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Topic: Regulation and Compliance

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Published in OJ – Delegated Regulation specifying fees relating to the supervision by the ESMA of data reporting service providers

On 17 June 2022, Commission Delegated Regulation (EU) 2022/930 of 10 March 2022 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying fees relating to the supervision by the European Securities and Markets Authority of data reporting service providers, was published in the Official Journal of the European Union. … Continue Reading

Council adopts its position on new rules for consumer credit

On 9 June 2022, the Council of the EU issued a press release stating that it had adopted its general approach on the proposed revision of the Directive on consumer credit. Among other things the Council’s press release notes: The Council proposes to exclude from the scope of the revised directive crowdfunding and, under certain … Continue Reading

ESMA speech ‘Towards delivering the CMU’

On 1 June 2022, Verena Ross, Chair of the European Securities and Markets Authority (ESMA), gave a speech at the FESE convention. In her speech, Ms Ross shared the ESMA’s views on topics including, the MIFIR review, in particular, the consolidated tape, in addition to insights on the supervisory convergence work in the area of … Continue Reading

ECB opinion on proposed regulation amending MiFIR as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders

On 1 June 2022, the European Central Bank (ECB) published an opinion on the proposed regulation amending the Markets in Financial Instruments Regulation as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders. The opinion sets out both general … Continue Reading

ESMA final report on the MiFID II framework on best execution reports by investment firms

On 16 May 2022, the European Securities and Markets Authority (ESMA) published a final report on the review of the MiFID II framework on best execution reports by investment firms. The final report follows a consultation paper that the ESMA published last September seeking stakeholders’ technical input on proposals for possible improvements to the best … Continue Reading

Published in OJ – Commission Delegated Regulation 2022/803 supplementing MiFIR

On 24 May 2022, Commission Delegated Regulation 2022/803 of 16 February 2022 supplementing the Markets in Financial Instruments Regulation (MiFIR) was published in the Official Journal of the European Union (OJ). The Delegated Regulation supplements the MiFIR by specifying the rules of procedure for the exercise of the power to impose fines or periodic penalty … Continue Reading

ESMA updates Q&As

On 20 May 2022, the European Securities and Markets Authority updated the following Q&As: Application of the Alternative Investment Fund Managers Directive. Application of the UCITS Directive. Implementation of the Regulation on improving securities settlement in the EU and on central securities depositories. On the European crowdfunding service providers for business Regulation. On MiFID II … Continue Reading

ESMA final report on the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report regarding the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation (ECSPR). The final report has been issued in response to a formal request that the ESMA received from the European Commission to … Continue Reading

Beyond the temporary permissions regime: is your firm ready?

Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) until they are assigned a “landing slot” by the PRA / FCA to apply … Continue Reading

ESMA reminds fund managers of their obligations to investors amid the war in Ukraine

On 16 May 2022, the European Securities and Markets Authority (ESMA) issued a statement on the implications of Russia’s invasion of Ukraine on investment fund portfolios. In the statement ESMA recalls some general principles that can be derived from EU law that are of relevance to the management of the impact of the Russian invasion … Continue Reading

EBA final technical standards on crowdfunding service providers

On 13 May 2022, the European Banking Authority (EBA) published a final report setting out draft Regulatory Technical Standards (RTS) per its mandate under Article 19(7) of the European Crowdfunding Service Providers Regulation specifying the: Elements to be included in the information to investors with respect to the description of the method to calculate credit … Continue Reading

EBA updates its Guidelines for assessing equivalence of professional secrecy regimes of third country authorities

On 3 May 2022, the European Banking Authority (EBA) published updated guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities. The EBA has updated the guidelines to allow for a wider: Scope of the assessment, i.e. to include all relevant provisions in the Capital Requirements Directive IV (CRD IV), Payment … Continue Reading

ESMA

On 19 April 2022, the European Securities and Markets Authority (ESMA) published a letter that it had sent to the European Commission setting out certain observations on the Commission’s consultation on options to enhance the suitability and appropriateness assessments. Among other things, the ESMA notes in the letter that the Commission’s proposal to apply a … Continue Reading

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … Continue Reading

Commission Delegated Regulation supplementing MiFID II with regard to RTS for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits

On 20 April 2022, the European Commission adopted a Delegated Regulation supplementing MiFID II with regard to regulatory technical standards (RTS) for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits together with an annex. When finalised, the Delegated Regulation will replace Commission Delegated Regulation 2017/591 (‘RTS … Continue Reading

ESMA guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements

On 12 April 2022, the European Securities and Markets Authority published the official translations of the guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements. The guidelines apply from six months of the date of publication of the translations.… Continue Reading

EBA letter to the Commission – New proposition of time limits for submission of regulatory mandates according to the EBA Founding Regulation

On 12 April 2022, the European Banking Authority (EBA) published a letter (dated 2 February 2022) that it had sent to the European Commission formally requesting new time limits for certain mandates where delays could not be avoided. The mandates relate to certain technical standards under the Capital Requirements Regulation (CRR) II, the Investment Firms … Continue Reading

ESMA complementary annual transparency calculations

On 8 April 2022, the European Securities and Markets Authority (ESMA) made available additional results of the annual transparency calculations for equity and equity-like instruments. The ESMA previously communicated these calculations on 1 March and supplemented them on 31 March. Calculations include the: liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation … Continue Reading

FSB welcomes smooth transition from LIBOR

On 5 April 2022, the Financial Stability Board (FSB) issued a statement welcoming the smooth transition away from LIBOR at the end of last year. The FSB also reminds firms that given the significant use of USD LIBOR globally, they should have plans in place to ensure their preparedness for the cessation of the USD … Continue Reading

ESMA postpones RTS 2 Annual Review

On 1 April 2022, the European Securities and Markets Authority (ESMA) announced that it is postponing the annual review of the MiFIR Regulatory Technical Standards on non-equity transparency (RTS 2). The on-going MiFIR review is likely to have a significant impact on the review as it is likely to make part of it redundant due … Continue Reading

ESRB response to the Commission consultation on the review of the mortgage credit directive

On 1 April 2022, the European Systemic Risk Board (ESRB) provided a response to the European Commission consultation on the review of the mortgage credit directive (MCD). The ESRB propose to include borrower-based measures in EU legislation which will help to ensure sound lending standards and higher resilience of borrowers. Although the deadline for responding … Continue Reading

ESMA makes available new Q&As

On 1 April 2022, the European Securities and Markets Authority (ESMA) announced that it had updated its Q&As on the following: Benchmarks Regulation. ESMA Guidelines on Alternative Performance Measures. Markets in Financial Instruments Regulation data reporting. Securities Financing Transaction Regulation data reporting.… Continue Reading

ESMA Final Report – Guidelines on certain aspects of the MiFID II remuneration requirements

On 31 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on certain aspects of the MiFID II remuneration requirements. The final report summarises the responses ESMA received to its earlier consultation paper last July and explains how the responses have been taken into account. The guidelines are intended … Continue Reading
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