Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFID II

FCA Publishes Issue 54 of Market Watch Newsletter

Posted in Financial Markets, UK Developments
On November 8, the UK Financial Conduct Authority (FCA) published issue 54 of Market Watch, its newsletter on market conduct and transaction reporting issues. With the January 3, 2018 implementation date of the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) fast approaching, Market Watch contains articles relating… Continue Reading

ESMA Agrees to MiFID II Position Limits Proposed by FCA

Posted in Derivatives, EU Developments, Financial Markets
On October 24, the European Securities and Markets Authority (ESMA) published nine opinions on limits regarding commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The opinions follow the work plan agreed by ESMA and the national competent authorities of the European Union (NCAs),… Continue Reading

Three Developments Concerning EU-US Cross-Border Swaps

Posted in CFTC, Derivatives, Dodd-Frank Developments, EU Developments
On October 13, the Commodity Futures Trading Commission and the European Commission (EC) made three announcements that are significant for cross-border swap activity between the United States and Europe. CFTC Margin Rule Comparability Determination. The CFTC has made a determination that the margin rules for uncleared swaps that apply in the European Union are comparable to… Continue Reading

EU Begins Infringement Proceedings Against 19 Member States Failing to Implement MiFID II

Posted in EU Developments, Financial Markets
The European Commission has launched infringement proceedings against 19 member states of the European Union whom it states are failing in transposing the revised Markets in Financial Instruments Directive (MiFID II) into local law. MiFID II is due to go into effect on January 3, 2018, and the deadline for transposition into local law was… Continue Reading

ESMA Updates MiFID II Q&A on Commodity Derivatives

Posted in EU Developments
On October 4, the European Securities and Markets Authority (ESMA) updated a question and answer document (Q&A) relating to commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The updated Q&A contains new questions and answers relating to the following topics: position management controls… Continue Reading

ESMA Highlights Importance of LEI for MiFID II Compliance

Posted in EU Developments
On October 9, the European Securities and Markets Authority (ESMA) published a briefing (Briefing) on the importance of the legal entity identifier (LEI) in enabling firms to comply with their obligations under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), beginning January 3, 2018.… Continue Reading

ESMA Chairman Comments on MiFID II implementation and Brexit

Posted in EU Developments
On September 29, Reuters published comments from European Securities and Markets Authority (ESMA) Chairman Stephen Maijoor on the implementation of the significantly revised and updated Markets in Financial Instruments Directive (MiFID II and its subordinate regulations and directives) and the implications of Brexit.… Continue Reading

ESMA Translations of Guidelines on MiFID II Reporting, Recordkeeping and Clock Synchronization

Posted in EU Developments
On October 2, the European Securities and Markets Authority (ESMA) published the official, finalized versions of its Guidelines on transaction reporting, order recordkeeping and business clock synchronization under MiFID II—each translated into the official languages of the European Union. The finalized Guidelines appear on ESMA’s webpage in each of the official languages, with the English language… Continue Reading

ESMA Publishes Additional Guidance on Direct Electronic Access

Posted in EU Developments
On October 3, the European Securities and Markets Authority (ESMA) updated its questions and answers on market structures topics (Q&A) under the revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation. The updated ESMA Q&A addresses several open questions regarding the provision and receipt of direct electronic access… Continue Reading

Update on MiFID II ESMA Opinions for Pre-Trade Transparency Waivers and Position Limits

Posted in EU Developments
On September 28, the European Securities and Markets Authority (ESMA) issued a press release (Press Release) that it and the national competent authorities (NCAs) had agreed to a work plan (Work Plan) on completing the opinions that must be issued by ESMA under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) in… Continue Reading

FCA Publishes Market Watch Newsletter 53 on LEIs, Market Data and SIs under MiFID II

Posted in UK Developments
On September 18, the UK Financial Conduct Authority (FCA) published the latest edition (Number 53) of its periodic newsletter Market Watch. In it the FCA has included articles and guidance on the following: MiFID II Legal Entity Identifiers (LEIs): The FCA has reiterated its previous guidance that starting January 3, 2018 (when MiFID II comes… Continue Reading

New FCA Webpage on Updates to MiFID Notifications Obligations

Posted in UK Developments
On September 11, the UK Financial Conduct Authority (FCA) published a new webpage with an update on MiFID II notification requirements and procedures for certain MiFID-impacted firms in the UK—specifically systematic internalizers (SIs), providers of direct electronic access (DEA) to EU/EEA markets and algorithmic trading firms. The stated purpose of the webpage is to provide… Continue Reading

MiFID II Direct Electronic Access Template Questionnaire Published

Posted in EU Developments
The revised Markets in Financial Instruments Directive (MiFID II) imposes a new regulatory and compliance regime on providers of direct electronic access (DEA) to European trading venues. In particular, the relevant regulatory technical standards (RTS) require investment firms acting as DEA providers to undertake a due diligence review of their DEA clients to ensure that… Continue Reading

European Commission Adopts Delegated Regulation Mending MiFID II Systematic Internalizer Definition

Posted in EU Developments
On August 28, the European Commission (EC) published the text of an EC Delegated Regulation (SI Delegated Regulation), amending Delegated Regulation (EU) 2017/565 with respect to the specification of the definition of systematic internalizers (SI) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II).… Continue Reading

FCA Opens MiFID II Passporting Gateway

Posted in UK Developments
On July 31, the UK Financial Conduct Authority (FCA) began accepting applications for passport notifications under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

FCA Publishes Notification Guide for Firms Wanting To Rely on MiFID II Ancillary Activity Exemption

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On July 19, the UK Financial Conduct Authority (FCA) updated its webpage on the introduction of the commodity derivatives position limits and reporting regime under the revised Markets in Financial Instruments Directive (MiFID II). The FCA explains that, under the MiFID II Directive, firms or individuals who trade in commodity derivatives on a professional basis… Continue Reading

FCA Publishes MiFID II Passporting Forms

Posted in EU Developments, Financial Markets, UK Developments
On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading