Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFIR

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

CFTC Issues No-Action Relief Regarding FCM’s Deposit of Customer-Owned Securities

Posted in CFTC
On October 31, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued Letter No. 18-26 to provide continuing relief to a futures commission merchant (FCM) from certain requirements regarding the holding of customer-owned securities as margin for trading on foreign futures and foreign options markets. This letter supersedes… 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 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 Updates Q&As Relating to EMIR and MiFIR

Posted in Derivatives, EU Developments, Financial Markets
On September 26, the European Securities and Markets Authority (ESMA) published updates to two of its sets of question and answer documents (Q&As): (1) Q&As relating to the implementation of the European Market Infrastructure Regulation (EMIR); and (2) those relating to data reporting under the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

European Commission Publishes Communication on Proposed ESMA Amendments to MiFIR RTS

Posted in EU Developments, Financial Markets
On September 3, the European Commission (EC) published a communication, dated August 10, in response to a proposal from the European Securities and Markets Authority (ESMA) regarding amendments to Delegated Regulation 2017/587, which sets out regulatory technical standards on transparency requirements for trading venues and investment firms regarding financial instruments (RTS 1), supplementing the Markets… 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

MiFID II/MiFIR Q&As Updated and Guidelines Published on MiFID II Suitability Requirements

Posted in EU Developments, Financial Markets
The European Securities and Markets Authority (ESMA) recently updated its questions and answers on the following topics: On May 29, the revised Markets in Financial Instruments Directive (MiFID II) Q&As on transparency and market structures topics (available here and here, respectively one for transparency and one for market structures). Among other things, ESMA clarifies how… Continue Reading

MiFID II/MiFIR Q&A Updates Concerning Best Execution and Client Categorization

Posted in EU Developments, Financial Markets
On May 25, the European Securities and Markets Authority (ESMA) updated its questions and answers on the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) investor protection and intermediaries topics, with nine new or updated Q&As.… Continue Reading

ESMA Publishes First Liquidity Assessment for Bonds Subject to MiFID II Transparency Requirements

Posted in EU Developments, Financial Markets
On May 2, the European Securities and Markets Authority (ESMA) published its first liquidity assessment for bonds that are subject to the pre- and post-trade requirements of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation.… Continue Reading

ESMA Publishes Updated Double Volume Cap Public Register

Posted in EU Developments
On April 10, the European Securities and Markets Authority (ESMA) published updated results of the double volume cap (DVC) mechanism on its website—for the period of March 1, 2017 to February 28, 2018, and for already published DVCs. The DVC mechanism is set out in the Markets in Financial Instruments Regulation (MiFIR) and is designed… Continue Reading

ESMA Updates MiFID II Q&As on Investor Protection

Posted in EU Developments, Financial Markets
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As relating to investor protection under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As include updated existing questions and answers relating to inducements, information on costs and charges, and post-sale reporting. The… Continue Reading

ESMA Updates Q&As on Market Abuse Regulation

Posted in EU Developments, Financial Markets
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on December 14, 2017, as reported in the Corporate & Financial Weekly Digest edition of December 15, 2017. The updated Q&As now consider the disclosure of inside information related to the… Continue Reading

ESMA Publishes List of Trading Venues and CCPs Benefitting From a Transitional Exemption From the Access Provisions of MiFIR

Posted in EU Developments, Financial Markets
On March 26, the European Securities and Markets Authority (ESMA) published a list of the trading venues and central counterparties (CCPs) benefitting from a temporary exemption from the access provisions set out in Articles 35 and 36 of the Markets in Financial Instruments Regulation (MiFIR). CCPs and trading venues had until January 3 to apply… Continue Reading

ESMA Clarifies Quoting Obligations Under MiFIR for Systematic Internalizers

Posted in EU Developments, Financial Markets
On March 26, the European Securities and Markets Authority (ESMA) published its final report on proposed amendments to the regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments. The report included amendments regarding transaction execution obligations in respect… Continue Reading

ESMA Publishes Trading Volumes and Calculations Regarding the Double Volume Cap Under MiFID II

Posted in EU Developments
On March 7, the European Securities and Markets Authority (ESMA) published trading volumes and calculations regarding the double volume cap (DVC) under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

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