On January 11, the UK Financial Conduct Authority (FCA) updated its webpage on instrument reference data to make available a new instrument reference data errors and omissions form for trading venues or systematic internalizers (SIs) to complete if their instrument reference data is incomplete or inaccurate.
Continue Reading FCA Transaction Reporting Instrument Reference Data Errors and Omissions Form Now Available
systematic internalizer
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.
Delegated Regulation Amending MiFID II Definition of Systematic Internalizer Published in OJ
By Nathaniel Lalone & Neil Robson on
Posted in EU Developments, Financial Markets
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…
FCA Publishes Market Watch Newsletter 53 on LEIs, Market Data and SIs under MiFID II
By Neil Robson on
Posted in UK Developments
On September 18, the UK Financial Conduct Authority (FCA) published the latest edition (Number 53) of its periodic newsletter Market Watch. In it the FCA has included articles and guidance on the following:
MiFID II Legal Entity Identifiers (LEIs): The FCA has reiterated its previous guidance that starting January 3, 2018 (when MiFID II comes into full effect across the European Union and European Economic Area), all firms subject to MiFID II transaction reporting obligations must have an LEI, as must all eligible clients of these firms. The eligibility criteria include those ‘persons’ that are a legal entity or structure, including a company, charity or trust. The FCA reminds firms that there is a requirement to renew their LEIs annually.
Continue Reading FCA Publishes Market Watch Newsletter 53 on LEIs, Market Data and SIs under MiFID II
New FCA Webpage on Updates to MiFID Notifications Obligations
By Neil Robson on
Posted in UK Developments
On September 11, the UK Financial Conduct Authority (FCA) published a new webpage with an update on MiFID II notification requirements and procedures for certain MiFID-impacted firms in the UK—specifically systematic internalizers (SIs), providers of direct electronic access (DEA) to EU/EEA markets and algorithmic trading firms.
The stated purpose of the webpage is to provide such firms with a summary of updates concerning MiFID II notifications that the FCA has made since January 2017, when the FCA published its MiFID II application and notification user guide.
Continue Reading New FCA Webpage on Updates to MiFID Notifications Obligations
EC Launches Systematic Internalizer Amendment Consultation and Publishes Commodities Reporting ITS
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
ESMA Publishes Letter to the European Commission on Potential Exploitation of MiFID II Systematic Internalizer Regime
By Neil Robson on
Posted in EU Developments, Financial Markets
On February 14, the European Securities and Markets Authority (ESMA) published a letter (Letter), dated February 1, to the European Commission (EC) in relation to the systematic internalizer (SI) regime under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).
Continue Reading ESMA Publishes Letter to the European Commission on Potential Exploitation of MiFID II Systematic Internalizer Regime
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).
Continue Reading ESMA Updates Q&As on MiFID II Transparency and Market Structure Topics