ESMA updates technical reporting instructions on transaction reporting under MiFIR

The European Securities and Markets Authority (ESMA) has published an updated version of its technical reporting instructions relating to transaction reporting under MiFIR. The document describes the elements of the interface that shall be built between competent authorities (CA) and submitting entities in their member states that should be implemented in the same way by … Continue Reading

BVI publishes position on Euro clearing by systemically important third country CCPs

The German Investment Funds Association (BVI Bundesverband Investment und Asset Management e.V. – BVI) welcomes the European Commission’s proposal to enhance the supervisory arrangements for EU and third-country Central Counterparties (CCPs) in the interest of further market integration, financial stability and a level-playing field. In its statement, the BVI supports the proposal to enhance the … Continue Reading

German law transposing Insurance Distribution Directive (IDD) passed (in revised version) – final guidance on training requirements remains outstanding

The legislation transposing the IDD into German law has been passed (as resolved by the German Parliament on 28 June 2017 and by the Federal Council of Germany on 7 July 2017). One of many changes will be that the transposed IDD will be applicable to all insurance distributors (Versicherungsvertreiber), including insurers. In addition to … Continue Reading

Global Asset Management Quarterly – latest issue

The latest issue of Global Asset Management Quarterly is now available. EU / UK articles Quarterly update Cross-jurisdictional AIFMD guides 2017 FCA publishes asset management market study: not quite an earthquake but beware of the aftershocks The FCA approach to cyber-risk Legally speaking, can Article 50 be revoked? EU/UK Regulatory update Market trends – Luxembourg … Continue Reading

ESMA opinion on asset segregation and applying depositary delegation rules to CSDs

The European Securities and Markets Authority (ESMA) has published an opinion addressed to the European Parliament, the Council of the EU and the European Commission in which it sets out its views on: the optimal approach to asset segregation under the framework of both the Alternative Investment Fund Managers Directive (AIFMD) and the UCITS Directive; … Continue Reading

European Commission adopts Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

Article 28(5) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following the submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying the framework for cooperation and exchange of information between competent authorities … Continue Reading

New version of SEPA SCT Inst scheme interbank implementation guidelines

The European Payments Council has published version 1.1 of the Single Euro Payments Area instant credit transfer (SEPA SCT Inst) scheme interbank implementation guidelines. The objective of the guidelines is to define the rules to be applied to the interbank ISO 20022 XML message standards for the implementation of the SEPA SCT Inst as defined … Continue Reading

ESMA issues procedure and template for NCAs to report circuit breakers’ parameters

The second paragraph of Article 48(5) of MiFID II determines that trading venues shall report the parameters for halting trading and any material changes to those parameters to their national competent authority (NCA) in a consistent and comparable manner, and that the NCA shall in turn report them to ESMA. The guidelines on the calibration … Continue Reading

ESRB reports on financial stability implications of IFRS 9

The European Systemic Risk Board (ESRB) has published a report on the financial stability implications of the International Financial Reporting Standard 9 (IFRS 9). The report has been prepared following a request by the European Parliament. The report analyses two main aspects of IFRS 9 from a macro-prudential angle with a focus on banks: the … Continue Reading

FIA reports on MiFID II/ MiFIR compliance for US FCMs

The Futures Industry Association has published a compliance brief on the impact of MiFID II/MiFIR on US futures commissions merchants (FCMs). The brief focuses on compliance obligations for US FCMs and their non-EU clients when MiFID II/MiFIR take effect on January 3, 2018. The brief may also be instructive for other third-country firms, including principal … Continue Reading

EBA final draft RTS and ITS on authorisation of credit institutions under CRD IV

The European Banking Authority (EBA) has published draft regulatory technical standards (RTS) and draft implementing technical standards (ITS) pursuant to the mandates set out in Articles 8(2) and 8(3) of the Capital Requirements Directive IV. Specifically: the RTS set out the information to be provided in applications for the authorisation of credit institutions. The aim … Continue Reading

New MiFID II Academy webinar recording – update on conduct issues

Our latest MiFID II Academy webinar recording is now available here. The webinar provides an update on conduct issues.… Continue Reading

EBA report on results from second EBA impact assessment of IFRS 9

The European Banking Authority (EBA) has published a report setting out the results from its second impact assessment of International Financial Reporting Standard 9 (IFRS 9). In summary, the report shows: on the qualitative side, banks have made further progress on the implementation of IFRS 9 but smaller banks are still lagging behind in their … Continue Reading

EBA consults on draft guidance on uniform disclosure of IFRS9 transitional arrangements

On 31 May 2017, the European Commission adopted a proposal for a Regulation amending the Capital Requirements Regulation (CRR) as regards the transitional period for mitigating the impact on own funds of the introduction of International Financial Reporting Standard 9 (IFRS 9) and the large exposures treatment of certain public sector exposures denominated in non-domestic … Continue Reading

ESMA consults on certain aspects of the MiFID II suitability requirements

The European Securities and Markets Authority (ESMA) has published a consultation paper containing draft guidelines on certain aspects of the suitability requirements under MiFID II. The purpose of the draft guidelines is to enhance clarity and foster convergence in the implementation of certain aspects of the MiFID II suitability requirements, replacing the existing ESMA guidelines … Continue Reading

ESMA publishes new Q&A on alternative performance measures guidelines

The European Securities and Markets Authority (ESMA) has published four new questions and answers in its Q&As on the implementation of the guidelines on alternative performance measures (APMs) for listed issuers. The new questions and answers provide information on: the definition of APMs in the context of interim financial statements; the prominence of APMs, i.e. … Continue Reading

ESMA reviews the application of IFRS 13 – fair value measurement requirements

The European Securities and Markets Authority (ESMA) has published a report that provides an overview of the application of the fair value measurement and disclosure requirements provided for by IFRS 13 Fair Value Measurement as applied by European issuers with the objective of assessing their level of compliance and comparability. The overview builds on a … Continue Reading

European Commission roadmap towards new methodology for EU assessment of high-risk third countries under 4MLD

The Council of the EU has published a cover note to which a letter is attached from Commissioner Vera Jourova, to the Presidency of the Council of the EU, concerning the assessment of high-risk third countries under the Fourth Money Laundering Directive (4MLD). The annex to the letter contains a roadmap entitled Towards a new … Continue Reading

SRB Annual Report 2016

The Single Resolution Board (SRB) has published its 2016 Annual Report. The Annual Report outlines the SRB’s main achievements from 1 January 2016 to 31 December 2016. The SRB’s main achievements in this period include: in terms of resolution planning, the SRB assumed its full resolution power covering 141 banks and drafting and adopting 92 … Continue Reading

Credit Linked Notes: BaFin extends monitoring period

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin)  has announced an extension to the monitoring period with respect to the distribution, issuance and marketing of credit linked notes (formerly known as “Bonitätsanleihen”, now called “bonitätsabhängige Schuldverschreibungen”) to retail clients until the end of September 2017 (view BaFin statement). In order to avoid … Continue Reading

Official language versions of three sets of EBA guidelines on bail-in under the BRRD

The European Banking Authority (EBA) has published the official EU language versions of the following guidelines under the Bank Recovery and Resolution Directive (BRRD): guidelines on the rate of conversion of debt to equity in bail-in. These guidelines clarify when and how different conversion rates from debt to equity should be set for different types … Continue Reading

EBA data on EU deposit guarantee schemes

The European Banking Authority (EBA) has published data relating to two key concepts in the Deposit Guarantee Schemes Directive (DGDS): available financial means, and covered deposits. The data provides an overview of the level of pre-funded resources available to each DGS in the EU to cover its potential liabilities to depositors. View EBA data on … Continue Reading

ESMA issues final standards for publication of derivatives data

The European Securities and Markets Authority (ESMA) has published a final report containing draft technical standards on data to be made publicly available by trade repositories under Article 81 of the European Market Infrastructure Regulation (EMIR). Article 81 of EMIR requires ESMA to develop draft regulatory technical standards (RTS) specifying the frequency and the details … Continue Reading