Catherine Blake (UK)

Subscribe to all posts by Catherine Blake (UK)

Commission Delegated Regulation supplementing the Securitisation Regulation with regard to RTS on the specification of a securitisation to be made available by originator, sponsor and SSPE

On 16 October 2019, the European Commission (Commission) published a Delegated Regulation supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS) specifying the information and the details of a securitisation to be made available by the originator, sponsor and securitisation special purpose entity (SSPE). Article 7(3) and (4) of the Securitisation Regulation mandates … Continue Reading

ESMA peer review report on the quality of data reported under EMIR

On 17 October 2019, the European Securities and Markets Authority (ESMA) published the results of a peer review into the approaches of six Member State national competent authorities (NCAs) designed to improve the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR). The peer review assessed how the six NCAs supervised data … Continue Reading

FSB annual progress report on implementation of OTC derivative reforms

On 15 October 2019, the Financial Stability Board (FSB) published its annual progress report on the implementation of the G20 reforms to over-the-counter (OTC) derivatives markets. The headlines in the report include: trade reporting: 23 out of 24 member jurisdictions have comprehensive requirements in force, an increase of one during the reporting period; central clearing: … Continue Reading

FSB, CPMI and IOSCO reports on governance arrangements for UPI, UTI and CDE

On 9 October 2019, the Financial Stability Board (FSB) published a report setting out governance arrangements for the globally harmonised Unique Product Identifier (UPI) and the unique transaction identifier (UTI). In addition, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report on governance arrangements for … Continue Reading

ESMA publishes final report on CSDR guidelines on standardised procedures and messaging protocols

On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on standardised procedures and messaging protocols under Article 6(2) of the Central Securities Depositories Regulation (CSDR). Article 6(2) of the CSDR requires investment firms to take measures to limit the number of settlement fails. It specifies that these measures should … Continue Reading

ESMA consults on MAR review – focus on spot FX contracts, inside information and benchmarks

Introduction On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on the Market Abuse Regulation (MAR) review report. Article 38 of MAR requires the European Commission (Commission) to present a report to the European Parliament and the Council of the European Union to assess various provisions of MAR. In … Continue Reading

ESMA opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings … Continue Reading

FMSB issues statement of good practice on information and confidentiality for the fixed income and commodity markets

On 3 October 2019, the FICC Markets Standards Board (FMSB) published a statement of good practice (the Statement) on information and confidentiality for the fixed income and commodity (FICC) markets. The purpose of the Statement is to provide clarity to certain questions relating to the sharing of information within FICC markets. The FMSB states that … Continue Reading

ESMA consults on MAR review

On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on the provisions of the Market Abuse Regulation (MAR). Article 38 of MAR requires the European Commission (Commission) to present a report to the European Parliament and the Council of the European Union to assess various provisions of MAR. In … Continue Reading

ESMA updates Q&As on EMIR implementation

On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR). The latest amendments to the Q&As relate to the responsibility for the status of counterparties, status of entities not established in the … Continue Reading

ESMA updates Q&As on CSDR

On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Central Securities Depositories Regulation (CSDR). The updated Q&As insert a new question and answer within Part III – Settlement Discipline: How should Article 7(12) of the CSDR apply in respect of cash penalties due to, … Continue Reading

FMLC letter to HM Treasury on the review of the Regulations implementing EMIR

On 15 August 2019, the Financial Markets Law Committee (FMLC) published a letter that it had sent to HM Treasury on the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (the Regulations). The Regulations implemented the European Markets Infrastructure Regulation (EMIR) in the UK. HM Treasury’s … Continue Reading

ISDA statement on pre-cessation issues

On 9 August 2019, the International Swaps and Derivatives Association (ISDA) published a statement summarising the preliminary results of its consultation on how derivatives contracts should address a regulatory announcement that LIBOR and certain other interbank offered rates (IBORs) are no longer representative of an underlying market. The pre-cessation trigger for LIBOR would apply in … Continue Reading

ESMA updates Q&As on MiFID II data reporting

On 29 July 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFIR data reporting. The updated Q&As insert a new question and answer within section 5 – Maturity Date, expiry date and termination date: What date should be populated in Field 24 (Expiry date) of RTS 23 for financial … Continue Reading

ESMA publishes its annual peer review report on EU CCPs supervision

On 22 July 2019, the European Securities and Markets Authority (ESMA) published its annual peer review report on the overall supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review covered NCAs of CCPs authorised under the European Markets Infrastructure Regulation (EMIR) as of 1 June 2018. On this … Continue Reading

ESMA consults on MiFID II reports on prices for trade data and consolidated tape for equities

On 12 July 2019, the European Securities and Markets Authority (ESMA) issued a public consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape (CT) for equity instruments. The consultation covers the review provisions on the development in prices for pre- and post-trade transparency data from regulated markets, … Continue Reading

ESMA statement on application of MiFIR trading obligation following entry into force of EMIR Refit Regulation

On 12 July 2019, the European Securities and Markets Authority (ESMA) issued a public statement addressing the misalignment between the scope of counterparties subject to the EMIR clearing obligation (CO) and those subject to the MiFIR derivatives trading obligation (DTO). ESMA’s statement addresses two areas: clearing and trading obligations for small financial counterparties (FCs) and … Continue Reading

ESMA Q&As on CSDR

On 11 July 2019, the European Securities and Markets Authority updated its Q&As on the implementation of the Central Securities Depository Regulation (CSDR). Part IV of the Q&As dealing with internalised settlement now contains answers to the following questions: Should an investment firm report client orders where the corresponding settlement instructions are forwarded in their … Continue Reading

GFXC provides further detail on the 3 year review, announces new co-vice chair, and releases new work products

On 10 July 2019, the GFXC released further detail from its 22 – 23 May meeting during which the committee discussed its mandate to consider the case for a comprehensive review of the FX Global Code (Code) at least every three years. The GFXC also announced that Neill Penney, managing director and co-head of trading … Continue Reading

ESMA updates the CSDR Q & As

On 1 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR). ESMA has updated Part IV of the Q&As dealing with the scope of internalised settlement. In particular, it provides the following question and answer: What financial instruments should be covered by … Continue Reading

ESMA updates CSDR Q&As

On 18 June 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of the Central Securities Depository Regulation (CSDR). The ESMA press release that accompanies this latest version of the Q&As states that the updates: clarify the interaction between the main authorisation procedure (Article 17 of the CSDR) and the … Continue Reading

EMIR Refit

Introduction The EMIR Refit Regulation (EMIR Refit) will enter into force on 17 June 2019. With some exceptions, it will apply from that date. The purpose of the EMIR Refit is to amend and simplify the European Markets Infrastructure Regulation (EMIR) “to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain … Continue Reading

EMMI adopts changes to EONIA methodology

On 31 May 2019, the European Money Markets Institute (EMMI) announced that on 2 October 2019, the change in EONIA’s methodology will take effect. This announcement was published alongside the summary of the stakeholder consultation feedback on the recommendations for EONIA by the Working Group on euro risk-free rates. In view of the feedback received, … Continue Reading

ESMA updates Q&As on EMIR implementation

On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the European Markets Infrastructure Regulation (EMIR). The updated Q&As contain: an amended Q&A on the procedure for financial counterparties and non-financial counterparties to notify that they exceed or no longer exceed clearing thresholds; … Continue Reading
LexBlog