Germany

ESMA publishes final report on CSDR guidelines on standardised procedures and messaging protocols

On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on standardised procedures and messaging protocols under Article 6(2) of the Central Securities Depositories Regulation (CSDR). Article 6(2) of the CSDR requires investment firms to take measures to limit the number of settlement fails. It specifies that these measures should … Continue Reading

ESMA final report on draft RTS on co-operation arrangements under MAR

By Imogen Garner (UK) and Iona Wright (UK) on October 9, 2019 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on a set of draft regulatory technical standards (RTS) on co-operation arrangements under the Market Abuse Regulation (MAR). Article 26 of MAR mandates ESMA to develop draft RTS containing a template document for cooperation arrangements that are to be used … Continue Reading

ECB Regulation amending Annex to Regulation on money market statistics published in OJ

By Jochen Vester (UK) on October 9, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 8 October 2019, there was published in the Official Journal of the European Union (OJ) the Regulation (EU) 2019/1677 of the European Central Bank (ECB) amending Regulation (EU) 1333/2014 concerning statistics on the money markets. The Regulation amends the minimum standards applied by reporting agents under the Money Market Statistical Reporting Regulation. The Regulation … Continue Reading

EBA urges continued progress in Brexit preparations

By Simon Lovegrove (UK) on October 9, 2019 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 8 October 2019, the European Banking Authority (EBA) published a communication on the remaining issues related to the preparation by financial institutions for the withdrawal of the UK from the EU. In this communication, the EBA warns firms and national competent authorities against complacency and urges them to continue progress on contingency planning. In … Continue Reading

Commissioner-designate Dombrovskis faces European Parliament’s hearing

By Flupke van den Bogart on October 8, 2019 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, The Netherlands, United Kingdom

On 8 October 2019, the members of the European Parliament’s Economic and Monetary Affairs (ECON) and Employment and Social Affairs (EMPL) committee questioned Commissioner-designate Valdis Dombrovskis in a nearly three-hour long joint hearing. Once approved, Dombrovskis, who is Commission President-elect Ursula Von Der Leyen nominee to be the new Executive Vice-President for a Europe that … Continue Reading

ESMA updates Q&As on MiFID II data reporting

By Hannah McAslan (UK) on October 8, 2019 Posted in France, Germany, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 7 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on data reporting MIFIR. The updated Q&As modify the answer to question 2 on transaction reporting concerning the representation of different national client identifiers for natural persons. The updated Q&As also insert a new question and answer … Continue Reading

ECB final results of sensitivity analysis of liquidity risk stress test

By Simon Lovegrove (UK) and Jochen Vester (UK) on October 8, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 October 2019, the European Central Bank (ECB) published the final results from its Sensitivity Analysis of Liquidity Risk – Stress Test 2019. The shocks simulated in the exercises were calibrated on the basis of experience gained in recent crisis episodes. For further information on the details of the stress test, see our previous … Continue Reading

ESMA update statements on preparations for a no-deal Brexit

By Hannah Meakin (UK) and Imogen Garner (UK) on October 8, 2019 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 7 October 2019, the European Securities and Markets Authority (ESMA) published a statement providing an update on the UK’s withdrawal from the European Union and preparations for a possible no-deal Brexit scenario on 31 October 2019. In the statement, ESMA confirms that the reference date in all of its previously published measures and actions, … Continue Reading

ECB 2020 supervisory priorities for SSM

By Simon Lovegrove (UK) on October 8, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 October 2019, the European Central Bank (ECB) published its supervisory priorities setting out its focus areas for the single supervisory mechanism (SSM) for 2020. The key drivers of banking sector risk have been identified in a related risk assessment for 2020. These risks centre around economic, political and debt sustainability challenges in the … Continue Reading

ESMA consults on MAR review – focus on spot FX contracts, inside information and benchmarks

By Catherine Blake (UK) and Hannah Meakin (UK) on October 8, 2019 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

Introduction On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on the Market Abuse Regulation (MAR) review report. Article 38 of MAR requires the European Commission (Commission) to present a report to the European Parliament and the Council of the European Union to assess various provisions of MAR. In … Continue Reading

ESMA opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions

By Hannah McAslan (UK) and Catherine Blake (UK) on October 7, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings … Continue Reading

ESMA consults on MiFIR alignment following the introduction of EMIR Refit

By Hannah Meakin (UK) and Jochen Vester (UK) on October 7, 2019 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Restructuring and Insolvency, The Netherlands, United Kingdom

On 4 October 2019, the European Securities and Markets Authority (ESMA) launched a consultation on possible amendments to the trading obligation under MiFIR following the introduction of the EMIR Refit Regulation (EMIR Refit). The changes introduced by EMIR Refit concern the scope of counterparties subject to the clearing obligation. EMIR Refit introduces an exemption from … Continue Reading

ESAs highlight money laundering and terrorist financing risks in the EU financial sector

By Simon Lovegrove (UK) on October 7, 2019 Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 4 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its second opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector. In drafting the opinion, the ESAs took into account the views expressed by Member State competent authorities (NCAs) through a questionnaire related to money … Continue Reading

FMSB issues statement of good practice on information and confidentiality for the fixed income and commodity markets

By Hannah Meakin (UK) and Catherine Blake (UK) on October 4, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 3 October 2019, the FICC Markets Standards Board (FMSB) published a statement of good practice (the Statement) on information and confidentiality for the fixed income and commodity (FICC) markets. The purpose of the Statement is to provide clarity to certain questions relating to the sharing of information within FICC markets. The FMSB states that … Continue Reading

ESMA updates MiFID II Q&As on investor protection and intermediaries topics

By Simon Lovegrove (UK) on October 4, 2019 Posted in France, Germany, Italy, MiFID II, The Netherlands, United Kingdom

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

ESMA consults on the commercial terms for providing clearing services under EMIR

By Hannah Meakin (UK) and Hannah McAslan (UK) on October 4, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on draft technical advice to the European Commission (Commission) on the commercial terms for providing clearing services under the Regulation on over-the-counter derivative transactions, central counterparties and trade repositories (EMIR). The adoption of the EMIR Refit Regulation in May 2019 … Continue Reading

ESMA consults on MAR review

By Catherine Blake (UK) and Imogen Garner (UK) on October 4, 2019 Posted in France, Germany, Italy, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on the provisions of the Market Abuse Regulation (MAR). Article 38 of MAR requires the European Commission (Commission) to present a report to the European Parliament and the Council of the European Union to assess various provisions of MAR. In … Continue Reading

Updated briefing slides: Doing business in the EU

By Simon Lovegrove (UK) on October 3, 2019 Posted in Africa, Australia, Brexit, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulatory Compliance, The Netherlands, United Kingdom, United States

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

EBA publishes the regular Basel III capital monitoring report and an update on the compliance of EU banks with liquidity measures

By Simon Lovegrove (UK) on October 3, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 2 October 2019, the European Banking Authority (EBA) published two reports that monitor the impact of implementing the final Basel III reforms and the current implementation of liquidity measures in the EU. The latest EBA Basel III capital monitoring report provides an assessment of the impact of the full implementation of the final Basel … Continue Reading

IOSCO reports on peer reviews of MMFs and securitisation regulation

By Imogen Garner (UK) and Georgia Karamani (UK) on October 3, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 2 October 2019, the International Organization of Securities Commissions (IOSCO) published two update reports on its peer reviews of the regulation of money market funds (MMFs) and of the implementation of incentive alignment recommendations for securitisation. The reports summarises IOSCO’s sustained efforts to monitor implementation for MMFs and securitisation since it published its two … Continue Reading

ESMA updates Q&As on EMIR implementation

By Hannah Meakin (UK) and Catherine Blake (UK) on October 3, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR). The latest amendments to the Q&As relate to the responsibility for the status of counterparties, status of entities not established in the … Continue Reading

ESMA updates Q&As on CSDR

On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Central Securities Depositories Regulation (CSDR). The updated Q&As insert a new question and answer within Part III – Settlement Discipline: How should Article 7(12) of the CSDR apply in respect of cash penalties due to, … Continue Reading

ESMA updates MiFID II Q&As on market structures and transparency topics

By Hannah Meakin (UK) and Imogen Garner (UK) on October 3, 2019 Posted in France, Germany, Italy, MiFID II, The Netherlands, United Kingdom

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