On 28 September 2020, the European Securities and Markets Authority announced that three central counterparties (CCPs) established in the UK – ICE Clear Europe Limited, LCH Limited, and LME Clear Limited – will be recognised as third country CCPs (TC-CCPs) eligible to provide their services in the EU, after the end
On 24 September 2020, the FCA updated its web page on ‘Key workers in financial services’. The web page reminds financial services firms that it remains important for them to continue to identify and monitor key workers to ensure that firms respond effectively in the event of further local or national lockdowns. The
The Securities and Futures Commission (SFC) has launched a three-month consultation on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines for licensed corporations (LCs) and associated entities (AEs).[1] The proposed amendments aim to align the AML/CTF guidelines with the Guidance for a
On 24 September 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper reviewing the reference data and transaction reporting obligations under the Markets in Financial Instruments Regulation (MiFIR).
The consultation paper covers the report to be delivered to the European Commission under Article 26(10) MiFIR which provides that:
The discussions on the European Commission proposal on the so-called “MiFID Quick Fix”, which also includes proposed amendments to the Prospectus Regulation and the Securitisation Regulation and corresponding changes to the Capital Requirements Regulation (CRR) are progressing.
Following an initial Council Working Group meeting on 3 September, EU Member States’
On 24 September 2020, the European Commission published its long-awaited Capital Markets Union (CMU) Action Plan. The CMU Action Plan serves as a list of policies the Commission would like to introduce over the upcoming years, together with a timeline for the adoption of concrete legislative proposals. The main objective of the CMU is
On 24 September 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on the functioning of the MiFIR obligation to report transactions and reference data. The following day, on 25 September 2020, ESMA launched another public consultation from the MiFID II / MiFIR review series, this time focussing on
Introduction
On 24 September 2020, the European Securities and Markets Authority (ESMA) published a review report of the Market Abuse Regulation (MAR). The report is the first in-depth review of the functioning of MAR since its implementation in 2016, and its recommendations will feed into the European Commission’s review of MAR.
On 23 September 2020, the European Commission published a report pursuant to Article 85 of the European Market Infrastructure Regulation (EMIR) that provides an analysis of the main issues identified by stakeholders around pension scheme arrangements’ (PSA) central clearing, as well as of the solutions explored so far. The PSA exemption
On September 23, 2020, the US Securities and Exchange Commission (SEC) adopted a Final Rule, effective 30 days after publication in the Federal Register, regarding various aspects of its whistleblower program (the Program). Two points are particularly noteworthy. First, the SEC “clarified” that it has the authority and discretion to adjust large awards.