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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European Commission
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 Consultation Paper on Draft RTS Relating to CCPs
Posted in EU Developments, Financial Markets
On October 19, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) concerning central counterparties (CCPs) under Regulation (EU) 2019/2099 (EMIR 2.2) (the Consultation Paper).
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FCA and PRA Publishes Dear CEO Letter on Final Preparations for the End of Brexit Transition Period
On October 9, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulation Authority (PRA) jointly published a Dear CEO letter to regulated firms regarding final preparations for the end of the Brexit transition period (the Letter).
The key areas addressed by the FCA and PRA in the Letter include:
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European Commission Adopts New Standards for Cooperation Under MAR
Posted in EU Developments, Financial Markets
On October 5, the European Commission (the Commission) published the text of an Implementing Regulation, laying down Implementing Technical Standards (ITS) with regard to procedures and forms for an exchange of information and cooperation under Articles 24 and 25 of the Market Abuse Regulation (MAR) (the Implementing Regulation).
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MiFID II: ESMA Publishes Final Report on Third-Country Firm Regime
Posted in EU Developments, Financial Markets
On September 28, the European Securities and Markets Authority (ESMA) published its final report (Final Report), accompanied by draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the European Union (EU) by third-country firms under the Markets in Financial Instruments Directive (MiFID II) (600/2014) and the associated Markets in Financial Instruments Regulation (MiFIR).
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MiFID II: FCA Publishes Regulatory Forbearance on the 10 Percent Depreciation Rule
Posted in EU Developments, Financial Markets
On October 1, The European Securities and Markets Authority (ESMA) issued a statement relative to its approach to the application of the Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR) following the end of the Transition Period on December 31 provided for in the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union (EU) and the European Atomic Energy Community (Withdrawal Agreement).
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EU Commission Adopts Time-Limited Decision for Continued Access to UK Central Counterparties
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).
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ECON Announces Implementation of Draft Report on Digital Finance and FinTech
Posted in EU Developments, Financial Markets
On September 11, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing the adoption of its draft report on Digital Finance.
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