On June 3, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).
Continue Reading ESMA Updates MiFID II Q&As on Transparency Topics

On May 29, the European Securities and Markets Authority (ESMA) published a revised statement outlining its approach relating to the trading obligation for shares (TO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR), if the United Kingdom were to leave the European Union (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision made by the European Commission.
Continue Reading ESMA Updates Statement on the Impact of Brexit on the MiFIR Trading Obligation for Shares

On May 3, the European Securities and Markets Association (ESMA) published final reports on technical advice to the European Commission (EC) on integrating sustainability risks and factors in the core EU asset management directives:

  1. the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive;
  2. the Alternative Investment Fund Managers Directive (AIFMD); and
  3. the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).


Continue Reading ESMA Publishes Final Reports on Technical Advice on Integrating Sustainability Risks and Factors in the UCITS Directive, AIFMD and MiFID II

On April 1, the European Commission (EC) and the Monetary Authority of Singapore (MAS) published a joint media release announcing their concurrent adoption of equivalence decision for certain trading venues in the European Union and Singapore.
Continue Reading Regulators in Singapore and the EU Agree on Mutual Recognition for Derivatives Platforms

On March 27, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As, were last updated on January 4, (as reported in the January 11, 2019 edition of Corporate & Financial Weekly Digest).
Continue Reading ESMA Updates Q&As on MiFID II and MiFIR Commodity Derivatives

On March 21, the European Securities and Markets Authority (ESMA) updated its public register of derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).

ESMA’s update follows the authorization, on the same date, of additional trading venues where the classes of derivatives subject to the trading obligation

On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United Kingdom made by the European Commission.
Continue Reading ESMA Publishes Statement on the Impact on the MiFIR Trading Obligation for Shares; the FCA Responds

On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period.

The FCA states on a webpage related to the statements of policy that they outline how it will use its decision-making powers relating to the transparency regime in these circumstances. The FCA also notes that it will have a degree of flexibility during a four-year transitional period to allow it to build the systems needed as currently operated by the European Securities and Markets Authority and to change the regime if necessary to reflect a move from an EU-wide trading data set to one that is solely related to the United Kingdom.


Continue Reading FCA Publishes Statement on Operation of UK MiFIR Transparency Following No-Deal Brexit

On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without a withdrawal agreement (no-deal Brexit).
Continue Reading ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit

On March 1, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available the results of the annual transparency calculations for equity and equity-like instruments.

There are currently 1,344 liquid shares and 389 liquid equity-like instruments other than shares, subject to calculations relating to the transparency requirements in the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). ESMA’s annual transparency calculations are based on the data provided to the ESMA financial instruments transparency system (FITRS) by trading venues and arranged publication arrangements in relation to the 2018 calendar year.
Continue Reading ESMA Publishes Annual Transparency Calculations for 2019/20 Equity and Equity-Like Instruments