December 2018

On 17 December 2018, the European Commission published a draft Delegated Regulation supplementing the Transparency Directive (as amended) with regard to regulatory technical standards on the specification of a single electronic reporting format. The draft Delegated Regulation specifies the single electronic reporting format, as referred to in Article 4(7) of the Transparency Directive (as amended),…

On 17 December 2018, the European Commission issued a press release stating that it is proposing to extend for six months its decision to recognise trading venues in Switzerland as eligible for compliance with the trading obligation for shares set out in MiFID II and MiFIR. The Commission is currently consulting Member States on the…

On 17 December 2018, the European Payments Council published the following implementation guidelines relating to the Single Euro Payments Area (SEPA) direct debit (SDD) core rulebook and the SDD business-to-business (B2B) rulebook:

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On 17 December 2018, the European Central Bank (ECB) published guidance on a white team’s roles and responsibilities in a TIBER-EU test.

The Threat Intelligence-based Ethical Red Testing (TIBER-EU) Framework enables European and national authorities to work with financial infrastructures and institutions to put in place a programme to test and improve their resilience against…

On 17 December 2018, the European Banking Authority (EBA) published final guidelines on disclosure of non- performing and forborne exposures. The aims of the guidelines are to ensure the provision of meaningful information to market participants on credit institutions’ asset quality and to gain a better insight into the distribution and level of collateralisation of…

Subject to certain conditions set out in the AIFM- and UCITS-Directives, as transposed into domestic law, German fund management companies may outsource tasks to service providers. Such outsourcing is particularly relevant for the popular business model of the so-called “Master-KVG”-structure in Germany: Fully compliant with the prohibition of a letter box, the German fund management…

Earlier this year, the Indian Parliament enacted the Prevention of Corruption Act (Amendment) Act 2018 (the Act) in July, effecting a raft of changes to the Prevention of Corruption Act 1988 (PCA). Those set out below are worthy of particular note for businesses operating in India.

  1. It is now an offence for any person to

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On 17 December 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a news item on the outcome of its periodical investigation into investment firms and their compliance with the Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en…