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).
Continue Reading ESAs Notify the European Commission About the Outcome of the Review of the PRIIPS Key Information Document

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 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).
Continue Reading ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives

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.
Continue Reading EU Publishes RTS Supplementing ELTIF Regulation

On July 20, the European Securities and Markets Authority (ESMA) published an updated version of its technical reporting instructions relating to transaction reporting under the Markets in Financial Instruments Regulation (MiFIR).
Continue Reading ESMA Updates Technical Reporting Instructions on MiFIR Transaction Reporting

On October 4, the European Commission (EC) adopted a delegated regulation (Delegated Regulation) containing regulatory technical standards (RTS) on risk mitigation techniques for uncleared over-the-counter derivatives, made under the European Market Infrastructure Regulation (EMIR).
Continue Reading European Commission Adopts Delegated Regulation on Risk Mitigation Techniques Under EMIR

On August 2, the EU Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) published an addendum (Addendum) to draft regulatory technical standards (draft RTS) on margin requirements for uncleared over-the-counter derivatives, made under the European Market Infrastructure Regulation (EMIR). The Addendum clarifies Articles 34 and 36 of the draft RTS (which relate to application timing) and inserts a missing formula into Annex III of the draft RTS. DG FISMA notes in the Addendum that the European Commission (EC) intended for the “first wave of initial margin requirements” to apply one month after the draft RTS goes into effect. DG FISMA, however, felt that this intention was unclear in the draft RTS and that the amendments set out in the Addendum are necessary.
Continue Reading European Commission Publishes Addendum to Draft RTS on Margin Requirements for Uncleared OTC Derivatives Under EMIR