On September 21, the European Commission (Commission) adopted a time-limited decision to provide financial market participants 18 months within which they should reduce their exposure to UK central counterparties (CCPs) (the Decision).
Continue Reading EU Commission Adopts Time-Limited Decision for Continued Access to UK Central Counterparties

On September 17, the European Securities and Markets Authority (ESMA) renewed its decision (ESMA70-155-11072) to temporarily require holders of net short positions in shares traded on a European Union- (EU) regulated market to report to the relevant EU financial regulator at a reduced threshold of 0.1 percent net short (instead of the pre-existing threshold of 0.2 percent net short).
Continue Reading ESMA Renews 0.1 percent Reporting Requirement of Net Short Positions in EU Issuers

On September 10, the European Banking Authority (EBA) published its response to the European Commission’s March 2020 call for advice on the EU’s future anti-money laundering (AML) and countering the financing of terrorism (CFT) framework (the Response).
Continue Reading EBA Publishes Response to the European Commission’s Call for Advice on the EU’s AML and CFT Framework

On August 27, the International Swaps and Derivatives Association (ISDA) and the Association for Financial Markets in Europe (AFME) (together, the Joint Associations) wrote a letter (Letter) to the European Commission and the European Supervisory Authorities to express gratitude for the mitigation of the impact on both European Union (EU) and United Kingdom (UK) market participants, in anticipation of the UK’s departure from the EU.
Continue Reading ISDA and AFME Request for an Extension of Relief on Brexit-Related Novation

On August 19, the European Securities and Markets Authority (ESMA) published a letter it sent to the European Commission on its proposed areas of recommendation for the upcoming review of the Alternative Investment Fund Managers Directive (AIFMD).

Since AIFMD’s implementation in 2011 and as a result of the COVID-19 pandemic, ESMA and EU financial regulators have identified areas of improvement to AIFMD. The review provides an opportunity for their recommendations to be enacted.
Continue Reading ESMA Publishes Letter to the European Commission on the AIFMD Review

On August 19, the European Banking Authority (EBA) published its response to the European Commission’s action plan on preventing anti-money laundering (AML) and counter-terrorist financing (CTF) (the Response).

The EBA’s key recommendations set out in the Response are:
Continue Reading EBA Publishes Statement on the European Commission’s AML and CTF Action Plan

On August 12, the Wolfsberg Group, an association of leading international financial institutions that aim to develop frameworks and guidance for the management of financial risk, published a statement on developing an effective anti-money laundering (AML) and counter-terrorist financing (CTF) program (the Statement).
Continue Reading Wolfsberg Group Publishes Statement on Developing Effective AML and CTF Program

On July 31, the European Securities and Markets Authority (ESMA) published data for the systematic internaliser (SI) quarterly calculations for equity, equity-like instruments, bonds and, for the first time, other non-equity instruments under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation.
Continue Reading ESMA Publishes Data for Systematic Internaliser Calculations for Equity, Equity-Like Instruments, Bonds and Other Non-Equity Instruments