM Directive Review
By Neil Robson on
Posted in EU Developments, Financial Markets
On October 22, the European Commission (Commission) launched its formal public consultation (Consultation) on its review of the Alternative Investment Fund Managers Directive (AIFMD).
The Consultation follows the Commission’s June 10 report on the application and scope of the AIFMD (see the June 12, 2020 edition of Corporate & Financial Weekly Digest) and aims to achieve a more efficient, effective and competitive European market for alternative investment funds (AIFs) as a part of a stable financial system. The Consultation also notes that it may result in adjustments the existing European mutual fund rules (UCITS).
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ESMA Publishes Statement on Trading Obligation for Shares Under MiFIR After Brexit
On October 26, the European Securities and Markets Authority (ESMA) published a statement on the impact of the UK’s departure from the EU on December 31, relating to the requirement for EU investment firms only to trade shares on an EU trading venue, with an EU systemic internalizer or on an equivalent third-country exchange (known as the share trading obligation or STO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR) (the Statement).
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ESMA Adds UK Venues to Third-Country Trading Venues Under MiFIR and MiFID II
On October 27, the European Securities and Markets Authority (ESMA) published a press release announcing it had added UK venues to the list of third-country venues in respect of the opinions on post-trade transparency and position limits under Markets in Financial Instruments Regulation (MiFIR) and the revised Markets in Financial Instruments Directive (MiFID II) (the Press Release).
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