Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFIR

FCA Transaction Reporting Instrument Reference Data Errors and Omissions Form Now Available

Posted in EU Developments, Financial Markets, UK Developments
On January 11, the UK Financial Conduct Authority (FCA) updated its webpage on instrument reference data to make available a new instrument reference data errors and omissions form for trading venues or systematic internalizers (SIs) to complete if their instrument reference data is incomplete or inaccurate.… Continue Reading

ESMA Delays Publication of Data on Double Volume Cap Mechanism Under MiFID II

Posted in EU Developments, Financial Markets
On January 9, the European Securities and Markets Authority (ESMA) published a press release announcing that it has decided to delay the publication of data on the double volume cap (DVC) mechanism as required under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

European Commission Adopts Implementing Decision on the Equivalence of Swiss Stock Exchanges Under MiFID II

Posted in EU Developments
On December 21, 2017, the European Commission (EC) adopted an Implementing Decision  on the equivalence of the legal and supervisory framework applicable to Swiss stock exchanges in accordance with the revised Markets in Financial Instruments Directive (MiFID II). The Implementing Decision together with an Annex was then published in the Official Journal of the EU… Continue Reading

ESMA Publishes Final Report and Technical Advice on the Evaluation of Certain Elements of the Short Selling Regulation

Posted in EU Developments
On December 21, 2017, the European Securities and Markets Authority (ESMA) published a final report containing technical advice to the European Commission (EC) on the evaluation of certain elements of the Short Selling Regulation (SSR) that became effective on November 1, 2012.… Continue Reading

Three of Europe’s Biggest Exchange Groups are Granted Last-Minute Reprieve From MiFIR “Open Access” Rules for Exchange-Traded Derivatives

Posted in EU Developments
On January 2 and 3, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin) and the UK Financial Conduct Authority (FCA) granted, respectively, last-minute delays to Europe’s largest futures exchanges in implementing part of the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Amends Opinions on Post-Trade Transparency and Position Limits for Third-Country Trading Venues

Posted in EU Developments
On December 15, 2017, the European Securities and Markets Authority (ESMA) revised two opinions providing guidance to investment firms on their post-trade transparency (Transparency Opinion) and position limits (Limits Opinion) obligations under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) when they transact on third-country trading… Continue Reading

FCA Publishes Issue 55 of Market Watch Newsletter

Posted in Derivatives, Financial Markets, UK Developments
On December 12, the UK Financial Conduct Authority (FCA) published issue 55 of Market Watch, its newsletter on market conduct and transaction reporting issues. Similar to Issue 54 of Market Watch (reported in the Corporate & Financial Weekly Digest edition of November 10, 2017), Issue 55 contains articles of relevance to the implementation of the… Continue Reading

ESMA Provides Update on MiFID II Registers

Posted in EU Developments, Financial Markets
On December 8, the European Securities and Markets Authority (ESMA) published a press release confirming that it will provide updated registers in line with the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). On January 3, 2018, the effective date of MiFID II and MiFIR, ESMA will… Continue Reading

European Commission Implementing Decisions Recognizing Certain Third-Country Equities Markets Under MiFID II Published in OJ

Posted in EU Developments, Financial Markets
On December 14, the following decisions (Implementing Decisions) on the equivalence of the legal and supervisory frameworks of certain third countries, in accordance with Article 25(4)(a) of the revised Markets in Financial Instruments Directive (MiFID II), were published in the Official Journal of the EU (OJ): European Commission Implementing Decision ((EU) 2017/2318) on the equivalence of… Continue Reading

ESMA Publishes New/Updated Q&As on MiFID II, Commodity Derivatives, EMIR and MAR

Posted in EU Developments, Financial Markets
On December 14 and 15, the European Securities and Markets Authority (ESMA) published a number of new and updated question and answer documents (Q&As) relating to, among other things, the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As relate to the following topics: MiFID II… Continue Reading

ESMA Publishes Transitional Transparency Calculations for Equity and Bond Instruments

Posted in Derivatives, EU Developments, Financial Markets
On December 7, the European Securities and Markets Authority (ESMA) published transitional transparency calculations (TTC) for equity and bond instruments for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). MiFID II and MiFIR introduce transparency requirements for equities, bonds, structured finance products, emission… Continue Reading

ESMA Publishes Video and Slides on LEI Requirements Under MiFID II

Posted in EU Developments
On November 20, the European Securities and Markets Authority (ESMA) published a video and accompanying presentation slides that it used for a webinar on the legal entity identifier (LEI) requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

MiFIR and EMIR Indirect Clearing Regulatory Technical Standards Now Published

Posted in EU Developments
On November 21, the following Commission Delegated Regulations (Delegated Regulations) were published in the Official Journal of the European Union (OJEU): Delegated Regulation ((EU) 2017/2154) (MiFIR IC RTS), which supplements the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) with regard to regulatory technical standards (RTS) on indirect clearing arrangements); and Delegated Regulation ((EU) 2017/2155)… Continue Reading

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

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 Publishes Final Text of Mandatory Trading Obligation

Posted in EU Developments
On September 29, the European Securities and Markets Authority (ESMA) published the text of the final draft regulatory technical standards (TO RTS) for implementing the mandatory trading obligation under the Markets in Financial Instruments Regulation (MiFIR) for certain standardized over-the-counter (OTC) derivatives. Article 28 of MiFIR mandatory trade execution obligations affect OTC Derivatives that are… Continue Reading

MiFID II Implementing Legislation Published

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On June 22, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) were presented to Parliament. The Regulations transpose elements of the revised Markets in Financial Instruments Directive (MiFID II) and related Markets in Financial Instruments Regulation (MiFIR) into UK law. Member States of the European Union are required… Continue Reading

MiFID II Delegated Regulation and Implementing Technical Standards Published

Posted in EU Developments, Financial Markets
The revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) call for multiple implementing technical standards (ITS) and delegated regulations to provide legislative details not contained within the text of MiFID II and MiFIR. Several of these were recently published: On June 12, the European Commission (EC) adopted… Continue Reading