On May 7, the European Commission (Commission) published its consultation on a draft Delegated Regulation expanding Article 8 of the Taxonomy Regulation ((EU) 2020/852) by specifying the disclosure obligations associated with environmentally sustainable economic activities relating to large corporations.
Continue Reading ESG: European Commission Consults on Draft Delegated Regulation of Disclosure Obligations Under Taxonomy Regulation

On March 25, the UK Government published the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (SI 2021/392) on its website together with an explanatory memorandum (the Regulations).
Continue Reading AML: UK Government Publishes Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021

On March 17, the European Supervisory Authorities (ESAs) published a joint consultation paper on draft regulatory technical standards (RTS) regarding the content and presentation of sustainability disclosures under Articles 8(4), 9(6) and 11(5) of the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR).
Continue Reading ESG: ESAs Consult on Draft RTS on Content and Presentation of Taxonomy-Related Sustainability Disclosures Under SFDR

On March 10, the European Commission (the Commission) published a draft delegated act detailing the obligation on clearing members and clients when providing clearing services under fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms (the Delegated Act).
Continue Reading European Commission Publishes Draft Delegated Act on FRANDT

On February 17, the European Commission (the Commission) published two Delegated Regulations amending the European Market Infrastructure Regulation (EMIR) Margin Regulatory Technical Standards (RTS) and the Clearing Obligation RTS (the Delegated Regulations).

The key amendments proposed by the Commission in the Margin RTS include:
Continue Reading European Commission Publishes Delegated Regulations Under EMIR on Risk Mitigation and Clearing Obligation

On January 27, Allison Herren Lee, the acting chair of the Securities and Exchange Commission, announced the European Commission’s (EC) adoption of an equivalence decision, stating that the SEC’s regulatory framework applicable to central counterparties (CCPs) that are “covered clearing agencies” under SEC rules is equivalent to relevant European legal and regulatory requirements.
Continue Reading European Commission Adopts Equivalence Decision With Respect to SEC Regulatory Framework for Central Counterparties

On December 18, 2020, the European Securities and Markets Authority (ESMA) published a consultation paper to assist the European Commission (Commission) in reviewing and producing a report on the impact of requirements relating to algorithmic trading, including high-frequency trading.
Continue Reading ESMA Publishes Consultation Paper on Impact of Algorithmic Trading

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).
Continue Reading ESMA Publishes Statement Regarding Post-Brexit Impact on MiFIR Derivatives Trading Obligation

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).
Continue Reading ESG: European Commission Extends Consultation Period for Rules Under Disclosure Regulation