On April 1, and following a recent consultation, the European Securities Markets Authority (ESMA) published a review report on position limits under MiFID II (the Review Report) and a report on technical advice on weekly position reporting (the Technical Advice Report).
Continue Reading ESMA Publishes a Review Report on Position Limits and Management under MiFID II

On March 20, the European Securities and Markets Authority (ESMA) issued a statement to clarify how credit institutions and investment firms can handle the issue of recording telephone conversations under the revised Markets in Financial Instruments Directive (MiFID II) during the continuing COVID-19 pandemic (the Statement).
Continue Reading ESMA Publishes Statement on MiFID II Telephone Conversation Requirements During the COVID-19 Pandemic

On February 28, the European Securities and Markets Authority (ESMA) published the annual transparency calculations for equity and equity-like instruments. This information is published for the purposes of the MiFID II/MiFIR transparency requirements, in particular:
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On January 31, the European Securities and Markets Authority (ESMA) published a consultation paper (the CP) containing draft technical standards on the reporting requirements for third-country firms who provide investment services and activities in the European Union (EU) under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR).
Continue Reading ESMA Consults on Third-Country Reporting Under MiFID II and MiFIR

On February 17, the European Commission (EC) launched a public consultation on the review of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR) regulatory framework (together, the Framework).

The EC’s consultation is divided into three sections. In the first section, the EC aims to gather views and feedback from all stakeholders on the experience of the first two years of the Framework. In particular, the EC asks whether “a targeted review . . . with an ambitious timeline would be appropriate to address the most urgent shortcomings.” The EC asks stakeholders to rank their satisfaction with the Framework, and to indicate whether they believe the Framework has succeeded in its objectives.
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On January 20, the Financial Conduct Authority (FCA) published a letter to the CEOs of asset management firms to outline their view of the key risks of harm to the customers or markets in which they operate (the Letter). The FCA defines asset management firms as firms that predominately manage mainstream investment vehicles, excluding wealth managers and financial advisers.
Continue Reading FCA Publishes Dear CEO Letter for UK Asset Management Firms

On January 20, the European Forum of Securities Associations (EFSA) published a letter to the European Commission (the Commission) outlining the changes they would like to see to the Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) (together, MiFID 2/R). This is in anticipation of the Commission’s review of MiFID 2/R in July 2020.
Continue Reading EFSA Comments on MiFID II Recalibration

On November 4, the US Securities and Exchange Commission extended their October 26, 2017 “no-action” letter in relation to the research provisions in the Markets in Financial Instruments Directive II (MiFID II), so that it expires on July 3, 2023 rather than on July 3, 2020.


Continue Reading FCA Supports SEC “No Action” Extension for MiFID II