In the latest in our podcast series, split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Floortje Nagelkerke, Hannah Meakin, Anna Carrier, Lucy Axford and Simon Lovegrove discuss the recent and upcoming changes to EMIR. This includes the EMIR 3.0 proposal, the clearing obligation for pension
The FCA’s Consultation Paper on the perimeter of the definition of trading venue
There are three types of trading venue under MiFID II: Regulated Markets, Multilateral Trading Facilities and Organised Trading Facilities. MiFID II introduced a definition of multilateral system[1], still relevant in the UK, which is common to all types of trading venue and requires that all multilateral systems operate in accordance with Title II
Commission and the US CFTC announce a common approach on certain derivatives trading venues
The European Commission and the US Commodity Futures Trading Commission (CFTC) have announced a common approach regarding certain derivatives trading venues authorised in the EU and in the United States of America.
The aim of the common approach is to ensure that EU counterparties are able to comply with the trading obligation under
Commission adopts three Delegated Regulations supplementing Benchmarks Regulation
The European Commission has adopted the following Delegated Regulations supplementing the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation):
- Commission Delegated Regulation (EU) …/… of 29.9.2017 supplementing the Benchmarks Regulation specifying technical elements of the definitions laid down in
New FCA webpage, checklist and compliance statement templates for benchmark administrators’ authorisation and registration applications under BMR
The FCA has published a new webpage for benchmark administrators applying for authorisation or registration under the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation).
The webpage states that while formal applications open on 1 January 2018, from 1
Commission adopts amending Delegated Regulation on RTS on consolidated tape for non-equity products under MiFID II
The European Commission has adopted a Commission Delegated Regulation amending Commission Delegated Regulation (EU) 2017/571 supplementing MiFID II with regard to regulatory technical standards (RTS) on authorisation, organisational requirements and the publication of transactions for data reporting services providers. The amending Delegated Regulation sets out RTS specifying the scope of the consolidated tape
Commission legislative proposals for reforms to the European System of Financial Supervision
The European Commission (Commission) has published legislative proposals for reforming the European System of Financial Supervision.
The Commission press release that accompanies the legislative proposals summarises the key features which include the following:
- the European Supervisory Authorities (ESAs) will be given coordination powers over day-to-day supervision by Member State competent authorities.
ESMA updates Q&A on EMIR implementation
The European Securities and Markets Authority (ESMA) has updated its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The updated Q&A includes a new answer in relation to reporting of trades cleared by a clearing house which is not a central counterparty (CCP) under the EMIR
Implementation monitoring of the PFMI: Third update to Level 1 assessment report
In 2012 the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued the Principles for financial market infrastructures (PFMI). In line with the G20’s expectations, CPMI and IOSCO members have undertaken to incorporate the 24 principles (the Principles) and the
Council publishes Corrigendum to MiFID II
The Council of the EU has published a Corrigendum to MiFID II that sets out certain proposed amendments to obvious errors in a number of language versions of the Directive. The English language version of the amendment can be found on page 7 of the Corrigendum. The amendment concerns a minor amendment to the definition