Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

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ESMA and EBA Publish Advice on Cryptoassets

Posted in Digital Assets and Virtual Currencies, EU Developments, Financial Markets

On January 9, the European Securities and Markets Authority (ESMA) published advice addressed to the European Commission, the European Parliament and the Council of the EU on initial coin offerings (ICOs) and cryptoassets. On the same day, the European Banking Authority (EBA) also published advice on cryptoassets addressed to the European Commission.… 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

EBA Publishes Report Regarding ITS on Reporting for Resolution Plans Under the EU BRRD

Posted in EU Developments, Financial Markets

On April 17, the European Banking Authority (EBA) published its draft implementing technical standards (ITS) on reporting for resolution plans under the EU Bank Recovery and Resolution Directive (BRRD). Under the BRRD, EU Member States must ensure that resolution authorities have the power to require investment firms and credit institutions to cooperate as much as… Continue Reading

European Commission Adopts MiFIR Delegated Act

Posted in Derivatives, EU Developments

On May 18, the European Commission (EC) adopted a delegated act to supplement the Markets in Financial Instruments Regulation (MiFIR). The delegated act is in the form of a regulation (Delegated Regulation) and covers definitions, transparency, portfolio compression and supervisory requirements on product intervention and position management under MiFIR.… Continue Reading

Draft RTS on Risk-Mitigation Procedures for OTC Derivatives Not Cleared by CCPs Published by EU Supervisory Authorities

Posted in Derivatives, UK Developments

On March 8, the European Supervisory Authorities (which includes the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) published final draft regulatory technical standards (RTS) in relation to the European Market Infrastructure Regulation (EMIR).… Continue Reading