Official Journal of the European Union

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On December 13, as reported in the Corporate & Financial Weekly Digest edition for September 1, 2017, Delegated Regulation (EU) 2017/2294 amending Delegated Regulation (EU) 2017/565 as regards the specification of the definition of systematic internalizers for the purposes of the revised Markets in Financial Instruments Directive (Delegated Regulation), was published in the Official Journal…

On June 20, the European Commission (EC) published a consultation and draft amendment to Delegated Regulation (EU) 2017/565 (Delegated Regulation) supplementing the revised Markets in Financial Instruments Directive (MiFID II). The Delegated Regulation specifies, among other things, additional criteria to be considered in determining whether a firm is a systematic internalizer (SI) for the purposes of the SI definition in Article 4(1)(20) of MiFID II.
Continue Reading EC Launches Systematic Internalizer Amendment Consultation and Publishes Commodities Reporting ITS

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

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On March 13, the European Securities and Markets Authority (ESMA) published a new set of questions and answers (Q&As) relating to the Regulation on improving securities settlement and regulating central securities depositories (CSDs) (Regulation 909/2014) (CSDR).
Continue Reading ESMA Publishes New Q&As on the Central Securities Depositories Regulation

On December 1, the European Commission adopted two delegated regulations (together, Delegated Regulations) to supplement the revised Markets in Financial Instruments Directive. The Delegated Regulations adopted include:

  • regulation regarding the application of position limits to commodity derivatives, available here; and
  • regulation pertaining to the criteria for establishing when an activity is considered to be

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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 here;
  • Delegated Regulation (EU) 2016/2021 on access in respect of benchmarks, available here;
  • Delegated Regulation (EU) 2016/2022 on the information for registration of third-country firms and the format of information to be provided to clients, available here.

Continue Reading MiFIR Delegated Regulations Published in Official Journal of the EU

On August 22, the European Commission (Commission) adopted two further delegated regulations (Delegated Regulations) to supplement the amended and restated Markets in Financial Instruments Directive (MiFID II), and the Markets in Financial Instruments Regulation (MiFIR).
Continue Reading European Commission Adopts Further MiFID II and MiFIR Delegated Regulations

On July 19, the final text of an EU directive concerning measures for a high common level of security of network and information systems within the European Union (EU) (referred to as the Cybersecurity Directive) was published in the Official Journal of the EU.

As noted in our previous Corporate & Financial Weekly Digest edition of May 20, 2016, the Cybersecurity Directive establishes an EU-wide framework for operators of essential services (including banks and market infrastructure providers) and digital services providers (including online marketplaces, online search engines and cloud computing). Entities covered by the Cybersecurity Directive will be required, at a minimum, to implement organizational measures to prevent, minimize and manage threats to their security networks and information systems.
Continue Reading EU Cybersecurity Directive published in the Official Journal of the EU

On July 14, the European Commission (Commission) adopted several delegated regulations (Delegated Regulations) to supplement the amended and restated Markets in Financial Instruments Directive (MiFID II), and the Markets in Financial Instruments Regulation (MiFIR), respectively.
Continue Reading European Commission Adopts MiFID II and MiFIR Delegated Regulations