Germany

ESMA guidelines on risk factors under Prospectus Regulation

On 29 March 2019, the European Securities and Markets Authority (ESMA) published its final guidelines on how national competent authorities (NCAs) should review risk factors, as required by the Prospectus Regulation. ESMA published a Consultation Paper in July 2018, containing draft guidelines on risk factors which NCAs should incorporate as part of their review practices when scrutinising … Continue Reading

ESMA final report on technical advice on minimum information content for prospectus exemption

By Catherine Blake (UK) on April 2, 2019 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 29 March 2019, the European Securities and Markets Authority (ESMA) published its technical advice on the minimum information content of documents describing a takeover, merger or division. Under the Prospectus Regulation, issuers may offer / admit securities in connection with takeovers, mergers or divisions without publishing a prospectus, provided that a document is made available to investors … Continue Reading

Commission Implementing Decision on third country equivalence of Argentina for purposes of treatment of exposures under CRR published in OJ

By Luke Rodgers on April 2, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

On 1 April 2019, there was published in the Official Journal of the EU (OJ), Commission Implementing Decision (EU) 2019/536 of 29 March 2019 amending Implementing Decision 2014/908/EU as regards the lists of third countries and territories whose supervisory and regulatory requirements are considered equivalent for the purposes of the treatment of exposures in accordance … Continue Reading

EBA clarifies the second set of issues raised by its working group on APIs

By Albert Weatherill (UK) and Simon Lovegrove (UK) on April 2, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 1 April 2019, the European Banking Authority (EBA) published clarifications to the second set of issues raised and discussed by participants of its working group on application programming interfaces (APIs) under the revised Payments Services Directive (PSD2). The issues relate to API performance and support, the provision of a list of third party providers … Continue Reading

Regulation amending Regulation on cross-border payments

By Albert Weatherill (UK) on April 1, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 29 March 2019, there was published in the Official Journal of the EU, Regulation (EU) 2019/518 of 19 March 2019 amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the EU and currency conversion charges. The Regulation enters into force on 18 April 2019. It generally applies from 15 December … Continue Reading

ESMA guidelines on risk factors under the PR

By Imogen Garner (UK) and Iona Wright (UK) on April 1, 2019 Posted in Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 29 March 2019, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on risk factors under the Prospectus Regulation (PR). ESMA is mandated to provide the guidelines under Article 16(4) of the PR to assist Member State competent authorities in their review of the specificity and materiality of risk factors … Continue Reading

Benchmarking exercise – amendments to Commission Implementing Regulation (EU) 2016/2070

By Jochen Vester (UK) on April 1, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

Commission Implementing Regulation (EU) 2016/2070 specifies institutions’ reporting requirements to the European Banking Authority (EBA) and to Member State competent authorities in order to enable the EBA and Member State competent authorities to carry out their assessments of internal approaches in accordance with Article 78 of Directive 2013/36/EU (the benchmarking exercise). On 29 March 2019, … Continue Reading

ESMA updates Q&As on UCITS, AIFMD and MAR

By Imogen Garner (UK) and Iona Wright (UK) on April 1, 2019 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom

On 29 March 2019, the European Securities and Markets Authority updated its Q&As on: the UCITS Directive. Specifically, the Q&As clarify the UCITS KIID benchmark and past performance obligations; the Alternative Investment Fund Managers Directive. New Q&As have been added on the calculation of leverage; and the Market Abuse Regulation. New Q&As have been added … Continue Reading

Brexit: SRB position paper

By Simon Lovegrove (UK) on April 1, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 29 March 2019, the Single Resolution Board (SRB) published a position paper setting out its expectations as regards the resolvability of banks in the context of Brexit. The position paper aims to ensure that the powers of Banking Union resolution authorities are effective in achieving the resolution objectives at the time of resolution. These … Continue Reading

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

By Imogen Garner (UK) and Joe Bamford (UK) on March 29, 2019 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 28 March 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR investor protection and intermediaries topics. A number of new Q&As have been introduced, together with a number of modified Q&As. New Q&As introduced by the update address: the RTS 27 reporting requirements for market makers and … Continue Reading

Commission adopts Delegated Regulations under EMIR to prepare for no-deal Brexit

By Hannah Meakin (UK) on March 29, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 28 Mach 2019, the European Commission adopted the following Delegated Regulations under EMIR in preparation for a no deal Brexit scenario: Commission Delegated Regulation (EU) of 28.3.2019 amending Delegated Regulation (EU) 2016/2251 supplementing EMIR as regards the date until which counterparties may continue to apply their risk-management procedures for certain over-the-counter derivative contracts not … Continue Reading

ESMA consults on draft RTS on ELTIF costs disclosure

By Imogen Garner (UK) and Iona Wright (UK) on March 29, 2019 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom

On 28 March 2019, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) under Article 25 of the European Long-Term Investment Funds Regulation (ELTIF Regulation). Article 25(3) of the ELTIF Regulation provides for ESMA to develop draft RTS to determine the costs disclosure requirements applicable to ELTIF managers. … Continue Reading

ESMA guidance on clearing obligation under EMIR Refit

By Hannah Meakin (UK) and Jochen Vester (UK) on March 29, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 28 March 2019, the European Securities and Markets Authority (ESMA) published a statement providing guidance on the new EMIR Refit regime for the clearing obligation for financial and non-financial counterparties. The statement provides guidance for financial and non-financial counterparties subject to EMIR on when they need to determine whether they are subject to the … Continue Reading

International trade bodies publish 2019 version of Trade Finance Principles

By Simon Lovegrove (UK) on March 29, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2019, the Bankers Association for Finance and Trade (BATF) announced jointly with The Wolfsberg Group and the International Chamber of Commerce, the publication of appendices to its 2017 Trade Finance Principles guidance document. The guidance document addresses the due diligence required by global and regional financial institutions of all sizes in the financing … Continue Reading

ESMA renews restriction on CFDs for further three months from May

By Hannah Meakin (UK) and Catherine Blake (UK) on March 28, 2019 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 27 March 2019, the European Securities and Markets Authority (ESMA) announced that it was renewing its restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients from 1 May 2019 (following the publication of the restriction in the Official Journal of the EU), for a further 3-month period. The … Continue Reading

AFME equity selling restriction wording for Brexit

By Hannah Meakin (UK) on March 28, 2019 Posted in Brexit, Brexit, Germany, Italy, The Netherlands, United Kingdom

On 26 March 2019, the Association for Financial Markets in Europe (AFME) published a document containing wording setting out the selling restrictions for equity transactions for use following a no-deal Brexit or a Brexit with a deal/transitional period, as applicable. The wording within the document covers those selling restrictions that are most frequently used in … Continue Reading

New ESMA Q&As on the Prospectus Regulation

By Imogen Garner (UK) and Iona Wright (UK) on March 28, 2019 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 27 March 2019, the European Securities and Markets Authority (ESMA) published new Q&As on the Prospectus Regulation. The Q&As provide clarification on the following issues in relation to the Prospectus Regulation: the scope of the grandfathering of prospectuses approved under the national laws of Member States implementing the Prospectus Directive; the applicability of the … Continue Reading

ESMA updates MiFID II and MiFIR commodity derivatives Q&As

By Hannah Meakin (UK) and Imogen Garner (UK) on March 28, 2019 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 27 March 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR commodity derivatives topics. Importantly, the Q&A’s include one updated question on ancillary activity, regarding when a firm that wants to make use of the ancillary activity exemption needs to notify its competent … Continue Reading

IOSCO work programme for 2019

By Simon Lovegrove (UK) on March 26, 2019 Posted in Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 25 March 2019, the International Organization of Securities Commissions (IOSCO) published its annual work programme for 2019. The IOSCO Board has identified, amongst other things, five priority issues for 2019, namely: crypto-assets: In 2019, IOSCO will focus on how platforms where crypto-assets are traded are regulated and will also examine regulation of investment funds with … Continue Reading

Basel Committee summary of follow-up actions for Basel III RCAP assessments

By Jochen Vester (UK) on March 26, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 25 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published overviews of follow-up actions taken or planned by member jurisdictions as of end-2018 to address deviations from the Basel standards identified as part of the Regulatory Consistency Assessment Programme (RCAP). The follow-up actions relate to assessments of risk-based capital and Liquidity Coverage … Continue Reading

SFTR related Delegated Regulations published in OJ

By Hannah Meakin (UK) and Albert Weatherill (UK) on March 25, 2019 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 22 March 2019, the following were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/356 of 13 December 2018 supplementing the SFTR with regard to regulatory technical standards (RTS) specifying the details of securities financing transactions (SFTs) to be reported to trade repositories; Commission Delegated Regulation (EU) 2019/357 of … Continue Reading

EMIR: Amending Delegated Regulations relating to trade repositories

By Hannah Meakin (UK) and Jochen Vester (UK) on March 25, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 22 March 2019, there was published in the Official Journal of the EU (OJ),: Commission Delegated Regulation (EU) 2019/361 of 13 December 2018 amending Delegated Regulation (EU) No 151/2013 with regard to access to the data held in trade repositories. This amending Delegated Regulation inserts a new Article 2 into Delegated Regulation (EU) No … Continue Reading

ECB speech on supervisory priorities and annual report for 2018 supervisory activities

By Jochen Vester (UK) on March 22, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 21 March 2019, the European Central Bank (ECB) published a speech by its Supervisory Board Chair, Andrea Enria, following the publication of its 2018 annual report on supervisory activities. Alongside an overview of work conducted in 2018, Mr Enria discusses the ECB’s supervisory priorities for 2019: credit risk: the ECB will continue to promote … Continue Reading

European Commission consults on draft Implementing Decisions under BMR

By Jochen Vester (UK) on March 21, 2019 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 19 March 2019, the European Commission published for consultation the following draft Implementing Decisions under the Benchmarks Regulation (BMR): Commission Implementing Decision (EU) on the equivalence of the legal and supervisory framework applicable to benchmarks in Singapore in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council, and annex; and … Continue Reading