Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFID II

ESMA and EBA Publish Advice on Cryptoassets

Posted in Digital Assets and Virtual Currencies, EU Developments, Financial Markets
On January 9, the European Securities and Markets Authority (ESMA) published advice addressed to the European Commission, the European Parliament and the Council of the EU on initial coin offerings (ICOs) and cryptoassets. On the same day, the European Banking Authority (EBA) also published advice on cryptoassets addressed to the European Commission.… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On January 9, 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 DVC public register was last updated in September 2018 (for more information, see the September 14, 2018 edition of Corporate… Continue Reading

ESMA Publishes Updated Q&As on MiFID II and MiFIR Commodity Derivatives Topics

Posted in Derivatives, EU Developments, Financial Markets
On January 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivative topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). This follows the last updated version of its Q&As, which ESMA published… Continue Reading

ESMA Publishes Updates Q&As on MiFID II and MiFIR Transparency Topics

Posted in EU Developments, Financial Markets
On January 4, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). This follows the last updated version of its Q&As, which ESMA published on… Continue Reading

ESMA Provides Update on Assessment of Third-Country Trading Venues Under MiFID II and MiFIR

Posted in EU Developments, Financial Markets
On December 20, the European Securities and Markets Authority (ESMA) published a press release providing an update on its assessment of third-country trading venues (TCTVs) for the purposes of post-trade transparency and position limits under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MIFIR).… 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

ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets

Posted in Digital Assets and Virtual Currencies, EU Developments
On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing… 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

ESMA Updates Q&A Relating to Commodity Derivatives

Posted in EU Developments, Financial Markets
On October 2, the European Securities and Markets Authority (ESMA) published an updated version of its question and answer document (Q&A) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR). The update includes two new answers. The first relates to position… Continue Reading

ESMA Publishes Opinion on Position Limits on UK Natural Gas Contracts Proposed by the FCA

Posted in EU Developments, Financial Markets
On October 5, the European Securities and Markets Authority (ESMA) published an opinion, dated September 24, on position limits on UK natural gas commodity futures and options contracts proposed by the UK Financial Conduct Authority (FCA). ESMA received a notification from the FCA on February 7, under Article 57 of the revised Markets in Financial… Continue Reading

ESMA Publishes Letter on MiFID II and MiFIR Third-Country Regimes

Posted in EU Developments, Financial Markets
On October 1, the European Securities and Markets Authority (ESMA) published a letter (dated September 26) from ESMA chair Steven Maijoor to European Commission vice president Valdis Dombrovskis on issues relating to third-country firms concerning certain requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Announces Details of Two New Data Completeness Indicators for Trading Venues

Posted in EU Developments, Financial Markets
On September 27, the European Securities and Markets Authority (ESMA) published a press release announcing two new data completeness indicators for trading venues relating to the delivery of double volume cap (DVC) and bond liquidity data. DVC and bond liquidity data are required form trading venues for transparency purposes pursuant to the revised Markets in… Continue Reading

FCA Publishes Approach to Becoming UK-Recognized Overseas Investment Exchange

Posted in Brexit, Financial Markets, UK Developments
On September 14, the UK Financial Conduct Authority (FCA) published a statement and direction clarifying how a market operator based in the European Economic Area (EEA) may make an application to become a recognized overseas investment exchange (ROIE), following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading

ESMA Releases Latest Double Volume Cap Data Under MiFID II

Posted in EU Developments, Financial Markets
On September 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 DVC public register was last updated in July (for further details, see the July 13 edition of Corporate & Financial… Continue Reading

ESMA Updates TTC Calculations for MiFID II/ MiFIR

Posted in Derivatives, EU Developments, Financial Markets
On August 6, the European Securities and Markets Authority (ESMA) published an updated version of the transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR). The TTC is a series of calculations in relation to equity and non-equity… Continue Reading

ESMA Publishes First Systematic Internalizer Calculations Data for Investment Firms Under MiFID II

Posted in EU Developments, Financial Markets
On August 1, the European Securities and Markets Authority (ESMA) published the first tranche of data for market participants to determine whether they are systematic internalizers (SIs) in equities, equity-like instruments and bonds under the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading

ESMA Releases Template to Determine Whether Investment Firms Are Systematic Internalizers

Posted in EU Developments, Financial Markets
On July 20, the European Securities and Markets Authority (ESMA) released a template (Template) to determine whether investment firms are systematic internalizers (SIs). Under the revised Markets in Financial Instruments Directive (MiFID II), an SI is an investment firm which, on an organized, frequent systematic and substantial basis, deals on its own account when executing… Continue Reading

EC Refers Spain and Slovenia to ECJ for Failure to Implement EU Directives

Posted in EU Developments, Financial Markets
On July 19, the European Commission (EC) issued a press release, announcing that it has referred Spain and Slovenia to the Court of Justice of the European Union (ECJ) for their failure to fully enact the revised Markets in Financial Instruments Directive (MiFID II) and certain MiFID II implementing legislation. The deadline for implementation by… 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

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

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