Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: MiFIR

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

ESMA Updates MiFID II Q&A on Investor Protection

Posted in EU Developments, Financial Markets
On June 6, the European Securities and Markets Authority (ESMA) updated its question and answer document (Q&A) relating to investor protection 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: information on costs… Continue Reading

ESMA Publishes Opinion on the Meaning of Traded on a Trading Venue

Posted in Derivatives, EU Developments, Financial Markets
On May 22, the European Securities and Markets Authority (ESMA) published an opinion regarding the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The opinion clarifies the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under… Continue Reading

ESMA Updates MiFID II Q&As on Market Structures, Commodity Derivatives and Transparency

Posted in EU Developments, Financial Markets
On April 5, the European Securities and Markets Authority (ESMA) announced that it had published four new questions and answers (Q&A) providing guidance on implementation of the revised Market in Financial Instruments Directive (MiFID II) and Market in Financial Instruments Directive Regulation (MiFIR).… Continue Reading

ESMA Publishes Letter to the European Commission on Potential Exploitation of MiFID II Systematic Internalizer Regime

Posted in EU Developments, Financial Markets
On February 14, the European Securities and Markets Authority (ESMA) published a letter (Letter), dated February 1, to the European Commission (EC) in relation to the systematic internalizer (SI) regime under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Updates Q&As on MiFID II Transparency and Market Structure Topics

Posted in EU Developments, Financial Markets
On January 31, the European Securities and Markets Authority (ESMA) updated two Question and Answer (Q&A) documents on implementation issues relating to transparency and market structure under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

ESMA Publishes Briefing on MiFID II Technical Data Reporting Requirements

Posted in EU Developments, Financial Markets
On January 13, the European Securities and Markets Authority (ESMA) published a briefing paper (Briefing Paper) summarizing technical data reporting requirements under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading

MiFIR Delegated Regulations Published in Official Journal of the EU

Posted in Derivatives, EU Developments, Financial Markets
On November 21, 2016, three delegated regulations (together, Delegated Regulations) made under the Markets in Financial Instruments Regulation were published in the Official Journal of the EU. The Delegated Regulations are: Delegated Regulation (EU) 2016/2020 on the criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation, available… Continue Reading

ESMA Publishes Final Guidelines on the Implementation of MiFID II Transaction Reporting

Posted in EU Developments, Financial Markets, UK Developments
On October 10, the European Securities and Markets Authority (ESMA) published final guidelines (Guidelines) on transaction reporting, order record keeping and clock synchronization under the amended and restated Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Guidelines follow a consultation paper published by ESMA in December 2015.… Continue Reading

ESMA Publishes Q&As on Transparency Under MiFID II and MiFIR

Posted in EU Developments, Financial Markets
On October 3, the European Securities and Markets Authority (ESMA) published new questions and answers (Q&A) on transparency obligations under the amended and restated Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation (MiFIR). The new Q&A currently contains four questions on the double volume cap mechanism under MiFIR, and will be… Continue Reading