Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Financial Markets

ESMA Highlights ICO Risks

Posted in EU Developments
On November 13, the European Securities and Markets Authority (ESMA) published two statements (statements) in relation to initial coin offerings (ICOs); one was made in relation to the risks of ICOs for investors and the other is in relation to the rules for firms involved in ICOs. ICOs are a way for businesses or individuals… Continue Reading

FCA Publishes Issue 54 of Market Watch Newsletter

Posted in Financial Markets, UK Developments
On November 8, the UK Financial Conduct Authority (FCA) published issue 54 of Market Watch, its newsletter on market conduct and transaction reporting issues. With the January 3, 2018 implementation date of the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) fast approaching, Market Watch contains articles relating… Continue Reading

FCA Publishes Speech on Robo Advice

Posted in Financial Markets, UK Developments
On November 3, the UK Financial Conduct Authority (FCA) published a speech by Bob Ferguson, FCA Head of Department, Strategy Competition Division, giving the FCA’s perspective on robo advice. Key points of the speech include: the FCA sees automated advice as a valuable vehicle to help tackle the issues faced by those consumers who are… Continue Reading

FCA Opens Consultation on Expectations of Firms in Unregulated Markets and Industry Codes of Conduct

Posted in Financial Markets, UK Developments
On November 3, the UK Financial Conduct Authority (FCA) published a consultation paper (CP17/37) on supervising adherence to proper standards of market conduct for unregulated markets and activities, including standards set out in industry-written codes of conduct.… Continue Reading

ESMA Agrees to MiFID II Position Limits Proposed by FCA

Posted in Derivatives, EU Developments, Financial Markets
On October 24, the European Securities and Markets Authority (ESMA) published nine opinions on limits regarding commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The opinions follow the work plan agreed by ESMA and the national competent authorities of the European Union (NCAs),… Continue Reading

EU Begins Infringement Proceedings Against 19 Member States Failing to Implement MiFID II

Posted in EU Developments, Financial Markets
The European Commission has launched infringement proceedings against 19 member states of the European Union whom it states are failing in transposing the revised Markets in Financial Instruments Directive (MiFID II) into local law. MiFID II is due to go into effect on January 3, 2018, and the deadline for transposition into local law was… Continue Reading

ESMA Updates MiFID II Q&A on Commodity Derivatives

Posted in EU Developments
On October 4, the European Securities and Markets Authority (ESMA) updated a question and answer document (Q&A) relating to commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A contains new questions and answers relating to the following topics: position management controls… Continue Reading

ESMA Highlights Importance of LEI for MiFID II Compliance

Posted in EU Developments
On October 9, the European Securities and Markets Authority (ESMA) published a briefing (Briefing) on the importance of the legal entity identifier (LEI) in enabling firms to comply with their obligations under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), beginning January 3, 2018.… Continue Reading

ESMA Updates UCITS and AIFMD Q&As

Posted in EU Developments
On October 5, the European Securities and Markets Authority (ESMA) updated two question and answer documents: one relating to the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the other relating to the Alternative Investment Fund Managers Directive (AIFMD).… Continue Reading

Update on MiFID II ESMA Opinions for Pre-Trade Transparency Waivers and Position Limits

Posted in EU Developments
On September 28, the European Securities and Markets Authority (ESMA) issued a press release (Press Release) that it and the national competent authorities (NCAs) had agreed to a work plan (Work Plan) on completing the opinions that must be issued by ESMA under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) in… Continue Reading

European Commission Adopts Final Rules on Indirect Clearing

Posted in EU Developments
On September 22, the European Commission adopted two delegated regulations to implement new EU-wide rules on “indirect clearing arrangements” for the exchange-traded derivatives market (ETD Delegated Regulation) and for the over-the-counter (OTC) derivatives market (OTC Delegated Regulation). The term “indirect clearing arrangement” refers to a set of relationships—also called a “chain”—where at least two intermediaries… Continue Reading

ESMA Publishes Final Text of Mandatory Trading Obligation

Posted in EU Developments
On September 29, the European Securities and Markets Authority (ESMA) published the text of the final draft regulatory technical standards (TO RTS) for implementing the mandatory trading obligation under the Markets in Financial Instruments Regulation (MiFIR) for certain standardized over-the-counter (OTC) derivatives. Article 28 of MiFIR mandatory trade execution obligations affect OTC Derivatives that are… Continue Reading

FCA Publishes Market Watch Newsletter 53 on LEIs, Market Data and SIs under MiFID II

Posted in UK Developments
On September 18, the UK Financial Conduct Authority (FCA) published the latest edition (Number 53) of its periodic newsletter Market Watch. In it the FCA has included articles and guidance on the following: MiFID II Legal Entity Identifiers (LEIs): The FCA has reiterated its previous guidance that starting January 3, 2018 (when MiFID II comes… Continue Reading

New FCA Webpage on Updates to MiFID Notifications Obligations

Posted in UK Developments
On September 11, the UK Financial Conduct Authority (FCA) published a new webpage with an update on MiFID II notification requirements and procedures for certain MiFID-impacted firms in the UK—specifically systematic internalizers (SIs), providers of direct electronic access (DEA) to EU/EEA markets and algorithmic trading firms. The stated purpose of the webpage is to provide… Continue Reading

European Commission Adopts Delegated Regulation Mending MiFID II Systematic Internalizer Definition

Posted in EU Developments
On August 28, the European Commission (EC) published the text of an EC Delegated Regulation (SI Delegated Regulation), amending Delegated Regulation (EU) 2017/565 with respect to the specification of the definition of systematic internalizers (SI) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading

ESMA Publishes Final Report on Transfer of Data Between Trade Repositories Under EMIR

Posted in EU Developments
On August 24, the European Securities and Markets Authority (ESMA) published a final report (Report) setting out guidelines (Guidelines) on the transfer of data between trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR). The Guidelines apply to TRs registered or recognised by ESMA and aim to provide TRs with additional clarification on how… Continue Reading