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Regulation Tomorrow Podcast – Episode 6 out now

Episode 6 of the Regulation Tomorrow Podcast is out now. In the latest edition of our monthly podcast, we take a look at some of the main regulatory news stories from across the globe in the financial services space. We begin with a look at the Woolard Review in the UK with Matthew Gregory, who … Continue Reading

EBA consults on the list of advanced economies to determine equity risk under the new market risk regime

By Jochen Vester (UK) on April 8, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 7 April 2021, the European Banking Authority (EBA) issued a consultation paper regarding draft regulatory technical standards (RTS) on the list of countries with an advanced economy for calculating the equity risk under the alternative standardised approach (FRTB-SA). The Capital Requirements Regulation as amended by Regulation (EU) 2019/876 (CRR) implements in EU legislation the … Continue Reading

Navigating global crypto-custody requirements

29 April 2021 09:00 – 10:00 BST / 16:00 – 17:00 HKT 16:00 – 17:00 BST / 11:00 – 12:00 EDT As the global crypto-economy continues to grow and mature, one area stands out as a critical core capability: custody. In this webinar, members of our global financial services team will compare notes on their … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading

ESMA updates its Q&As on SFTR data reporting

By Jochen Vester (UK) on April 7, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 April 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on reporting under the Securities Financing Transactions Regulation (SFTR). The updated Q&As complement ESMA’s guidance on reporting under the SFTR. The Q&As were updated to simplify reporting of SFTs when an external portfolio manager is used.… Continue Reading

ESMA updates its Q&As on MiFID II and MiFIR transparency topics

By Hannah McAslan (UK) on April 7, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 April 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on market structures issues under MiFID II and MiFIR. ESMA has introduced changes to one of its Q&As on tick sizes to reflect the amendment introduced in Article 49(1) of MiFID II which excludes Large in Scale transactions from the mandatory … Continue Reading

Latest publications in the OJ

By Simon Lovegrove (UK) on April 7, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 6 April 2021, there was published in the Official Journal of the EU (OJ): Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 2021 amending Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation to help the … Continue Reading

ESMA publishes guidelines on periodic information for trade repositories

By Hannah Meakin (UK) on April 7, 2021 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 6 April 2021, the European Securities and Markets Authority (ESMA) published its final report and guidelines on reporting periodic information and material changes by trade repositories (TRs) supervised under the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transaction Regulation (SFTR). The guidelines set out the information that should be submitted by TRs … Continue Reading

FSB chair updates G20 on COVID-19 support measures, and a roadmap to address climate-related financial risks

By Simon Lovegrove (UK) on April 7, 2021 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 6 April 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April. The FSB also delivered to the G20 a report on factors to be considered in extending, amending and ending COVID-19 support … Continue Reading

Member States consider amendments to MiCA proposal

By Anna Carrier (BE) on April 7, 2021 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 18 March 2021, the Portuguese Presidency of the Council hosted a meeting of a working group where representatives of Member States continued discussions over the proposed regulation on markets in crypto-assets (MiCA). The agenda for the meeting included discussion on the MiCA provisions concerning cross-border and supervision issues, as well as the Presidency’s drafting … Continue Reading

FSB final report – evaluation of the effects of too-big-to-fail reforms

On 31 March 2021, the Financial Stability Board (FSB) published the final report on its evaluation of the effects of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs). The evaluation examines the extent to which the reforms have reduced the systemic and moral hazard risks associated with SIBs, as well as their broader effects on … Continue Reading

Basel Committee issues principles for operational resilience and risk

On 31 March 2021, the Basel Committee on Banking Supervision issued Principles for operational resilience, designed to make banks better able to withstand, adapt to and recover from severe adverse events. The Basel Committee has also issued revisions to its Principles for the sound management of operational risks reflecting the natural relationship between operational resilience … Continue Reading

EBA consultation on draft RTS on disclosure of investment policy by investment firms

By Jochen Vester (UK) and Simon Lovegrove (UK) on April 1, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2021, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) on disclosure of investment firm policy by investment firms. The legal basis for the consultation paper is Article 52 of the Investment Firms Regulation (IFR) that sets out the requirement for investment firms to disclose information … Continue Reading

ESMA updates Q&As on the BMR Transitional Provision

By Hannah Meakin (UK) on April 1, 2021 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Benchmarks Regulation. ESMA has updated Q9.3 of the Q&As that cover transitional provisions applicable to third country benchmarks.… Continue Reading

ESMA updates CSDR Q&As

By Georgia Karamani (UK) on April 1, 2021 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

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 promotes coordinated action on the suspension of best execution reports

By Albert Weatherill (UK) on April 1, 2021 Posted in Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 31 March 2021, the European Securities and Markets Authority (ESMA) issued a statement concerning the temporary suspension of the obligation on execution venues to make available to the public data related to the quality of execution of transactions on their venues. Directive (EU) 2021/3383 (amending Directive) is part of a package of EU legislative … Continue Reading

ESMA updates EMIR Q&As

By Hannah Meakin (UK) on April 1, 2021 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Markets Infrastructure Regulation (EMIR). ESMA has updated Q&A 51 dealing with trade repositories by clarifying two aspects related to intragroup transactions (IGT) reporting exemption: Reporting of details of derivatives when the IGT reporting exemption ceases to be valid. … Continue Reading

ESMA clarifies corporate disclosures obligations for UK issuers after Brexit

By Hannah Meakin (UK) on April 1, 2021 Posted in Brexit, Brexit, Brexit, France, Germany, Italy, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 31 March 2021, the European Securities and Markets Authority (ESMA) issued a statement concerning the application of transparency requirements by UK issuers with securities admitted to trading on regulated markets in the EU under Article 4 of the Transparency Directive (TD). ESMA is issuing the statement to promote common supervisory practices among Member State … Continue Reading

ESMA updates its Q&As relating to the Prospectus Regulation

By Albert Weatherill (UK) on April 1, 2021 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 31 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. ESMA has added four new Q&As that seek to clarify: The application of the exemption in Article 1(5)(b) of the Prospectus Regulation in a situation concerning non-transferable securities. The application of the Prospectus Regulation where shares can … Continue Reading

Commission public consultation on instant payments

By Albert Weatherill (UK) on April 1, 2021 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 31 March 2021, the European Commission published a public consultation on instant payments. The public consultation supplements the Commission’s targeted consultation that was published on 24 March 2021 which sought feedback on technical issues relating to this initiative. On 11 March 2021, the Commission also issued for consultation a road map for an EU-wide … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

ESMA proposes amendments to MiFIR transactions and reference data reporting regimes

By Hannah Meakin (UK) and Georgia Karamani (UK) on March 31, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

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

SRB issues new guidance on bail-in for international debt securities

By Jochen Vester (UK) on March 31, 2021 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 30 March 2021, the Single Resolution Board (SRB) issued a document describing elements that banks should consider for the operationalization of the bail-in in respect of international bearer debt securities issued by and safe kept in the international central securities depositories. The document should be read in conjunction with previously published guidance on bail-in … Continue Reading

ESMA updates AIFMD Q&As

By Iona Wright (UK) and Imogen Garner (UK) on March 31, 2021 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom

On 30 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD). ESMA has added two new Q&As on ESMA’s guidelines on performance fees in UCITS and certain types of alternative investment funds. The new Q&As provide clarification on the crystallisation of … Continue Reading