Tracks financial services regulatory developments and provides insight and commentary
The Futures Industry Association (FIA), in co-operation with the Association for Financial Markets in Europe, the Alternative Investment Management Association and the Managed Funds Association have co-published a due diligence questionnaire for MiFID II investment firms providing direct electronic access (DEA) to their clients.
The purpose of the template due diligence…
The Association for Financial Markets in Europe (AFME) has published a paper setting out its view on the scope of the requirement in Article 23 of MiFIR for certain share trades to be carried out only on specified regulated trading venues.
The AIFME states: “In our view, the share trading obligation applies only…
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&As) on the Market Abuse Regulation (MAR). The purpose of the Q&As is to promote common, uniform and consistent supervisory approaches and practices in the day-to-day application of MAR.
New questions and answers on the…
The FCA has published a new webpage on position limits for commodity derivative contracts under MiFID II.
The webpage lists the commodity derivative contracts that the FCA identified as trading on a UK trading venue which, from 3 January 2018, will have a bespoke position limit set against them.
The list will be subject to…
Article 4(1)(20) of MiFID II sets out the definition of systematic internaliser. This definition is further expanded in Articles 12 to 16 of Delegated Regulation (EU) 2017/565 which supplements MiFID II as regards organisational requirements and operating conditions for investment firms and defined terms.
In June 2017 the European Commission (Commission) held a…
MiFIR introduces pre-trade and post-trade transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives, subject to certain conditions and to certain waivers. In particular, Article 9(1)(e) of MiFIR provides for a waiver specific to package orders: under certain conditions, package orders can be granted a waiver from pre-trade transparency, but the…
The European Securities and Markets Authority (ESMA) has published an updated version of its guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II. The updated version of the guidelines corrects some unintended factual mistakes, typos and inconsistencies in the technical part of the guidelines.
ESMA emphasises that none of…
On 20 June 2017, we blogged that the European Securities and Markets Authority (ESMA) had issued a consultation paper regarding its draft technical standards specifying the trading obligation for derivatives under the Markets in Financial Instruments Regulation. The consultation closed on 31 July 2017. ESMA has now published the responses it received to…
The FCA has published a set of Q&As containing information on position limits and position reporting for commodity derivatives under MiFID II. The purpose of the Q&A is to assist firms with their preparations for MiFID II implementation. The Q&As include questions and answers on:
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The FCA has updated its webpage on the introduction of a position limits and reporting regime for commodity derivatives under MiFID II.
From 3 January 2018, trading venues are required to notify the FCA by email when the total open interest of any commodity derivative reaches any of the amounts of lots or number of…
