On 21 December 2020, the European Securities and Markets Authority (ESMA) published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued under the Market Abuse Regulation (MAR) in 2019. The report shows that Member State national competent authorities (NCAs) and other authorities imposed a total of €88 million in
2020
Updated open letter on the withdrawal of the UK from the EU and implications on the registration of market participants and data collection under REMIT

On 21 December 2020, the EU Agency for the Cooperation of Energy Regulators updated its open letter of 8 January 2019 regarding data reporting under Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) following the end of the transition period. The purpose of the open letter is to give guidance to…
PRA Policy Statement 28/20: Bank Recovery and Resolution Directive II
On 21 December 2020, the PRA published Policy Statement 28/20: Bank Recovery and Resolution Directive II (PS28/20).
In PS28/20 the PRA provides feedback to the responses received on Consultation Paper 18/20: Bank Recovery and Resolution Directive II (CP18/20). It also contains the PRA’s final policy being amended:
- Contractual Recognition of Bail-in (CROB) Part of the
…
ESMA guidelines – Reporting under Articles 4 and 12 SFTR

On 21 December 2020, the European Securities and Markets Authority (ESMA) published guidelines concerning the securities financing transaction (SFT) reporting obligation as provided in Article 4 Securities Financing Transaction Regulation (SFTR), the trade repositories’ (TRs) obligations under Articles 5(7) and 12 SFTR, as well as the reporting start date as determined in Article 33(2) SFTR.…
FCA Policy Statement 20/17: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations


On 21 December 2020, the FCA published Policy Statement 20/17: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations (PS20/17).
In March 2020 the FCA issued Consultation Paper 20/3: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations (CP20/3) in which it set out proposals…
Merry Christmas and a Happy New Year to our readers
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material on the UK page following the festive period on 4 January 2021 although if there are any significant developments we will endeavour to provide
AFM and AMF call for a European regulation of ESG data, ratings, and related services

On 15 December 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the French Authority for Financial Markets (Autorité des marchés financiers, the AMF) published a position paper containing a call for a European Regulation for the provision of Environmental, Social and Governance (…
DNB calls on banks to be restrained about capital distributions

On 18 December 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates to follow the European Central Bank’s (ECB) recommendation of 15 December 2020, urging large banks subject to ECB supervision to be very restrained when it comes to making dividend…
ESMA publishes cloud outsourcing guidelines

On 18 December 2020, the European Securities and Markets Authority (ESMA) published a final report on guidelines on outsourcing to cloud service providers (CSPs). The purpose of the guidelines is to help firms identify, address and monitor the risks that may arise from their cloud outsourcing arrangements and to support convergent…
Commission Delegated Regulation (EU) 2020/2145 of 1 September 2020 amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the composition, functioning and management of colleges for central counterparties

On 18 December 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/2145 of 1 September 2020 amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the composition, functioning and management of colleges for central counterparties. The Delegated Regulation enters into force on the twentieth…