Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Financial Markets

FSB Publishes Report on Cryptoassets

Posted in Digital Assets and Virtual Currencies, Financial Markets, UK Developments
On July 16, the Financial Stability Board (FSB) published a report on the work of the FSB and standard setting bodies on cryptoassets. The report was delivered to the G20 Finance Ministers and Central Bank Governors ahead of their meeting on July 21 – 22. The standard setting bodies, whose work is summarized in the… Continue Reading

Draft Financial Regulators’ Powers Regulations 2018 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On July 16, a draft of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was published. The publication of the draft regulations follows the making of the first delegated legislation under the European Union (Withdrawal) Act 2018 earlier this month (discussed in the Corporate & Financial Weekly Digest edition of… Continue Reading

EU Prospectus Regulation: ESMA Consults on Minimum Information Content for Exemption and Guidelines on Risk Factors and Publishes Final Report on RTS

Posted in EU Developments, Financial Markets
On July 13, the European Securities and Markets Authority (ESMA) published a press release announcing two consultations with respect to the new EU Prospectus Regulation. The first consultation paper contains draft technical advice on the minimum content for the information that must be made available to investors when applying for a certain exemption from the… Continue Reading

Eight EU Member States Publish Joint Statement on the Capital Markets Union Post Brexit

Posted in Brexit, EU Developments, Financial Markets
On July 18, eight of the EU member states (Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden, and The Netherlands) published a joint statement on the Capital Markets Union (CMU) after Brexit. The joint statement sets out the shared views of the member states’ finance ministers and urges the European Union to use Brexit as a… Continue Reading

UK Regulations Published, Amending FSMA To Implement EU Prospectus Regulation

Posted in EU Developments, Financial Markets, UK Developments
On June 29, the Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 were published. The Regulations make some minor amendments to the Financial Services and Markets Act 2000 (FSMA) for the purposes of the United Kingdom’s implementation of part of the new EU Prospectus Regulation (Prospectus Regulation).… Continue Reading

First European Union (Withdrawal) Act Delegated Legislation Created

Posted in Brexit, Financial Markets, UK Developments
On July 3, the Department for Exiting the European Union created the European Union (Withdrawal) Act 2018 (Commencement and Transitional Provisions) Regulations 2018 (Regulations). The United Kingdom’s European Union (Withdrawal) Act 2018 (Act) delegates power to make such provisions.… Continue Reading

UK Government Unveils Brexit White Paper

Posted in Brexit, EU Developments, Financial Markets, UK Developments
On July 12, the UK Department for Exiting the European Union published a white paper, which sets out the United Kingdom’s proposal for the UK-EU relationship after the United Kingdom’s withdrawal from the European Union on March 29, 2019 (Brexit) through what it terms “an association agreement.” Notably, the white paper features differing approaches with… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On July 6, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under the revised Markets in Financial Instruments Directive (MiFID II). The update follows last month’s update to the DVC public register (for further details, see the June 15 edition of Corporate… Continue Reading

ECON Supports Greater Input on Equivalence of EU/Third-Country Rules by European Parliament

Posted in EU Developments, Financial Markets
On July 11, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a press release announcing that ECON has adopted a draft report on relationships between the EU and third countries concerning financial services regulation and supervision.… Continue Reading

FCA Publishes Statement on Its Brexit Preparations

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On June 26, the UK Financial Conduct Authority (FCA) published a statement updating stakeholders on its preparations for the United Kingdom’s withdrawal from the European Union (Brexit). The FCA’s statement noted HM Treasury’s preparations for Brexit, which were then published in HM Treasury’s own press release, dated June 27.… Continue Reading

EBA Publishes Opinion on Firms’ “Inadequate” Brexit Preparations

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On June 25, the European Banking Authority (EBA) published an opinion on preparations for the withdrawal of the United Kingdom from the European Union (Brexit). Its opinion cites two aims with respect to national competent authorities: ensuring that financial institutions are adequately considering the risks of a possible Brexit without a ratified withdrawal agreement, and… Continue Reading

EBA Consults on Guidelines for Outsourcing Business Activities

Posted in EU Developments, Financial Markets
On June 22, the European Banking Authority (EBA) published a consultation paper with draft guidelines on arrangements for outsourcing business activities. The EBA’s draft guidelines differentiate between the nature of the functions outsourced so that functions that are more critical are subject to stricter and stronger requirements.… Continue Reading

European Commission Confirms MiFID II Ancillary Exemption Test on An Entity-By-Entity Basis

Posted in Derivatives, EU Developments, Financial Markets
In a May 31 letter, the Vice President of the European Commission (EC), Valdis Dombrovskis, provided confirmation to the Chair of the European Securities and Markets Authority (ESMA) regarding the test to apply the ancillary activity exemption under Article 2(1)(j) of the revised Markets in Financial Instruments Directive (MiFID II). In April 2018, ESMA had… Continue Reading

PRA Publishes Policy and Supervisory Statements on Algorithmic Trading

Posted in Financial Markets, UK Developments
On June 15, the UK Prudential Regulation Authority (PRA) published a policy statement and a supervisory statement on algorithmic trading. While the PRA’s policy only directly applies to PRA-regulated and dual-regulated firms, such as banks, UK Financial Conduct Authority-regulated firms (e.g., most proprietary trading firms) may wish to take into account the PRA’s expectations regarding… Continue Reading

FCA Publishes List of Overseas Cooperation Agreements for Outsourcing Portfolio Management

Posted in Financial Markets, UK Developments
On June 14, the UK Financial Conduct Authority (FCA) published a list of cooperation agreements it has in place in relation to the outsourcing of portfolio management. The list contains the supervisory authorities in three countries with which the FCA has cooperation agreements that meet the requirements of the Commission Delegated Regulation (EU) 2017/565 on… Continue Reading

Fifth Money Laundering Directive Published in Official Journal of the EU

Posted in EU Developments, Financial Markets
On June 19, the text for the Fifth Money Laundering Directive (MLD5) was published in the Official Journal of the European Union. MLD5 will enter into force on July 9, and EU member states must transpose MLD5 into their national laws by January 10, 2020. The introduction of MLD5 forms part of the European Commission’s… Continue Reading

ESMA Confirms No Extension to LEI Introduction Period

Posted in EU Developments, Financial Markets
In a press release of June 20, the European Securities and Markets Authority (ESMA) confirmed that the temporary introduction period for the use of legal entity identifiers (LEIs) will not be extended beyond July. The six-month period was designed to allow for a smooth introduction of the revised Markets in Financial Instruments Directive (MiFID II),… Continue Reading

FCA Publishes “Dear CEO” Letter on Cryptoassets and Financial Crime

Posted in Digital Assets and Virtual Currencies, Financial Markets, UK Developments
The UK Financial Conduct Authority (FCA) has published a “Dear CEO” letter dated June 11, on cryptoassets and financial crime. The purpose is to ensure that banks adequately manage the financial crime risks associated with cryptoassets. The FCA defines cryptoassets as any publicly available medium of exchange that features a distributed ledger and a decentralized… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On June 7, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under the revised Markets in Financial Instruments Directive (MiFID II). The update follows last month’s update to the DVC public register (for more information, see the May 11, 2018 edition of… Continue Reading