Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Financial Markets

UK and EU Publish Draft Brexit Withdrawal Agreement

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On November 14, a technical agreement was reached between the negotiators of the UK and the EU in relation to the terms of the withdrawal of the UK from the EU (the Withdrawal Agreement). Published alongside the Withdrawal Agreement was a non-binding Political Declaration, providing an overview of the intended future relationship between the UK… Continue Reading

ESMA Updates Q&As Relating to the Market Abuse Regulation

Posted in EU Developments, Financial Markets
On November 12, the European Securities and Markets Authority (ESMA) published version 13 of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). The Q&As now include a new question, 7.10, relating to the scope of the trading restrictions for persons discharging managerial responsibilities (PDMRs) during a closed period under MAR.… Continue Reading

ESMA Updates Q&As Relating to Transparency and Market Structures

Posted in EU Developments, Financial Markets
On November 14, the European Securities and Markets Authority (ESMA) published the following updated questions and answers document (Q&As): an updated version of the Q&As on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). ESMA has added two points to Q&A 7 and… Continue Reading

ESMA Publishes Updated Supervisory Briefing on MiFID II Suitability Rules

Posted in EU Developments, Financial Markets
On November 13, the European Securities and Markets Authority (ESMA) published an updated version of its supervisory briefing on the suitability requirements of the revised Markets in Financial Instruments Directive (MiFID II). This briefing introduces European supervisors to MiFID II suitability rules, which require investment firms providing investment advice or portfolio management services to provide… Continue Reading

FCA Publishes Speech on Brexit Preparations

Posted in Brexit/UK Developments, Financial Markets
On November 5, the UK Financial Conduct Authority (FCA) published a speech by Nausicaa Delfas, FCA Executive Director of International, on Brexit and maintaining market confidence. The speech covers a wide range of Brexit topics and provides an overview of the FCA’s current priorities relating to Brexit, including its work to ensure there is a… Continue Reading

ESAs Publish Consultation Paper Relating to MLD4

Posted in EU Developments, Financial Markets
On November 8, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on draft joint guidelines on cooperation and information exchange between national competent authorities (NCAs) supervision credit and financial institutions for the purposes of the Fourth Money Laundering Directive (MLD4)… Continue Reading

ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives

Posted in Brexit, EU Developments, Financial Markets
On November 8, the European Securities and Markets Authority (ESMA) published a final report proposing new draft regulatory technical standards (RTS) contained in a draft Delegated Regulation that would amend the three European Commission Delegated Regulations on the clearing obligation under the European Markets and Infrastructure Regulation (EMIR).… Continue Reading

Bank of England and PRA Publish Brexit Package of Consultations and Communications

Posted in Brexit, Financial Markets, UK Developments
On October 25, the Bank of England (BoE) and the UK Prudential Regulation Authority (PRA) published a package of Brexit-related communications and consultation papers which propose changes to the relevant onshored binding technical standards (BTS), the rules for financial market infrastructure providers (FMIs) and the PRA Rulebook, which arise from the UK’s withdrawal from the… Continue Reading

Updated Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher Risk Jurisdictions Published by HM Treasury

Posted in Financial Markets, UK Developments
On October 25, HM Treasury published an updated advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions. The Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 require firms to implement policies and procedures to prevent activities relating to money laundering and terrorist financing.… Continue Reading

ESMA Publishes Statement Clarifying Clearing and Trading Obligations Ahead of December Deadline

Posted in EU Developments, Financial Markets
On October 31, the European Securities and Markets Authority (ESMA) published a statement clarifying firms’ clearing and trading obligations in light of current derogations and phase-in periods ending on December 21, allowing for regulatory forbearance. ESMA explains that, under the European Market Infrastructure Regulation (EMIR), both the current derogation from the clearing obligation for certain… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instrument Relating to EMIR

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, UK Developments
On October 22, HM Treasury published the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (Draft EMIR (Brexit) SI), a draft statutory instrument (SI) relating to the European Market Infrastructure Regulation (EMIR). It also has published a supporting explanatory memorandum.… Continue Reading

FCA Publishes Evaluation Paper Relating to Bringing Additional Benchmarks Into Regulatory and Supervisory Regime

Posted in Derivatives, Financial Markets, UK Developments
On October 22, the UK Financial Conduct Authority (FCA) published an evaluation paper that considers the impact that bringing seven additional benchmarks into its regulatory and supervisory regime had on the market. The paper evaluates the Benchmarks (Amendment) Instrument 2015 (Benchmarks Instrument), by which the FCA made amendments to the FCA Handbook to reflect the… Continue Reading

FCA Updates Webpage on MiFID II Position Limits for Commodity Derivative Contracts

Posted in Derivatives, Financial Markets, UK Developments
On October 22, the UK Financial Conduct Authority (FCA) updated its webpage for bespoke position limits set for a number of commodity derivatives traded on UK trading venues, namely contracts traded on ICE Futures in the United Kingdom. Following ICE Futures’ recent update of its range of products, the FCA has made the following amendments… Continue Reading

FCA Consults on Changes to DEPP and EG in Its Handbook to Reflect EU Securitization Regulation Implementation

Posted in Financial Markets, UK Developments
On October 12, the UK Financial Conduct Authority (FCA) published a consultation paper (October Consultation Paper) setting out its proposals to amend the Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) of the FCA Handbook. The FCA explains that the amendments are needed because of the changes introduced by the statutory instrument (SI),… Continue Reading

FCA Publishes Discussion Paper and PRA Consults on Climate Change and Green Finance

Posted in Financial Markets, UK Developments
On October 15, the UK Financial Conduct Authority (FCA) published a discussion paper (Discussion Paper) on climate change and green finance. On the same day, the UK Prudential Regulation Authority (PRA) published a consultation paper (Consultation Paper) on a draft supervisory statement (Draft Supervisory Statement) on enhancing the approach of banks and insurers to managing… Continue Reading

UK Government Publishes Guidance on Trading Energy After a No-Deal Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On October 12, the UK Department for Business, Energy and Industrial Strategy (BEIS) published two guidance notes relating to trading in energy should the UK leave the EU without agreement (No-Deal Brexit). One guidance note focuses on gas and the other relates to electricity. The guidance notes are part of a series of technical notices… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instruments Relating to MiFID II and Trade Repositories

Posted in Brexit/UK Developments, Financial Markets
On October 5, HM Treasury published two draft statutory instruments (SIs) together with explanatory notes, which will make amendments to retained EU law relating to the revised Markets in Financial Instruments Directive (MiFID II) and Trade Repositories (TRs).… Continue Reading

UK FCA Publishes Consultations Relating to Brexit

Posted in Brexit/UK Developments, Financial Markets
On October 10, the UK Financial Conduct Authority (FCA) published two consultation papers relating to the United Kingdom’s withdrawal from the European Union (Brexit). The first, CP18/28, is the FCA’s first consultation paper on proposed changes to the FCA Handbook and to binding technical standards (BTS) resulting from Brexit. The second, CP18/29, focuses on the… Continue Reading