On March 19, the Financial Conduct Authority (FCA) published a statement announcing that it is establishing temporary measures on RTS 27 reports on execution quality. Commission Delegated Regulation (EU) 2017/575 contains regulatory technical standards (RTS) specifying the content, format and periodicity of the data published by execution venues on the quality of execution of transactions. The FCA refers to these RTS as RTS 27.
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ESG: ESAs Consult on Draft RTS on Content and Presentation of Taxonomy-Related Sustainability Disclosures Under SFDR
Posted in EU Developments, Financial Markets
On March 17, the European Supervisory Authorities (ESAs) published a joint consultation paper on draft regulatory technical standards (RTS) regarding the content and presentation of sustainability disclosures under Articles 8(4), 9(6) and 11(5) of the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR).
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European Commission Publishes Delegated Regulations Under EMIR on Risk Mitigation and Clearing Obligation
On February 17, the European Commission (the Commission) published two Delegated Regulations amending the European Market Infrastructure Regulation (EMIR) Margin Regulatory Technical Standards (RTS) and the Clearing Obligation RTS (the Delegated Regulations).
The key amendments proposed by the Commission in the Margin RTS include:
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ESMA Publishes Final Report on EMIR RTS Clearing Obligation Regarding Intragroup Transactions and Novations From UK to EU Counterparties
Posted in EU Developments, Financial Markets
On November 23, the European Securities and Markets Authority (ESMA) published a final report on regulatory technical standards (RTS) on the risk mitigation techniques for OTC derivative contracts not cleared by central counterparties detailing bilateral margin requirements under the European Market Infrastructure Regulation (EMIR) (the Report).
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ESMA Publishes Consultation Paper on Draft RTS Relating to CCPs
Posted in EU Developments, Financial Markets
On October 19, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) concerning central counterparties (CCPs) under Regulation (EU) 2019/2099 (EMIR 2.2) (the Consultation Paper).
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MiFID II: ESMA Publishes Final Report on Third-Country Firm Regime
Posted in EU Developments, Financial Markets
On September 28, the European Securities and Markets Authority (ESMA) published its final report (Final Report), accompanied by draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the European Union (EU) by third-country firms under the Markets in Financial Instruments Directive (MiFID II) (600/2014) and the associated Markets in Financial Instruments Regulation (MiFIR).
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ESAs Notify the European Commission About the Outcome of the Review of the PRIIPS Key Information Document
Posted in EU Developments, Financial Markets
On July 21, the European Supervisory Authorities (ESAs) (consisting of the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA)) informed the European Commission in a letter of the outcome of the review conducted by the ESAs of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs).
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FCA Publishes SAR and STOR Guidance
Posted in Financial Markets, UK Developments
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.’
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ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives
On November 8, the European Securities and Markets Authority (ESMA) published a final report proposing new draft regulatory technical standards (RTS) contained in a draft Delegated Regulation that would amend the three European Commission Delegated Regulations on the clearing obligation under the European Markets and Infrastructure Regulation (EMIR).
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EU Publishes RTS Supplementing ELTIF Regulation
Posted in EU Developments, Financial Markets
On March 23, the Official Journal of the European Union published the European Commission Delegated Regulation 2018/480 (Delegated Regulation).
The Delegated Regulation sets out regulatory technical standards (RTS) on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds (ELTIFs), assessment criteria for the market for potential buyers and valuation of the assets to be divested, and the types and characteristics of the facilities available to retail investors.
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