Georgia Karamani (UK)

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Commission adopts Delegated Regulation supplementing MiFID II with regard to RTS specifying the content of position management controls by trading venues

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

FMSB publishes Spotlight Review on examining hybrid working risks in FICC markets

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

Delegated Regulation supplementing EMIR specifying the conditions when commercial terms of central clearing are FRANDT

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

FCA revises direction on application for ROIE status

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

ESMA publishes MIFID II/MIFIR annual review report on RTS 2

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

Commission Implementing Decision on equivalence of US DCMs under EMIR

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

ESMA updates CSDR Q&As

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

ESMA proposes amendments to MiFIR transactions and reference data reporting regimes

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

Commission consults on draft Delegated Regulation supplementing EMIR specifying the conditions when commercial terms of central clearing are FRANDT

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

Delegated Regulations supplementing the PEPP Regulation

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

PRA consults on holding company regulatory transaction fees

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

Latest FCA Policy Development update

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

FCA confirms recognition for the LSB’s update to Standards for CBILS and BBLS lending

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

FCA sets out views on Employer Salary Advance Schemes

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

PRA policy statement on fees and levies for 2020/21

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

ESMA amends guidelines for further harmonisation of the enforcement of financial information by NCAs

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

Regulation regarding the promotion of SME growth markets published in the OJ

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

OJ – Commission Implementing Regulation amending ITS on closely correlated currencies under CRR

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

PRA Occasional Consultation paper – October 2019

On 7 October 2019, the PRA published Occasional Consultation Paper 25/19: Occasional Consultation Paper (CP25/19). In CP25/19 the PRA proposes minor amendments to PRA Rulebook Parts, Supervisory Statements (SS), Statements of Policy (SoP) and relevant templates. In chapter 2, the PRA sets out proposals to update SS20/15: Supervising building societies’ treasury and lending activities and … Continue Reading
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