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EMMI adopts changes to EONIA methodology

On 31 May 2019, the European Money Markets Institute (EMMI) announced that on 2 October 2019, the change in EONIA’s methodology will take effect. This announcement was published alongside the summary of the stakeholder consultation feedback on the recommendations for EONIA by the Working Group on euro risk-free rates. In view of the feedback received, … Continue Reading

ESMA updates Q&As on application of AIFMD

On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Alternative Investment Fund Managers Directive (AIFMD). Five new Q&As have been inserted under Section VI regarding depositories, namely asking: Under recital 42 of AIFMD, what are ‘supporting tasks that are linked to depositary tasks such … Continue Reading

ESMA updates Q&As on application of UCITS Directive

On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Five new Q&As have been inserted, regarding: the distinction between depositary tasks and mere supporting tasks; depositary tasks entrusted to third parties; performance of depositary functions … Continue Reading

FSB user guide for overnight risk-free rates

On 4 June 2019, the Financial Stability Board (FSB) published a user guide to overnight risk-free rates (RFRs). The guide provides an overview of RFRs, details of how they are calculated, and options on how overnight RFRs can be used in cash products. In doing so the FSB intends to broaden the overview on RFRs … Continue Reading

IOSCO report on market fragmentation and cross-border regulation

On 4 June 2019, the International Organization of Securities Commissions (IOSCO) published a report on market fragmentation and cross-border regulation. In 2015, IOSCO released a Final Report from its Task Force on Cross Border Regulation (2015 Report), which included a toolkit of three broad types of approaches for cross-border regulation: national treatment; recognition; and passporting. … Continue Reading

FSB report on market fragmentation

On 4 June 2019, the Financial Stability Board (FSB) published a report on market fragmentation. The report was delivered to G20 Finance Ministers and Central Bank Governors ahead of their meetings in Fukuoka on 8-9 June 2019. The report looks at some examples of financial activities where supervisory practices and regulatory policies may give rise … Continue Reading

ESMA updates MiFID II Q&As on transparency topics

On 3 June 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR transparency topics. The updated Q&As contain a number of modified Q&As on: general transparency topics; pre-trade transparency waivers; double volume cap; and the systematic internaliser regime. Two new Q&As are also inserted relating to: the voluntary … Continue Reading

ESMA supervisory briefing on MiFIR pre-trade transparency requirements

On 3 June 2019, the European Securities and Markets Authority (ESMA) published a supervisory briefing on ensuring compliance with the MiFIR pre-trade transparency requirements in commodity derivatives. The briefing provides guidance to Member State competent authorities (NCAs) as regards supervisory and enforcement actions to ensure compliance with pre-trade transparency requirements for negotiated trades in commodity … Continue Reading

ESMA launches common supervisory action on MiFID II appropriateness rules

On 3 June 2019, the European Securities and Markets Authority (ESMA) announced that it is launching a common supervisory action (CSA) which participant national competent authorities (NCAs) will carry out simultaneously in the second half of 2019. The supervisory activity will focus on the application of the MiFID II requirements on the assessment of appropriateness. … Continue Reading

FSB discussion paper on the solvent wind-down of derivatives and trading portfolios

On 3 June 2019, the Financial Stability Board (FSB) published a discussion paper on the solvent wind-down of derivatives and trading portfolios. The discussion paper sets out considerations related to the solvent wind-down of the derivative portfolio activities of a global systemically important bank (G-SIB) that may be relevant for authorities and firms for both … Continue Reading

FSB discussion paper on public disclosures on resolution planning and resolvability

On 3 June 2019, the Financial Stability Board (FSB) published a discussion paper on public disclosures on resolution planning and resolvability. The discussion paper explores how general and firm specific disclosures on resolution planning and resolvability could be further enhanced. It focuses mainly on disclosures of resolution planning for global systemically important banks. However, many … Continue Reading

IOSCO update on 2019 work programme

On 30 May 2019, the International Organisation of Securities Commissions (IOSCO)  issued a press release following its meeting this month in which priority issues facing securities market regulators and supervisors were discussed. The priority issues include: crypto-assets. IOSCO will be publishing a consultation report on crypto-asset trading platforms, in response to a G20 request. IOSCO … Continue Reading

FSB reports on work to assess and address correspondent banking declines

The Financial Stability Board (FSB) has published: a progress report on the implementation of its action plan to assess and address the decline in correspondent banking relationships. The decline in the number of correspondent banking relationships remains a source of concern for the international community, as the number of active correspondent banks declined by 3.4% … Continue Reading

FSB reports on work underway to address crypto-asset risks

On 31 May 2019, the Financial Stability Board (FSB)  published a report on crypto-assets, which considers work underway, regulatory approaches and potential gaps. The report is being delivered to G20 Finance Ministers and Central Bank Governors for their meeting in Fukuoka on 8-9 June. International organisations are working on a number of fronts, directly addressing … Continue Reading

Commission Delegated Regulation (EU) 2018/815 supplementing the Transparency Directive with regard to RTS on the specification of a single electronic reporting format

On  30 May 2019, there was published in the Official Journal of the EU,  Commission Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing the Transparency Directive with regard to RTS on the specification of a single electronic reporting format. The Commission Delegated Regulation specifies the single electronic reporting format, as referred to in Article … Continue Reading

ESMA list of market makers and authorised primary dealers using the exemption under the SSR

On 29 May 2019, the European Securities and Markets Authority (ESMA) published an updated list of market makers and authorised primary dealers who are using the exemption under the Short Selling Regulation (SSR). The list has been compiled from notifications from Member State competent authorities to ESMA under Article 17(12) of the SSR.… Continue Reading

EBA 2018 Annual Report

On 29 May 2019, the European Banking Authority (EBA) published its 2018 Annual Report, which provides a detailed account of the work the European Supervisory Authority has achieved in the past year. The Annual Report also sets out the EBA’s priorities for 2019. The EBA’s focus will include sequencing the CCR 2 mandate, including developing … Continue Reading

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

On 29 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR investor protection and intermediaries’ topics. The updated Q&As insert: (i) five new questions on best execution; and (ii) four new questions on information on costs and charges.  … Continue Reading

IOSCO consults on key considerations for regulation of crypto-asset exchanges

On 28 May 2019 the International Organization for Securities Commission (IOSCO) published a consultation paper on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Prepared by IOSCO’s Committee 2 on the Regulation of Secondary Markets, the consultation paper seeks stakeholder views in order to help IOSCO members evaluate the issues and risks relating … Continue Reading

FSB thematic review on implementation of LEI

On 28 May 2018, the Financial Stability Board (FSB) published a thematic review report on the implementation of the Legal Entity Identifier (LEI). The report is divided into the following sections: jurisdictions’ approaches and strategies to implement the LEI; LEI coverage; achievements and benefits; obstacles to adoption and implementation; and advancing LEI adoption. Key points … Continue Reading

ESMA updates Q&A on Securitisation Regulation

On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Securitisation Regulation. The updated Q&As contain multiple new and amended Q&As across various topics relating to the Securitisation Regulation.… Continue Reading

ESMA updates Q&As on EMIR implementation

On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the European Markets Infrastructure Regulation (EMIR). The updated Q&As contain: an amended Q&A on the procedure for financial counterparties and non-financial counterparties to notify that they exceed or no longer exceed clearing thresholds; … Continue Reading

ESMA opinion on calculating market size of ancillary activity under MiFID II

On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated opinion on calculating market size of ancillary activity under MiFID II. The opinion, targeted at Member State national competent authorities, relates to Article 2(3) of Delegated Regulation 2017/592 which lays down the rules for calculating the overall market trading activity. The … Continue Reading

ESMA consults on guidelines on TRs’ reporting obligations

On 27 May 2019, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on periodic information and notification of material changes to be submitted to ESMA by trade repositories (TRs). The draft guidelines set out the information that should be periodically submitted by TRs to ESMA. The draft guidelines clarify … Continue Reading
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