On January 31, the European Securities and Markets Authority (ESMA) published a consultation paper (the CP) containing draft technical standards on the reporting requirements for third-country firms who provide investment services and activities in the European Union (EU) under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR).
Continue Reading ESMA Consults on Third-Country Reporting Under MiFID II and MiFIR

On October 18, the Financial Conduct Authority (FCA) published a letter giving guidance on the distinction between suspicious activity reports (SARs) and suspicious transaction and order reports (STORs). The letter was sent in response to a request by UK Finance, a trade association, following a meeting of the ‘SARs Collaboration Working Group.’
Continue Reading FCA Publishes SAR and STOR Guidance

On March 19, the European Securities and Markets Authority (ESMA) published a press release announcing the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. ESMA’s publication had originally been planned for March 1, but was postponed as its IT systems required more time than anticipated to complete the calculations, as reported in the Corporate & Financial Weekly Digest edition of March 8, 2019.
Continue Reading ESMA Announces Results of MiFID II Annual Calculations of LIS and SSTI Thresholds for Bonds

On January 31, the European Securities and Markets Authority (ESMA) published a statement addressing issues on the forthcoming implementation of the European Market Infrastructure Regulation Regulatory Fitness and Performance program (EMIR REFIT), relating to clearing and trading obligations for small financial counterparties. ESMA’s statement also addresses the requirements for reporting of derivatives that were outstanding on or after August 16, 2012, and terminated before the EMIR reporting start date of February 12, 2014, which is a process commonly referred to as “backloading.”
Continue Reading ESMA Publishes Statement on Clearing and Trading Obligations for Small Financial Counterparties

On November 8, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on draft joint guidelines on cooperation and information exchange between national competent authorities (NCAs) supervision credit and financial institutions for the purposes of the Fourth Money Laundering Directive (MLD4)
Continue Reading ESAs Publish Consultation Paper Relating to MLD4

On October 1, the European Securities and Markets Authority (ESMA) published an updated version of its sets of question and answer documents (Q&As) on the Market Abuse Regulation (MAR). ESMA has added three new questions and answers relating to the delay of the disclosure of inside information by a credit or financial institution to preserve financial stability under Article 17(5) of MAR:

Continue Reading ESMA Updates Q&As Relating to the Market Abuse Regulation

On August 10, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published its draft report on the European Commission’s March 2018 proposal for a regulation on European crowdfunding service providers (CSPs).

The draft report contains a draft European Parliament legislative resolution, the text of which sets out suggested amendments to the European Commission’s proposal. It also contains an explanatory statement in which the rapporteur, Ashley Fox, summarizes the changes he considers would improve it.
Continue Reading ECON Publishes Draft Report on Proposed Regulation on European Crowdfunding Service Providers

On May 15, the European Securities and Markets Authority (ESMA) published an opinion on position limits proposed by the UK Financial Conduct Authority (FCA) in respect of ICE Low Sulphur Gasoil 1st Line Future and Option contracts. ESMA found that the contracts are consistent with the objectives established in the revised Markets in Financial Instruments Directive (MiFID II) and with the methodology developed for setting those limits. The opinion also concerns certain balance of the month, or “Balmo” contracts, which share contract specifications with the monthly contract and are priced according to the same underlying objectives.
Continue Reading ESMA Publishes Opinion on Position Limits on ICE Low Sulphur Gasoil 1st Line Contracts