Catherine Blake (UK)

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ESMA consults on guidelines on TRs’ reporting obligations

On 27 May 2019, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on periodic information and notification of material changes to be submitted to ESMA by trade repositories (TRs). The draft guidelines set out the information that should be periodically submitted by TRs to ESMA. The draft guidelines clarify … Continue Reading

ESMA updates Q&As on CSDR

On 24 May 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on the Central Securities Depositories Regulation (CSDR) by inserting a new section on internalised settlement reporting requirements (pages 26 and 27) covering: matching: the first Q&A in this new section clarifies that, in the case of internalised settlement instructions that require … Continue Reading

Equivalence decision on supervision of derivative transactions in Japan published in OJ

On 2 May 2019 there was published in the Official Journal of the EU, Commission Implementing Decision (EU) 2019/684 of 25 April 2019 on the recognition of the legal, supervisory and enforcement arrangements of Japan for derivatives transactions supervised by the Japan Financial Services Agency as equivalent to the valuation, dispute resolution and margin requirements … Continue Reading

ESMA guidelines on internalised settlement reporting under CSDR

On 30 April 2019, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on internalised settlement reporting under Article 9 of the Central Securities Depositories Regulation (CSDR). The guidelines apply to Member State competent authorities (NCAs) designated under Article 11 of the CSDR and to settlement internalisers as defined in … Continue Reading

Financial services trade associations’ letter to HM Treasury regarding Brexit

On 5 April 2019, the International Swaps and Derivatives Association published a letter it had sent jointly with a number of UK and international financial services trade bodies (including AFME, the FIA and AIMA) to HM Treasury regarding the recognition of EEA derivatives trading venues under EMIR and MiFIR as they apply in the UK … Continue Reading

Official translations of ESMA guidelines on CCP conflict of interest management under EMIR

On 5 April 2019, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on central counterparty (CCP) conflict of interest management under the European Markets Infrastructure Regulation. The guidelines will apply from 5 June 2019 (two months from the date of publication of the guidelines in the official languages of … Continue Reading

ESMA updates its Q&As on MiFID II and MiFIR transparency topics

On 2 April 2019, the European Securities and Markets Authority (ESMA) updated its Q&As regarding market structures and transparency issues under MiFID II and MiFIR. New Q&As have been added to provide clarification on: determination of the turnover to be used for the average value of transactions calculation; money market instruments; impact for systematic internalisers … Continue Reading

ESMA final report on technical advice on minimum information content for prospectus exemption

On 29 March 2019, the European Securities and Markets Authority (ESMA) published its technical advice on the minimum information content of documents describing a takeover, merger or division. Under the Prospectus Regulation, issuers may offer / admit securities in connection with takeovers, mergers or divisions without publishing a prospectus, provided that a document is made available to investors … Continue Reading

ESMA renews restriction on CFDs for further three months from May

On 27 March 2019, the European Securities and Markets Authority (ESMA) announced that it was renewing its restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients from 1 May 2019 (following the publication of the restriction in the Official Journal of the EU), for a further 3-month period. The … Continue Reading

ESMA results of MiFID II annual calculations of LIS and SSTI thresholds for bonds for 2019/20

On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . … Continue Reading

CMU: Presidency and European Parliament reach provisional deal on clearing house rules

On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors. … Continue Reading

Delegated Regulations under EMIR preparing for no-deal Brexit published in OJ

On 13 March 2019, two Commission Delegated Regulations were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/396 of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing EMIR as regards the date at which the clearing obligation takes effect for … Continue Reading

HM Treasury progress update on proposed Regulation amending EMIR supervisory regime for EU and third country CCPs

On 11 March 2019, the UK Government has published a letter (dated 7 March 2019) from the Economic Secretary to HM Treasury, John Glen MP, to Sir William Cash, House of Commons EU Scrutiny Committee Chair, providing a further update on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties … Continue Reading

FCA statement on the reporting of derivatives under the UK EMIR regime in a no-deal scenario

On 11 March 2019, the FCA published a statement on its website concerning what trade repositories (TRs), and UK counterparties that use them, should do to make sure they are compliant with their EMIR reporting obligations after the UK leaves the EU. For the purposes of the statement, ‘UK counterparties’ includes UK firms and UK … Continue Reading

Financial services trade associations urge Commission to recognise UK derivatives trading venues under EMIR and MiFIR in event of no-deal Brexit

On 5 March 2019, the Association for Financial Markets in Europe published a letter sent alongside a number of European and international financial bodies (including the FIA; ISDA; AIMA; and the EBF) (collectively, the Industry Bodies) to European Commission Vice-President Valdis Dombrovskis on the equivalence of UK derivatives trading venues under EMIR and MiFIR. The … Continue Reading

ESMA publishes results of annual transparency calculations for equity and equity-like instruments

On 1 March 2019, the European Securities and Markets Authority (ESMA) announced that it had made available the results of the annual transparency calculations for equity and equity-like instruments. The calculations include: the liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation 2017/567 supplementing MiFIR; the determination of the most relevant market … Continue Reading

ESMA delays publication of annual calculation of the LIS and SSTI thresholds for bonds

On 1 March 2019, the European Securities and Markets Authority (ESMA) announced that it would delay the publication of the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The delay is due to the IT systems needing more time than expected to complete the required … Continue Reading

ESMA 2018 annual report and 2019 work programme

On 19 February 2019, the European Securities and Markets Authority (ESMA) published its annual report and work programme to highlight its direct supervisory activities during 2018 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outline its main priorities in these areas for 2019. In addition, ESMA outlines its activities regarding the monitoring and … Continue Reading

FCA and BoE complete 2018 review of MoU on market infrastructure

On 14 February 2019, the FCA issued a short performance statement on the operation of its memorandum of understanding (MoU) with the Bank of England (BoE) for market infrastructure. The FCA and the BoE have concluded that the MoU’s arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication. The FCA and the … Continue Reading

GFXC provides update on work

On 14 February 2019, the Global Foreign Exchange Committee (GFXC) published reports produced by its Disclosures and Cover and Deal working groups and released results from the second annual survey on the FX Global Code. One report, “The Role of Disclosure and Transparency in the Global FX Market”, describes eight characteristics to help market participants … Continue Reading

Political agreement reached on EMIR Refit Regulation

On 5 February 2019, the Council of the EU announced that it and the European Parliament had reached a preliminary agreement on the draft Regulation amending the EMIR (the EMIR Refit Regulation). The announcement states that the agreed text: introduces a new category of “small financial counterparties” which will be exempted from the obligation to … Continue Reading

FCA direction under Securitisation Regulations

On 1 February 2019, the FCA and PRA jointly published a direction under regulation 25 of the Securitisation Regulations 2018. The direction concerns the manner in which the originator, sponsor or securitisation special purpose entity (SSPE) of a private securitisation that is established in the United Kingdom must make the information under Article 7(1)(a) to … Continue Reading

FMLC paper on issues of legal uncertainty arising in the context of the ETS in a hard Brexit scenario

On 30 January 2019, the Financial Markets Law Committee published a paper on issues of legal uncertainty arising from Brexit in the context of emissions allowances. In the event that a version of the Government’s draft Withdrawal Agreement is passed at UK and EU level (with provisions on the EU emissions trading scheme (ETS) remaining … Continue Reading
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