On December 30, 2020, HM Treasury (HMT) announced that the open access regime for exchange-traded derivatives (ETDs) introduced by the Markets in Financial Instruments Regulation (MiFIR) will continue to apply in the United Kingdom following the end of the transition period on December 31, 2020.
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FCA Publishes Statement on Use of TTP to Modify UK Derivatives Trading Obligation
Posted in Financial Markets, UK Developments
On December 31, 2020, the UK’s Financial Conduct Authority (FCA) published a statement on the use of temporary transitional power (TTP) to modify the UK’s derivatives trading obligation (DTO). The TTP will be implemented on December 31, 2020 at 11:00 p.m. UK time (the Statement).
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HM Treasury Call For Evidence on UK Overseas Framework and Overseas Persons Exclusion Post-Brexit
On December 15, the UK’s HM Treasury published a call for evidence on the UK framework for financial services firms based overseas that are seeking to conduct activities in the UK.
The purpose of the call for evidence is to obtain information about how the existing UK rules work in practice. HM Treasury intends to use this information to develop the UK’s regulatory framework following the end of the Brexit transition period.
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FCA Post-Brexit ‘Cutover Plan’ for Firms Transferring to FCA FIRDS and FITRS
Posted in Financial Markets, UK Developments
On December 4, the United Kingdom’s Financial Conduct Authority (FCA) published a press release announcing details of its ‘cutover plan’ for firms transferring to the FCA Financial Instruments Transparency System (FCA FITRS) and FCA Financial Instruments Reference Data System (FCA FIRDS) upon Brexit (the Press Release).
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FCA Publishes Draft Transitional Direction for Share Trading Obligation Under MiFIR
Posted in Financial Markets, UK Developments
On December 2, the UK’s Financial Conduct Authority (FCA) published a draft transitional direction alongside an explanatory note, for share trading obligation under the Markets in Financial Instruments Regulation (600/2014) (MiFIR) in preparation for the end of the Brexit transition period (the Direction).
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ESMA Publishes Statement Regarding Post-Brexit Impact on MiFIR Derivatives Trading Obligation
Posted in EU Developments, Financial Markets
On November 25, the European Securities and Markets Authority (ESMA) published a statement regarding the impact on the derivatives trading obligation (DTO) under Article 28 of the Markets in Financial Instruments Regulation (600/2014) (MiFIR) following the United Kingdom’s withdrawal from the European Union on December 31 (the Statement).
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ESMA Publishes Draft Guidelines on MiFIR and MiFID II Market Data Obligations
Posted in EU Developments, Financial Markets
On November 6, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on obligations regarding market data under the Markets in Financial Instruments Regulation (MiFIR) and Markets in Financial Instruments Directive (MiFID II) (the Consultation Paper).
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ESMA Updates Annex to Opinion Determining Third-Country Trading Venues Under MiFIR
Posted in EU Developments, Financial Markets
On November 6, the European Securities and Markets Authority (ESMA) updated its guidance on the Annex to its opinion determining transparency for third-country trading venues under the Markets in Financial Instruments Regulation (MiFIR) (the Guidance).
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ESMA Published Decision on MiFIR Assessments of Third-Country Trading Venues
Posted in EU Developments, Financial Markets
On November 9, the European Securities and Markets Authority (ESMA) published a decision of its board of supervisors (held on November 5) on the delegation to the ESMA chair of the assessment of third-country trading venues (TCTVs) under Articles 20 and 21 of the Markets in Financial Instruments Regulation (MiFIR) (the Decision).
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ESMA Adds UK Venues to Third-Country Trading Venues Under MiFIR and MiFID II
On October 27, the European Securities and Markets Authority (ESMA) published a press release announcing it had added UK venues to the list of third-country venues in respect of the opinions on post-trade transparency and position limits under Markets in Financial Instruments Regulation (MiFIR) and the revised Markets in Financial Instruments Directive (MiFID II) (the Press Release).
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