In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin and Anna Carrier discuss ESMA’s recent opinion on the trading venue perimeter and compare it to the FCA’s proposals in CP22/18.… Continue Reading
On 6 February 2023 the three European Supervisory Authorities (ESAs) held a joint public hearing on the implementation of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“Digital Operational Resilience Act” or DORA). As per a follow up press release, the event – held online – gathered over 2,000 representatives from credit … Continue Reading
On 2 February 2023, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion on the Trading Venue Perimeter. Publication of the opinion follows a public consultation that ESMA held early last year, and stems from ESMA’s commitment to provide guidance on the definition of multilateral systems and, specifically, when systems should be considered … Continue Reading
On 23 January 2023, the European Securities and Markets Authority (ESMA) published a letter that it had sent to Mairead McGuinness, Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union regarding the newly established market correction mechanism (MCM) that it is required to report on under Article 8 of Council Regulation 2022/2578. … Continue Reading
In our new podcast series, Split the difference, which explores divergence between the EU and UK regimes in the markets space, Jonathan Herbst, Hannah Meakin, Anna Carrier and Floortje Nagelkerke provide an overview of what we should be expecting and hoping to see in 2023.… Continue Reading
On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) entered into force. As DORA is new and complex EU legislation we have published a new briefing note, Digital Operational Resilience for the Financial Sector (DORA): 10 things to know.… Continue Reading
A new reporting obligation was introduced for LNG market participants through (EU) Council Regulation (EU) 2022/2576 of 19 December 2022 on enhancing solidarity through better co-ordination of gas purchases, reliable price benchmarks and exchanges of gas across borders (the Regulation). This obligation will be applicable starting on 13 January 2023. Background The Regulation was introduced … Continue Reading
On 4 January 2023 the European Banking Authority (EBA) published a letter from the European Commission (“the Commission”) to the European Supervisory Authorities (ESAs) requesting advice on designation criteria and fees for the oversight framework for critical third-party service providers set out under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). … Continue Reading
On 4 January 2023, the European Commission published a letter it had sent to the European Banking Authority (EBA) being a provisional request for technical advice on certain delegated acts that the Commission intends to adopt under the Regulation on Markets in Crypto-Assets (MiCA). The request for advice concerns delegated acts on certain criteria for … Continue Reading
On 19 December 2022 the European Union (EU) Member States agreed their position on a Proposal for a Council Regulation establishing a market correction mechanism. By means of background, the legislative proposal was published by the European Commission (“the Commission”) on 22 November 2022 (please see our blog note). While the text available is still … Continue Reading
On 7 December 2022, the European Commission (“the Commission”) published a Capital Markets Union Clearing Package (“CMU Clearing Package”), which includes, among other measures, a proposal for a review of the European Market Infrastructure Regulation (“EMIR review proposal”). By means of background, to date EMIR has been amended twice – by EMIR Refit and EMIR … Continue Reading
On Tuesday, 22 November 2022, the European Commission (the Commission) adopted a proposal for a Council Regulation establishing a market correction mechanism to protect citizens and the economy against excessively high prices. The proposal sets out the details for a temporary market correction mechanism to cap the price of front-month Title Transfer Facility (TTF) derivatives … Continue Reading
On 27 October 2022, the European Banking Authority (EBA) published the 2023 European Resolution Examination Programme (EREP) for resolution authorities. The EREP is an EBA programme aimed at fostering convergence of resolution practices in the EU, with the first EREP having been launched in November 2021. The EREP focusses the attention of resolution authorities on … Continue Reading
On 27 October 2022, the European Banking Authority(EBA) published the 2023 European Supervisory Examination Programme (ESEP) for Prudential Supervisors. The ESEP is part of an annual cycle and contributes to enhancing supervisory convergence in the EU by providing common directions and focus areas for supervisors, which helps them shape their prudential supervisory priorities and respective … Continue Reading
On 19 October 2022, the Council of the EU announced that provisional agreement had been reached on the review of the regulation on European long-term investment funds (ELTIF) in order to make these investment funds more attractive. In their alignment, the co-legislators intend to overcome a number of supply-side and demand-side limitations. They clarified in … Continue Reading
On Tuesday, 18 October 2022, the European Commission (“the Commission”) published a communication setting out an EU Action Plan for Digitalising the Energy System. Amongst initiatives focussed on improving the functioning of the EU’s energy markets, such as the creation of a common European energy data space, improving strategic European coordination for energy markets, promoting … Continue Reading
On 14 October 2022, the European Securities and Markets Authority (ESMA) published a final report on emergency measures on collateral requirements. Previously, the European Commission asked ESMA to consider whether the applicable Level 2 provisions, in particular Commission Delegated Regulation (EU) 153/2013, supplementing the European Market Infrastructure Regulation (EMIR) with regards to requirements for central … Continue Reading
On 13 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1930 of 6 July 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/1229 as regards the date of application of the provisions related to the buy-in regime. Commission Delegated Regulation (EU) … Continue Reading
On 7 October 2022, the following Delegated Regulations relating to the European Markets Infrastructure Regulation (EMIR) were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2022/1855 of 10 June 2022 supplementing EMIR with regard to regulatory technical standards (RTS) specifying the minimum details of the data to be reported to … Continue Reading
There are three types of trading venue under MiFID II: Regulated Markets, Multilateral Trading Facilities and Organised Trading Facilities. MiFID II introduced a definition of multilateral system[1], still relevant in the UK, which is common to all types of trading venue and requires that all multilateral systems operate in accordance with Title II or Title … Continue Reading
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
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
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
