Anna Carrier (BE)

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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

Russian sanctions: European developments in the area of financial services

In the light of the ongoing Russian invasion of Ukraine, the European Union (EU) Member States adopted a series of new sanctions against Russia. Both the scope, complexity and the expedited pace of adoption of the new restrictive measures is unprecedented, which can make it challenging for financial and non-financial institutions to keep a track … Continue Reading

Commission proposes simpler rules to make settlement in EU financial markets safer and more efficient

On 16 March 2022, the European Commission published a draft Regulation that amends the Central Securities Depositories Regulation (CSDR). In addition, the Commission has published FAQs, an impact assessment and a summary impact assessment on its proposal. The draft Regulation is intended to improve: The passport regime by, for example, shortening the period to transmit … Continue Reading

ECON: Cryptocurrencies in the EU: new rules to boost benefits and curb threats

On 14 March 2022, the Committee on Economic and Monetary Affairs (ECON) published a press release on the European Parliament’s website regarding new rules on cryptocurrencies in the EU. The press release reports that members of European Parliament (MEPs) have agreed on draft rules concerning the supervision, consumer protection and environmental sustainability of cryptoassets, including … Continue Reading

On 11 March 2022, there was published a letter from Verena Ross (Chair of the European Securities and Markets Authority (ESMA)) to the President of the Economic and Financial Affairs Council (Council of the EU) and the Chair of the Committee on Economic and Monetary Affairs (European Parliament). The letter shares ESMA’s technical comments on … Continue Reading

Legislative review of the European crypto-assets “travel-rule” proposal continues

On 9 February 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) committees published their joint draft report  on the European Commission’s July 2021 proposal for a regulation on information accompanying transfers of funds and certain crypto-assets (the so called “travel rule” regulation). The draft report, prepared … Continue Reading

ESAs recommend further actions for digital finance, strengthening supervision of BigTech active in financial services

On 7 February 2022, the European Supervisory Authorities (ESAs), comprising of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), published their Joint Advice to the European Commission on Digital Finance. The joint advice was prepared in response to the European Commission’s (Commission) … Continue Reading

New briefing note – The 2022 EU and UK Financial Services Regulation and Policy Outlook for Market

We have published a new client briefing note, ‘The 2022 EU and UK Financial Services Regulation and Policy Outlook for Markets’. The note highlights the key themes in 2022 that EU and UK market participants should be aware of in the market infrastructure, trading and clearing space.… Continue Reading

ESMA statement on transfer of competencies and duties relating to certain data reporting services providers from NCAs to ESMA

On 14 December 2021, the European Securities and Markets Authority (ESMA) issued a statement clarifying the transfer of competences and duties relating to supervisory and enforcement activity in the field of certain data reporting services providers (DRSPs) from Member State competent authorities (NCAs) to ESMA. In the statement ESMA outlines the approach for DRSP supervision … Continue Reading

SRB 2022 work programme

On 26 November 2021, the Single Resolution Board (SRB) published it 2022 Annual Work Programme, setting out its objectives and priorities for 2022. The SRB is committed to making banks fully resolvable by the end of 2023. In 2022, the SRB will work on enforcing and operationalising the guiding principles in the SRB’s Expectations for … Continue Reading

10 things to know about the European Commission’s MiFIR Review Proposal

On 25 November 2021, the European Commission (the Commission) published its long-awaited legislative proposal for a review of the Markets in Financial Instruments Regulation (MiFIR Review Proposal). This note summarises ten key issues market participants should know about the proposed amendments to the MiFIR framework: Changes to the CTP regime As expected, the much-anticipated centrepiece … Continue Reading

Latest episode of the RT Plus Evolution and Divergence series – out now

The latest episode of the RT Plus podcast series on Evolution and Divergence – Markets in the EU and UK, is out now. In this third episode we look at potential changes to the bonds and derivatives regime in both the UK and Europe. With the Wholesale Markets Review currently underway in the UK and … Continue Reading

European Commission publish a banking package for 2021, implementing new EU rules to strengthen banks’ resilience and better prepare for the future

On 27 October 2021, the European Commission published a new banking package. Adopting a review of EU banking rules (the Capital Requirements Regulation and the Capital Requirements Directive). The new rules will ensure that EU banks become more resilient to potential future economic shocks, while helping towards Europe’s recovery from COVID-19 and the transition to … Continue Reading

Commission Implementing Regulations related to benchmark reform

On 22 October 2021, there was published in the Official Journal of the EU: Commission Implementing Regulation (EU) 2021/1848 of 21 October 2021 on the designation of a replacement for the benchmark Euro overnight index average Commission Implementing Regulation (EU) 2021/1847 of 14 October 2021 on the designation of a statutory replacement for certain settings … Continue Reading

Final Draft Regulatory Technical Standards on gross JTD amounts under Article 325w(8) of Regulation (EU) No 575/2013

On 22 October 2021, the European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) on gross jump-to-default (JTD) amounts and on residual risk add-on (RRAO). These final drafts provide specifications for implementing these two elements of the alternative standardised approach for market risk. Institutions using this approach are required to compute, on … Continue Reading
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