Anna Carrier (BE)

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ESMA updates Q&As on MiFID II and MiFIR commodity derivatives topics

On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on MiFID II and MiFIR commodity derivatives topics. The revised Q&As reflect mainly the amendments introduced by the Capital Markets Recovery Package, including those introduced by the entry into force of the latest technical standards and Commission Delegated Regulation (EU) 2021/1833 … Continue Reading

ESMA updates Q&As on the Market Abuse Regulation

On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on the Market Abuse Regulation. The following have been updated under the section concerning the disclosure of inside information: 5.11 Financial guidance and disclosure of inside information. 5.12 Market analysts’ expectations and the identification of inside information.… Continue Reading

Regulating crypto-assets in Europe: Practical guide to MiCA

We have published a new briefing note, Regulating crypto-assets in Europe: Practical guide to MiCA. The briefing note provides a high-level overview of some of the key requirements that the new legislation will impose upon issuers of crypto-assets and crypto-asset service providers and sets out some practical points for consideration for firms active in crypto-asset … Continue Reading

ESMA consults on draft RTS on business reorganisation plans

On 22 September 2022, the European Securities and Markets Authority (ESMA) published a consultation paper seeking views on proposed regulatory technical standards (RTS) for central counterparties’ (CCPs) business reorganisation plans. The proposed RTS are part of the CCP resolution regime under the Regulation on a framework for the recovery and resolution of CCPs (CCPRRR). Specifically, … Continue Reading

European Commission updates FAQs on asset freeze and prohibition to make funds and economic resources available

On 30 August 2022, the European Commission updated their FAQs on asset freeze and prohibition to make funds and economic resources available. The FAQs have been updated to include the following question and answer: Does a listing affect the status of a beneficial owner of a legal person ? EU sanctions are temporary measures that … Continue Reading

ESMA consults on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure

On 11 July 2022, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on standard forms, formats and templates to apply for permission to operate a distributed ledger technology (DLT) market infrastructure. Regulation No 858/2022 on a pilot regime for market infrastructures based on distributed ledger technology (DLTR) introduces three … Continue Reading

4th ESMA stress test exercise for CCPs

On 5 July 2022, the European Securities and Markets Authority (ESMA) published the results of its fourth stress test exercise of central counterparties (CCPs). The results confirm the overall resilience of EU CCPs, as well as third-country tier 2 CCPs, to credit, concentration and operational risks under the tested scenarios and implemented framework. However, the … Continue Reading

Political agreement on MiCA

On 30 June 2022, the Council Presidency and the European Parliament reached provisional agreement on the Regulation on markets in crypto-assets (MiCA). MiCA is part of a broader package of measures to boost digital finance in the EU. The package also includes: A regulation on digital operational resilience (DORA) was agreed in March. DLT pilot … Continue Reading

European Commission considers Euro-clearing overhaul

On 16 June 2022 the European Commission hosted a meeting of the Derivatives and Market Infrastructures Member States Working Group, which is an expert group composed of Member States’ representatives. The agenda for the meeting included consideration of possible legislative and non-legislative measures to be developed in the context of the European clearing strategy announced … Continue Reading

Council agrees its position on updated rules for hedge funds, private debt funds, and other alternative investment funds

On 25 November 2021, the European Commission proposed a number of legislative amendments to the Alternative Investment Funds Manager Directive (AIFMD), the UCITS Directive and the Regulation on European long term investment funds, namely the “AIFMD 2 Proposal”. The AIFMD Proposal aims to improve the integration of asset management markets in Europe, while modernising the … Continue Reading

Regulation Around the World – Beyond Sanctions

What have the financial services regulators been doing following the sanctions imposed on Russia? In the latest instalment of our Regulation Around the World series we cover some of the regulatory alerts that financial services regulators have issued in key jurisdictions. Our global updater focussing on the regulatory alerts is accompanied by further analysis in our … Continue Reading

European Commission consults on BMR third-country benchmarks regime

On 23 May 2022, the European Commission (Commission) launched a targeted consultation on the regime applicable to the use of benchmarks administered in a third country . The Commission takes note of the fact that the current regime for third-country benchmarks, as set out under the European Benchmark Regulation (BMR), is set to expire on … Continue Reading

Trilogue discussions on the proposed “travel rule” for crypto-assets continue

On 28 April 2022, a first political trilogue on the proposed regulation on information accompanying transfer of funds and certain crypto-assets  (Transfer of Funds Regulation) took place between the European Commission, the Council and the European Parliament. By way of background, the proposed legislation seeks to implement in European law the so called “travel rule” … Continue Reading

Commission adopts stronger consumer rules for online financial services

On 11 May 2022, the European Commission published a draft Directive that amends the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The press release mentions that the draft Directive provides for: Easier access to a 14-day withdrawal right for distance contracts for financial services. … Continue Reading

European Commission launches EU Digital Finance Platform

On 8 April 2022, the European Commission (the Commission) launched an EU Digital Finance Platform that is intended to bring together industry and European public authorities in a joint effort to continue building the Single Market in digital finance. The Platform provides for a Digital Finance Observatory including, among other functionalities, a European Fintech Map … Continue Reading

Russian sanctions: European Commission’s guidance

Following adoption of a series of trade and economic sanctions against Russia (see our earlier Beyond Sanctions publication), the European Commission (the Commission) continues to update dedicated industry guidance in a form of Frequently Asked Questions (FAQs). The FAQs are divided into five thematic sections: Horizontal Individual financial measures Finance and banking Trade and customs … Continue Reading

ECON publishes report on the proposal for a regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (recast)

On 1 April 2022, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report setting out its proposed amendments to the draft regulation on information accompanying transfers of funds and certain crypto-assets (recast). The Transfer of Funds Regulation (EU) 2015/847 was adopted to enhance the traceability of transfers funds by requiring payment … Continue Reading

Council of the EU: Proposal for a regulation on markets in crypto-assets – Three-column table to commence trilogues

On 1 April 2022, the Council of the EU published a three-column table to commence trilogues on the proposed Regulation on markets in crypto-assets (MiCA). The table shows the position adopted by the European Commission, European Parliament and the Council on MiCA.… Continue Reading

Council of the EU: Daisy Chain Regulation – Three-column table to commence trilogues

On 1 April 2022, the Council of the EU published a three-column table to commence trilogues on the proposed Regulation as regards the prudential treatment of global systemically important institution groups (G-SII groups) with multiple point of entry resolution strategy and a methodology for the indirect subscription of instruments eligible for meeting the minimum requirement … Continue Reading

Member States continue discussions on MiFIR review proposal, focus on consolidated tape

Legislative review of the European Commission’s MiFIR Review Proposal continues (see our earlier blog on the content of the proposal). On 2 March 2022, the French Presidency hosted a meeting of the Council Working Party on Financial Services, the agenda of which focused on proposed provisions for consolidated tape providers (CTP) and amendments to best … Continue Reading

ESMA makes recommendations for DRSP management bodies

On 29 March 2022, the European Securities and Markets Authority (ESMA) published a final report (dated 23 March 2022) containing draft regulatory technical standards (RTS) under Article 27f(5) of MiFIR for the assessment of the suitability of members of the management body of data reporting services providers (DRSPs). The ESMA also provides in the final … Continue Reading

ESMA proposes amendments on the review of transparency requirements under MiFIR

On 28 March 2022, the European Securities and Markets Authority (ESMA) published final reports that contained targeted amendments to Regulatory Technical Standards (RTS) 1 and 2 which specify the transparency requirements for equity and non-equity under the Markets in Financial Instruments Regulation (MiFIR). The final report on RTS 1 (equity transparency) includes revisions to: large … Continue Reading

EP report on proposed Regulation on markets in crypto-assets

On 23 March 2022, the European Parliament published the text (dated 17 March 2022) of the report adopted by its Economic and Monetary Affairs Committee on the European Commission’s legislative proposal for a Regulation on markets in crypto-assets (MiCA). On 23 November 2021, the Council of the EU announced that it had adopted its position … Continue Reading

Regulation Around the World focusing on horizon scanning – out now

What’s on the regulatory horizon for financial services firms? In the latest instalment of our Regulation Around the World series we focus on horizon scanning with members of our global financial services team exploring some of the key upcoming regulatory trends. Our global updater focussing on horizon scanning is accompanied by further analysis in our … Continue Reading
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