The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) makes use of its product intervention powers under the European Markets in Financial Instruments Regulation (MiFIR): Under a general administrative act (Allgemeinverfügung) dated 30 September 2022 (link to English convenience translation), BaFin prohibited the marketing, distribution and sale of futures to retail clients domiciled in … Continue Reading
On 1 September 2020 the European Services and Markets Authority (ESMA) published a call for evidence to gather insights and feedback from market participants relating to the practical implementation of MiFID II and MiFIR provisions for equity and non-equity instruments. ESMA seek responses on a dedicated template on or before 31 October 2020. Historically, ESMA … Continue Reading
On 17 February 2020, the European Commission (Commission) launched its long-awaited public consultation on the review of MiFID II and MiFIR. The consultation paper is divided into two main sections: Section 1 covering general questions on the overall functioning of the MiFID II and MiFIR regulatory framework (Qs 1 – 6.1) and Section 2 covering … Continue Reading
On 4 February 2020, the European Securities and Markets Authority (ESMA) published its final report on product intervention requirements under MiFIR, following a formal request from the European Commission in May 2019 to provide technical advice on a number of technical issues stemming from MiFID II and MiFIR. The key points of the technical advice … Continue Reading
On 3 February 2020, the European Securities and Markets Authority (ESMA) published a consultation paper on the MiFIR pre-trade transparency regime for systematic internalisers (SI) in respect of non-equity instruments. Article 18 of MiFIR sets out specific pre-trade transparency requirements for SIs relating to bonds, structured finance products, emission allowances and derivatives. ESMA is required … Continue Reading
On 6 December 2019, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As on data reporting under MiFIR. The updated Q&As on data reporting insert a new question and answer (18), which provides clarification on the reporting of reference rates not included in regulatory technical standards 22 and 23, under Articles 26 … Continue Reading
On 5 December 2019, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As on market structures and transparency under the MiFID II Directive and MiFIR. The updated Q&As on market structures inserts a new question and answer into section 3 on Direct Electronic Access and algorithmic trading (Q&A 31), which clarifies … Continue Reading
On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on investor protection and intermediaries under MiFID II and MIFIR. The updated Q&As insert new questions and answers into the section on information on costs and charges relating to ex-post information for the service of portfolio management … Continue Reading
On 9 October 2019, the European Securities and Markets Authority (ESMA) published its annual report on the application of waivers and deferrals under MIFIR. Articles 4(4), 7(1), 9(2) and 11(1) of MIFIR mandates ESMA to monitor the application of pre-trade transparency waivers and deferred trade-publication. As part of this mandate, ESMA submits an annual report … Continue Reading
On 3 October 2019, the European and Securities Markets Authority (ESMA) published an updated version of its Q&As on investor protection and intermediaries under MiFID II and MIFIR. The updated Q&As modify the answer to question 8 on best execution concerning how the RTS 27 and RTS 28 reports should be made available to the … Continue Reading
On 2 October 2019, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As on market structures topics and transparency topics under MiFID II and MIFIR. The updated Q&As on market structures topics amends question 11 within section 4 – The tick size regime to clarify how to interpret the application of … Continue Reading
On 29 July 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFIR data reporting. The updated Q&As insert a new question and answer within section 5 – Maturity Date, expiry date and termination date: What date should be populated in Field 24 (Expiry date) of RTS 23 for financial … Continue Reading
On 24 July 2018, ESMA published a follow-up report to its peer review on suitability requirements under MiFID. The report looks at the actions taken by National Competent Authorities (NCAs) since April 2016, when ESMA published its previous peer review report. Follow-up work was commenced in December 2017. The key points from the follow-up report … Continue Reading
On 2 November 2017 BaFin published an updated version of the MaComp Circular. The MaComp (Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to Sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises) comprise all publications concerning the conduct … Continue Reading
The German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has organised a Conference on the implementation of the conduct of business requirements pursuant to MIFID II, which will take place on 27 October 2017. The Conference will be held at the German National Library in Frankfurt am Main. The agenda includes presentations on (i) transparency … Continue Reading
On 24 July, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published updated drafts of the Ordinance on the Examination of Investment Services Enterprises (Wertpapierdienstleistungs-Prüfungsverordnung – WpDPV) and of the Securities Trading Act Employee Notification Regulation (WpHG-Mitarbeiteranzeigeverordnung – WpHGMaAnzV). A consolidated Version of the WpHGMaAnzV can be viewed here. Main content of the … Continue Reading
The Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz, 2. FiMaNoG) has been published in the Federal Law Gazette. Most parts of this amending act will enter into force on 3 January 2018. Individual provisions, however, such as the possibility to use standardised product information sheets for shares traded on an organised market, enter into effect … Continue Reading
On 30 May, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published the drafts of the Ordinance on the Examination of Investment Services Enterprises (Wertpapierdienstleistungs-Prüfungsverordnung – WpDPV) and of the Securities Trading Act Employee Notification Regulation (WpHG-Mitarbeiteranzeigeverordnung – WpHGMaAnzV). Main content of the WpDPV draft The draft of the WpDPV contains the … Continue Reading
The German Federal Financial Supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) and the German Central Bank (Deutsche Bundesbank) are currently working on a draft proposal for the so-called “Small Banking Box” regulation. The aim of the “Small Banking Box” is to specify the principle of proportionality in banking regulation. The new proposal suggests that small and … Continue Reading
With the entry into force of the European Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) will assume new duties in relation to the authorisation and supervision of data reporting services providers from 3 January 2018. However, … Continue Reading
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has launched new pages on its website for foreign companies in the financial sector. On these new web pages, BaFin provides information regarding: communication; procedures; internal risk models; outsourcing and securities prospectus. The web pages also contain a new Brexit FAQ catalogue in which BaFin … Continue Reading
The German Federal Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) plans to amend its circular regarding the Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises (MaComp). Bafin has commenced … Continue Reading
The Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz – 2. FiMaNoG) alters the financial market access rules for firms in third countries. In the context of the 2. FiMaNoG, the definition of “third country” refers to jurisdictions outside the EU and “third country firms” refers to entities incorporated outside the EU which seek to do … Continue Reading
On 29 September 2016, the German Federal Ministry of Finance started the consultation process on the Second Financial Markets Amendment Act by sending a consultation draft to the Federal States and Associations. The Second Financial Markets Amendment Act transposes the revised requirements of the Markets in Financial Instruments Directive (MiFID II), the accompanying Markets in … Continue Reading
