Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Financial Markets

FCA Publishes Policy Statement on New Financial Services Directory

Posted in Financial Markets, UK Developments
On March 8, the UK Financial Conduct Authority (FCA) published a policy statement on a new directory of financial services workers (Directory). This follows the FCA’s proposals to introduce the Directory and amend the existing financial services register (FS Register) in its consultation paper of July 2018 (as reported in the Corporate & Financial Weekly… Continue Reading

PRIIPs Regulations Made in Preparation for Brexit

Posted in Brexit, Financial Markets, UK Developments
On February 28, the Packaged Retail and Insurance-based Investment Products (PRIIPs) (Amendment) (EU Exit) Regulations 2019 (UK Regulations) were published together with a draft explanatory memorandum. The UK Regulations were laid before Parliament on January 9, as reported in the January 11 edition of Corporate & Financial Weekly Digest. There do not appear to be… Continue Reading

FCA Publishes Statement on Operation of UK MiFIR Transparency Following No-Deal Brexit

Posted in Brexit, Financial Markets, UK Developments
On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period. The… Continue Reading

ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without… Continue Reading

ESMA Delays Publication of Annual Calculations of LIS and SSTI Thresholds for 2019/20 Bonds

Posted in EU Developments, Financial Markets
On March 1, the European Securities and Markets Authority (ESMA) published a press release relating to the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. In its press release, ESMA has announced that it will postpone publishing the results of the annual calculations because its… Continue Reading

ESMA Publishes Annual Transparency Calculations for 2019/20 Equity and Equity-Like Instruments

Posted in EU Developments, Financial Markets
On March 1, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available the results of the annual transparency calculations for equity and equity-like instruments. There are currently 1,344 liquid shares and 389 liquid equity-like instruments other than shares, subject to calculations relating to the transparency requirements in… Continue Reading

FCA Publishes Speech on Firms’ Progress To Transition From LIBOR to Alternative Risk-Free Rates

Posted in Financial Markets, UK Developments
On February 21, the UK Financial Conduct Authority (FCA) published a speech by Megan Butler, the executive director of supervision—Investment, Wholesale and Specialists at the FCA, on firms’ progress in transitioning from the London Interbank Offered Rate (LIBOR) to overnight risk-free rates (RFRs). The FCA and the UK Prudential Regulation Authority (PRA) are in the… Continue Reading

Statement Published on Post-Brexit Continuity of Derivatives Trading and Clearing Measures

Posted in CFTC, Financial Markets, UK Developments
On February 25, the Bank of England (BoE), the UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission published a joint statement on measures intended to ensure the continuity of UK-US derivatives trading and clearing activities following the United Kingdom’s withdrawal from the European Union (Brexit).… Continue Reading

EBA Publishes Final Report on Outsourcing Guidelines

Posted in EU Developments, Financial Markets
On February 25, the European Banking Authority (EBA) published its final report setting out guidelines on outsourcing. In its report, the EBA updates and replaces the guidelines on outsourcing that the EBA’s predecessor, the Committee of European Banking Supervisors (CEBS), issued in 2006. The CEBS guidelines applied exclusively to credit institutions, but the new EBA… 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 to Recognize Three UK CCPs in the Event of a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On February 18, the European Securities and Markets Authority (ESMA) published a press release confirming that it has adopted recognition decisions to permit three UK central counterparties (CCPs) to continue to provide CCP services to EU trading venues and EU clearing members following the United Kingdom’s withdrawal from the European Union on March 29 (Exit… Continue Reading

FCA Publishes Policy Statement on Further Asset Management Market Study Remedies

Posted in Financial Markets, UK Developments
On February 4, the UK Financial Conduct Authority (FCA) published a Policy Statement on further remedies to promote competition in the asset management sector, following its asset management market study (AMMS) (see the June 30, 2017 edition of Corporate & Financial Weekly Digest for further details on the FCA’s Final Report on AMMS).… Continue Reading

ESAs Publish Final Report on Amendments to the PRIIPs Key Information Document

Posted in EU Developments, Financial Markets
On February 8, the Joint Committee of European Supervisory Authorities (ESAs) published a final report on proposed amendments to Commission Delegated Regulation (EU) 2017/653 (Delegated Regulation) on key information documents (KIDs) for packaged retail and insurance-based investment produces (PRIIPs).… Continue Reading

ESMA Publishes List of Thresholds Below Which an EU Prospectus Is Not Required

Posted in EU Developments, Financial Markets
On February 8, the European Securities and Markets Authority (ESMA) published a document listing the thresholds relating to the value of an offering of securities to the public below which such an offer does not require a prospectus to be prepared in accordance with Regulation (EU) 2017/1129 (Prospectus Regulation).… Continue Reading

UK Guide to Post-Brexit Financial Sanctions Published

Posted in Brexit, EU Developments, Financial Markets
On February 1, HM Treasury and the UK Office of Financial Sanctions Implementation (OFSI) published guidance on financial sanctions in preparation for the United Kingdom’s exit from the European Union on March 29 (Exit Day) on the basis of no agreement on transitional arrangements being in place with the EU (no-deal Brexit). The guidance will… Continue Reading

Agreement Reached on EMIR Refit Regulation

Posted in EU Developments, Financial Markets
On February 5, the Council of the European Union and the European Parliament announced a preliminary agreement on a proposal for a Regulation to amend the European Market Infrastructure Regulation (EMIR Refit). The proposal aims to improve the existing regulatory framework applying to the over-the-counter (OTC) derivative market.… Continue Reading

BoE and ESMA Agree No-Deal MoUs on Recognition of UK CCPs and CSDs

Posted in Brexit, EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) and the Bank of England announced that they have agreed on Memorandums of Understanding (MoUs) surrounding the cooperation and information-sharing arrangements with respect to UK-based central counterparties (CCPs) and central securities depositories (CSDs) in the event of the United Kingdom’s exit from the European Union… Continue Reading

ESMA Updates MiFIR Data Reporting Q&As

Posted in EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on data reporting under the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A includes four new questions that cover reporting the legal entity identifier (LEI) of issuers to the financial instruments reference database… Continue Reading

ESMA Updates EMIR Implementation Q&As

Posted in EU Developments, Financial Markets
On February 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on the implementation of the European Market Infrastructure Regulation (EMIR). The amendments include: An amended question in relation to trade repositories (TRs) to confirm how counterparties should report a derivative with no maturity date;… Continue Reading

ESMA Publishes Statement on the Impact of a No-Deal Brexit on Its Databases

Posted in Brexit, EU Developments, Financial Markets
On February 5, the European Securities and Markets Authority (ESMA) issued a statement on the impact the UK’s exit from the European Union on March 29 (Exit Day) without an agreement on transitional arrangements being in place with the European Union (no-deal Brexit) would have on ESMA’s databases. In the scenario of a no-deal Brexit,… 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