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 1 April 2022, the FCA updated its webpage on UK SFTR news by adding a new section ‘Reporting Legal Entity Identifiers (LEIs) of non-EEA third country issuers under UK SFTR’. The updated text reminds firms that in April 2021, the FCA extended a period of forbearance for the reporting of LEIs of non-EEA third … Continue Reading
On 24 March 2022, the European Commission adopted a Delegated Regulation supplementing MiFID II with regard to regulatory technical standards specifying the content of position management controls by trading venues. The Delegated Regulation is intended to harmonise and converge the implementation of position management controls put in place by trading venues in accordance with Article … Continue Reading
On 30 September 2021, the FICC Markets Standards Board (FMSB) published a Spotlight Review which examines hybrid working risks in the wholesale fixed income, currencies and commodities (FICC) markets. The FMSB is a private sector, market led organisation created as a result of the recommendations in the Fair and Effective Markets Review (FEMR) Final Report … Continue Reading
On 8 September 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/1456 of 2 June 2021 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council by specifying the conditions under which the commercial terms for clearing services for over-the-counter derivatives are to be considered … Continue Reading
On 4 August 2021, the FCA updated its webpage concerning its approach to overseas market operators seeking to apply to become a recognised overseas investment exchange (ROIE). The FCA explains that it has published a revised direction regarding the manner in which applications for ROIE status should be made. This replaces the temporary direction put … Continue Reading
On 28 July 2021, the European Securities and Markets Authority (ESMA) published its latest MiFID II / MiFIR Annual Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). The final report covers the mandate under Article 17 of RTS 2 whereby ESMA is required to analyse whether it is appropriate to move to the following … Continue Reading
On 12 April 2021, there was published in the Official Journal EU Commission Implementing Decision (EU) 2021/583 of 9 April 2021 amending Implementing Decision (EU) 2016/1073 on the equivalence of designated contract markets in the United States of America (USA) in accordance with the European Markets Infrastructure Regulation (EMIR). The EU Commission Implementing Decision amends … Continue Reading
On 31 March 2021, the European Securities and Markets Authority updated its Q&As on the Central Securities Depositories Regulation (CSDR). The latest Q&As on the CSDR contain answers that relate to: The provision of CSD services in other Member States: (i) the first Q&A further clarifies that Article 23 of CSDR applies to all types … Continue Reading
Introduction On 30 March 2021, the European Securities and Markets Authority (ESMA) published a final report on the review of transaction and reference data reporting obligations under MiFIR. The final report is prepared in accordance with Article 26(10) of MiFIR that requires ESMA to submit a report to the European Commission assessing the functioning of … Continue Reading
On 10 March 2021, the European Commission published for consultation a draft Delegated Regulation supplementing the European Market Infrastructure Regulation (EMIR) by specifying the conditions under which the commercial terms for clearing services for over-the-counter (OTC) derivatives are considered to be fair, reasonable, non-discriminatory and transparent (FRANDT). The objective of the draft delegated act is … Continue Reading
On 24 February 2021, the European Commission published: Commission Delegated Regulation of 24.2.2021 supplementing Regulation (EU) No 2019/1238 of the European Parliament and of the Council with regard to additional information for the purposes of the convergence of supervisory reporting. Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 … Continue Reading
On 2 December 2020, the PRA published Consultation Paper 21/20: PRA fees and levies: Holding company regulatory transaction fees (CP21/20). The Capital Requirements Directive V introduces new requirements for certain types of parent financial holding companies (FHCs) or mixed financial holding companies (MFHCs) that substantively control their group, to be subject to supervisory approval … Continue Reading
On 6 November 2020, the FCA published its latest Policy Development update. In the Policy Development update the FCA provides hyperlinks to recent publications. It also sets out a table comprising forthcoming publications which includes: Q4 2020 – Consultation Paper on amendments to accommodate Breathing Space Regulations. Q4 2020 – Policy Statement on Consultation Paper … Continue Reading
On 5 August 2020, the Lending Standards Board (LSB) issued a statement advising that the FCA had confirmed that formal recognition of the Standards of Lending Practice for business customers had been maintained and that recognition now covered the updates to the Standards issued by the LSB to take account of the Government’s new coronavirus lending … Continue Reading
On 30 July 2020, the FCA issued a statement setting out its view of the risks and benefits of Employer Salary Advance Schemes (ESAS) and what employers and employees should consider when using them. The statement covers: What ESAS offer. What employees need to consider. What employers need to consider. The FCA reminds employers that … Continue Reading
On 7 July 2020, the PRA published Policy Statement 16/20 ‘Regulated fees and levies: rates for 2020/21’ (PS16/20). In PS16/20 the PRA provides feedback to the responses received to Consultation Paper: 4/20 ‘Regulated fees and levies: Rates proposals 2020/21’ (CP4/20). The PRA received five responses to CP4/20. No changes have been made to the proposals … Continue Reading
On 26 June 2020, the FCA published Handbook Notice 78. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 21 May 2020 and 25 June 2020 under the following instruments: Conduct of Business Sourcebook (Pension Transfers) (No 3) … Continue Reading
On 22 May 2020, the FCA published Handbook Notice 77. This Handbook Notice describes the changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 13 May and 21 May 2020. Where relevant, it also refers to the development stages of that material, enabling readers … Continue Reading
On 7 February 2020, the FCA updated its Policy development update webpage providing information on recent and upcoming FCA publications. In terms of upcoming publications, the FCA states that in March it will publish a consultation paper on exit fees in investment platforms and comparable firms.… Continue Reading
On 4 February 2020, the European Securities and Markets Authority (ESMA) published amended guidelines for Member State national competent authorities (NCAs) undertaking enforcement of financial information under the Transparency Directive. ESMA’s amendments to the guidelines require NCAs to further harmonise: the way they select issuers for examination, by requiring that their selection should be based … Continue Reading
On 11 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2115 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets. The Regulation will enter into force on the twentieth day following its publication in … Continue Reading
On 9 December 2019, there was published in the Official Journal of the European Union (OJ), Commission Implementing Regulation (EU) 2019/2091 (the Amending Regulation) amending Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation (CRR). The Amending Regulation replaces the text of the Annex to Implementing Regulation … Continue Reading
On 1 November 2019, the FCA published its latest policy development update setting out information on recent and forthcoming FCA publications.… Continue Reading
