Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFID II

ESMA Updates Its Opinion on Ancillary Activity Calculations

Posted in EU Developments, Financial Markets
On May 27, the European Securities and Markets Authority (ESMA) published an updated opinion on the ancillary activities calculation under the revised Markets in Financial Instruments Directive (MiFID II). Article 2(1)(j) of MiFID II provides an exemption for persons dealing on their own account or providing investment services relating to commodity derivatives, provided that their… Continue Reading

ESMA Launches Call for Evidence on Position Limits in Commodity Derivatives Under MiFID II

Posted in EU Developments, Financial Markets
On May 24, the European Securities and Markets Authority (ESMA) published a call for evidence on position limits and position management in commodity derivatives. The call for evidence has been launched so that ESMA can provide advice to the European Commission for its report on the impact of position limits and position management on commodity… Continue Reading

CTI launches Templates for Disclosure of Costs and Charges to Institutional Investors

Posted in Financial Markets, UK Developments
On May 22, the UK Financial Conduct Authority (FCA) published a statement welcoming the launch by the Cost Transparency Initiative (CTI) of finalized and industry-ready templates for the standardized disclosure of costs and charges to institutional investors in the asset management sector.… Continue Reading

ESMA Publishes Final Reports on Technical Advice on Integrating Sustainability Risks and Factors in the UCITS Directive, AIFMD and MiFID II

Posted in EU Developments, Financial Markets
On May 3, the European Securities and Markets Association (ESMA) published final reports on technical advice to the European Commission (EC) on integrating sustainability risks and factors in the core EU asset management directives: the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive; the Alternative Investment Fund Managers Directive (AIFMD); and the revised… Continue Reading

FCA Publishes Market Watch Newsletter on Transaction Reporting Issues and Market Conduct

Posted in Financial Markets, UK Developments
On April 17, the UK Financial Conduct Authority (FCA) published issue 59 of its Market Watch newsletter. In this issue, the FCA details its findings on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the Market Abuse Regulation (MAR).… Continue Reading

ESMA Updates Q&As on MiFID II and MiFIR Commodity Derivatives

Posted in Derivatives, EU Developments, Financial Markets
On March 27, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As, were last updated on January 4, (as reported in the… Continue Reading

House of Lords Bribery Act 2010 Committee Publishes Post-Legislative Scrutiny

Posted in Financial Markets, UK Developments
On March 14, the House of Lords Select Committee (Select Committee) on the Bribery Act 2010 (Bribery Act) published its report, “Bribery Act 2010: post-legislative scrutiny,” to establish whether the Bribery Act is achieving its intended purposes. In its report, the Select Committee concludes that the Bribery Act is an excellent piece of legislation, creating offenses… Continue Reading

ESMA Announces Results of MiFID II Annual Calculations of LIS and SSTI Thresholds for Bonds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a press release announcing the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. ESMA’s publication had originally been planned for March 1, but was postponed as its IT systems required… 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 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

Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications

Posted in Brexit/UK Developments, Financial Markets, UK Developments
On January 24, the Bank of England updated its financial market infrastructure supervision websites with interim lists of entities and systems that will enter into the various temporary or transitional arrangements on exit day should the United Kingdom leave the European Union with no implementation period. The lists consist of: Third-country central counterparties (CCPs) that… Continue Reading

ESMA Updates MiFID II Transitional Transparency Calculations for Electricity Derivatives

Posted in Derivatives, EU Developments, Financial Markets
On January 22, the European Securities and Markets Authority (ESMA) published an updated version of its transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

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