On July 23, the Commodity Futures Trading Commission held an open meeting at which it approved an Amendment Order that (1) exempted 16 additional multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register as swap execution facilities (SEFs); and (2) clarified the application of the existing order to UK based MTFs and OTFs during the UK’s Brexit transition period.
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ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets
On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing regulation.
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CFTC Approves Exemption From SEF Registration Requirements for Multilateral Trading Facilities and Organized Trading Facilities Authorized Within the EU
By Kevin M. Foley & Timothy D. Nolan on
Posted in CFTC, Derivatives
On December 8, in response to a request by the European Commission (EC), the Commodity Futures Trading Commission issued an order exempting certain multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register with the CFTC as swap execution facilities (SEFs).
Continue Reading CFTC Approves Exemption From SEF Registration Requirements for Multilateral Trading Facilities and Organized Trading Facilities Authorized Within the EU
European Commission Implementing Decisions Recognizing Certain Third-Country Equities Markets Under MiFID II Published in OJ
By Nathaniel Lalone & Neil Robson on
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 the legal and supervisory framework in Australia applicable to financial markets in accordance with MiFID II.
- European Commission Implementing Decision ((EU) 2017/2319) on the equivalence of the legal and supervisory framework applicable to recognised exchange companies in Hong Kong Special Administrative Region in accordance with MiFID II.
- European Commission Implementing Decision ((EU) 2017/2320) on the equivalence of the legal and supervisory framework of the United States of America for national securities exchanges and alternative trading systems in accordance with MiFID II.
EU and CFTC Implement Mutual Recognition of Derivatives Trading Venues
As contemplated by announcements last month, the European Commission (EC) and the Commodity Futures Trading Commission (CFTC) took action this week to implement mutual recognition of derivatives trading venues in advance of the January 3, 2018 compliance date for the Markets in Financial Instruments Directive (MiFID II) requirement that the most liquid derivative instruments that are subject to mandatory clearing must be traded on regulated trading venues.
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ESMA Updates Q&As on MiFID II Transparency and Market Structure Topics
By Neil Robson on
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).
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