On 25 May 2018, the European Commission published the text and related annexes to a Commission Delegated Regulation supplementing the Regulation on improving securities settlement and regulating central securities depositories with regard to regulatory technical standards on settlement discipline.
The Delegated Regulation:
On 28 May 2018, the European Securities and Markets Authority (ESMA) issued final guidelines on anti-procyclicality margin measures for central counterparties (CCPs) under EMIR.
EMIR recognises that CCPs, Member State national competent authorities (NCAs) and ESMA should adopt measures to prevent and control possible procyclical effects arising from the risk-management practices adopted by CCPs. To
On 25 May 2018, the FCA updated its webpage on intra-group liquidity modifications. An intra-group liquidity modification is the regulator’s process for granting and maintaining modifications of the self-sufficiency requirement for UK ILAS BIPRU firms.
The webpage includes information on:
On 25 May 2018, the FCA published a document following its March 2018 transforming culture conference. The document summarises some of the themes that were reflected in the discussions in the conference. The ideas expressed do not represent the FCA’s views but provide some further perspectives on the issues covered in its earlier discussion
On 28 May 2018, the European Securities and Markets Authority (ESMA) published a final report on guidelines on certain aspects of the MiFID II suitability requirements. The final report summarises and analyses the responses to ESMA’s July 2017 consultation paper which contained a draft version of the guidelines.
The purpose of the guidelines is to
On 25 May 2018, the FCA published Handbook Notice 55. This Handbook Notice describes the changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 26 April and 24 May 2018. The relevant instruments are:
On 24 May 2018, the European Securities and Markets Authority updated its Q&As on the Benchmarks Regulation by adding a new answer on how prospectuses should include reference to the register of administrators and benchmarks.
On 25 May 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on MiFID II / MiFIR investor protection topics. The new or updated Q&As cover the topics of best execution, client categorisation, provision of investment services and activities by third country firms, and other issues.
On 28 May 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on the Short-Selling Regulation. ESMA has updated the section on uncovered short sales, specifically on easy-to-borrow list and locate arrangement.
On 25 May 2018, the Investment Association published an updated model discretionary investment management agreement in co-operation with Norton Rose Fulbright LLP. The model agreement is a template agreement relating to the appointment of a discretionary investment manager by a client that has been categorised by the manager as a professional client.