Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: European Commission

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

European Parliament and Council of the European Union Reach Agreement on Investment Firms Regulation and Directive

Posted in Brexit, EU Developments, Financial Markets
On February 26 and 27, the Council of the European Union and the European Parliament issued statements, respectively, announcing that they had reached a political agreement on the proposed Investment Firms Regulation (IFR) and the proposed Investment Firms Directive (IFD).… Continue Reading

ESMA Publishes Revised Draft Technical Standards and Q&A on Disclosure Requirements

Posted in EU Developments, Financial Markets
On January 31, the European Securities and Markets Authority (ESMA) published an opinion containing a revised set of draft regulatory and implementing technical standards (RTS/ITS) under the Securitization Regulation, which require certain information to be reported about securitizations by the originator, sponsor or special purpose entity. The opinion includes the format for making the required… Continue Reading

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

Short Selling (Amendment) (EU Exit) Regulations 2018 Made in Preparation of Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On December 7, the Short Selling (Amendment) (EU Exit) Regulations 2018 (UK Regulations) were published, together with an explanatory memorandum. A draft version of the UK Regulations was published on October 10. The UK Regulations ensure that the regime established in the United Kingdom under the EU Short Selling Regulation (SSR) will continue to operate… Continue Reading

European Commission Reported to Grant Temporary Access to UK Clearing Houses

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets
On December 12, it was reported that the European Commission (EC) intends to grant temporary and conditional equivalence status to UK central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR) in the event of the United Kingdom withdrawing from the European Union (Brexit) without concluding a withdrawal agreement (“no-deal Brexit”).… Continue Reading

EU Council Agrees to Approach on EMIR 2.2

Posted in EU Developments, Financial Markets
On December 3, , the EU Permanent Representatives Committee (COREPER) endorsed the EU Council’s general approach on a revision of the European Market Infrastructure Regulation (EMIR 2.2), as well as a decision on a revision to the statute of the EU system of central banks and the European Central Bank (ECB), specifically taking into account… Continue Reading

European Commission Publishes Statement on Regulating Cryptoassets and ICOs

Posted in Digital Assets and Virtual Currencies, EU Developments
On November 13, the European Commission (EC) published a statement by Vice-President Valdis Dombrovskis on the regulation of cryptoassets and initial coin offerings (ICOs), which he presented at the European Parliament Plenary debate in Strasbourg. Key takeaways include:… Continue Reading

ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets

Posted in Digital Assets and Virtual Currencies, EU Developments
On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing… Continue Reading

European Commission Publishes Communication on Proposed ESMA Amendments to MiFIR RTS

Posted in EU Developments, Financial Markets
On September 3, the European Commission (EC) published a communication, dated August 10, in response to a proposal from the European Securities and Markets Authority (ESMA) regarding amendments to Delegated Regulation 2017/587, which sets out regulatory technical standards on transparency requirements for trading venues and investment firms regarding financial instruments (RTS 1), supplementing the Markets… Continue Reading

ECON Publishes Draft Report on Proposed Regulation on European Crowdfunding Service Providers

Posted in Digital Assets and Virtual Currencies, EU Developments, Financial Markets
On August 10, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published its draft report on the European Commission’s March 2018 proposal for a regulation on European crowdfunding service providers (CSPs). The draft report contains a draft European Parliament legislative resolution, the text of which sets out suggested amendments to the European Commission’s proposal.… 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

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

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

Council of EU Adopts MLD5

Posted in EU Developments, Financial Markets
On May 14, the Council of the EU published a press release announcing that it has adopted the proposed Fifth Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate & Financial… Continue Reading

European Commission Proposes New Directive to Protect EU Whistleblowers

Posted in EU Developments, Financial Markets
On April 23, the European Commission (EC) adopted a package of measures, including a draft Directive and an Impact Assessment, to protect whistleblowers who report breaches of EU law. The definition of a “whistleblower” under the proposed new Directive would encompass any person who has “privileged access to information about breaches that can cause serious… Continue Reading

ECON-AFCO Publish Draft Report on Granting ECB Power to Compel CCPs to Locate in the Eurozone

Posted in Brexit, EU Developments, Financial Markets
On April 19 the European Parliament’s Economic and Monetary Affairs Committee (ECON) and Committee on Constitutional Affairs (AFCO) published a draft report (dated April 13) concerning a proposal for an amendment of the Statute of the European System of Central Banks and the European Central Bank (ECB) (the Statute), enhancing the ECB’s powers over central… 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

ECON Publishes Proposed Amendments to Prudential Supervision of Investment Firms Directive

Posted in EU Developments, Financial Markets
On April 13, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report, featuring the European Parliament legislative resolution with ECON’s amendments to a proposal regarding the prudential supervision of EU investment firms. This amends the Capital Requirements Directive IV and the revised Markets in Financial Instruments Directive (MiFID II) (collectively,… Continue Reading

European Parliament Adopts Fifth Money Laundering Directive

Posted in EU Developments, Financial Markets
On April 19, the European Parliament (EP) published a press release announcing its adoption of a proposal for a fifth Anti-Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate &… Continue Reading