June 2017

The European Securities and Markets Authority (ESMA) has published final guidelines on trading halts under MiFID II. The guidelines clarify the provisions of Article 48(5) of MiFID II. They are not restricted to a specific type of circuit breaker and apply indistinctly to all mechanisms that trading venues could potentially set in place in accordance with Article 48(5) of MiFID II.

Payment service providers and electronic money issuers with a head office in an EU Member State can operate establishments in other, host, Member States. Such establishments have to comply with the anti-money laundering and countering the financing of terrorism (AML / CFT) regime of the Member State in which they are based, even if they are not obliged entities themselves.

The European Supervisory Authorities have published final guidelines that set out factors that firms should consider when assessing the money laundering and terrorist financing (ML / TF) risk associated with a business relationship or occasional transaction. They also set out how firms should adjust the extent of their customer due diligence measures in a way that is commensurate to the ML / TF risk they have identified.