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Topic: Regulation and Compliance

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Council of the EU MiFIR/MiFID II press release: Council adopts new rules to strengthen market data transparency

On 20 February 2024, the Council of the EU issued a press release stating that it has adopted the proposed Directive amending MiFID II and the proposed Regulation amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow. Consolidated … Continue Reading

Global Regulation Tomorrow Plus: EMEA regulatory insights series – Germany

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Michael Born from our Frankfurt office discusses recent German regulatory developments including the Financial Market Digitisation Act, the Credit Secondary Market Promotion Act, … Continue Reading

ESMA public statement on reporting requirements under RTS 28

On 13 February 2024, the European Securities and Markets Authority (ESMA) issued a public statement concerning Regulatory Technical Standard (RTS) 28 under MiFID II. The public statement follows an earlier public statement that ESMA issued on 14 December 2022 on the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 … Continue Reading

Published in OJ – ECB Decision on the reporting by NCAs of information on remuneration, gender pay gap, approved higher ratios and high earners for the purposes of benchmarking.  

On 8 February 2024, there was published in the Official Journal of the European Union Decision (EU) 2024/461 of the European Central Bank (ECB) of 29 January 2024, on the reporting by Member State national competent authorities (NCAs) on remuneration, gender pay gap, approved higher ratios and high earners for the purposes of benchmarking. The … Continue Reading

ESMA warning for people posting investment recommendations on social media

On 6 February 2024, the European Securities and Markets Authority (ESMA) issued a warning for people posting investment recommendations on social media. The warning is made by ESMA and Member State competent authorities who note that social media is playing a key role when used to disseminate, share and discuss information about financial markets and … Continue Reading

Council of EU publishes texts of proposed Directive and Regulation to improve MiFID II market data access and transparency

On 2 February 2024, the Council of the EU published the text of the proposed: The European Parliament adopted the proposed Regulation and Directive on 16 January 2024. The new provisions are intended to reduce information asymmetries between market participants and improve orderly trading in commodity derivatives concerning energy and food. To protect investors from … Continue Reading

ESMA and NCAs to coordinate supervisory activities on MiFID II pre-trade controls

On 11 January 2024, the European Securities and Markets Authority (ESMA) announced it was launching a common supervisory action (CSA) with Member State competent authorities which will assess the implementation of pre-trade controls (PTCs) by EU investment firms using algorithmic trading techniques. The CSA will cover:… Continue Reading

ESMA updates its opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments

On 8 January 2024, the European Securities and Markets Authority (ESMA) updated its opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments. The opinion provides a summary of the considerations on which ESMA opinions on pre-trade transparency waivers issued under Articles 4(4) and 9(2) of MiFIR are based. In consequence, the … Continue Reading

ESMA updates manual on post-trade transparency under MiFID II / MiFIR

On 8 January 2024, the European Securities and Markets Authority (ESMA) published an updated version of its manual on post-trade transparency under MiFID II / MiFIR. A summary table of updates on page 11 of the manual explains that ESMA has updated the manual to: ESMA also expects to further update the manual shortly in … Continue Reading

ESAs consult on draft ITS specifying certain tasks of collection bodies and certain functionalities of the ESAP

On 8 January 2023, the European Supervisory Authorities (ESAs) issued a consultation paper on draft implementing technical standards (ITS) regarding the tasks of the collection bodies and the functionalities of the European Single Access Point (ESAP). The draft ITS are intended to enable future users to effectively harness the information on the ESAP. The purpose … Continue Reading

Published in OJ: Regulation (EU) 2023/2845 amending the CSDR and Short Selling Regulation

On 27 December 2023, there was published in the Official Journal of the EU, Regulation (EU) 2023/2845 amending the Central Securities Depositories Regulation (CSDR) and the Short Selling Regulation. Regulation (EU) 2023/2845 was originally published by the European Commission on 16 March 2022 and focuses on amending the CSDR in five main areas: the passporting … Continue Reading

EBA consults on guidelines on internal policies, procedures and controls to ensure implementation of EU and national sanctions

On 21 December 2023, the European Banking Authority (EBA) issued a public consultation on two sets of guidelines on internal policies, procedures and controls to ensure the implementation of EU and national restrictive measures. One set of draft guidelines is addressed to financial institutions and prudential supervisors and sets common, regulatory expectations regarding the role … Continue Reading

ECB to stress test banks’ ability to recover from cyberattacks

On 3 January 2024, the European Central Bank (ECB) announced that it will be conducting a cyber resilience stress test on 109 directly supervised banks in 2024. The exercise will assess how banks respond to and recover from a cyberattack, rather than their ability to prevent it. As part of the exercise, 28 banks will … Continue Reading

ESMA – harmonising and simplifying fees charged to trade repositories under EMIR

On 3 January 2024, the European Commission (Commission) published for consultation a draft Delegated Regulation as regards harmonisation of certain aspects linked to fees charged by the European Securities and Markets Authority (ESMA) to trade repositories, supplementing the European Market Infrastructure Regulation (EMIR). ESMA charges fees to trade repositories in accordance with Commission Delegated Regulation … Continue Reading

ESMA – harmonising and simplifying fees charged to securitisation repositories

On 3 January 2024, the European Commission (Commission) published for consultation a draft Delegated Regulation amending Delegated Regulation (EU) 2020/1732 as regards harmonisation of certain aspects linked to fees charged by the European Securities and Markets Authority (ESMA) to securitisation repositories. Article 16(2) of the Securitisation Regulation mandates the Commission to adopt a delegated act … Continue Reading

ESMA – harmonising and simplifying fees charged to trade repositories under the SFTR

On 3 January 2024, the European Commission (Commission) published for consultation a draft Delegated Regulation amending Delegated Regulation (EU) 2019/360 as regards harmonisation of certain aspects linked to fees charged by the European Securities and Markets Authority (ESMA) to trade repositories. ESMA charges fees to trade repositories under the Securities Financing Transactions Regulation (SFTR) in … Continue Reading

ESMA – harmonising and simplifying the delegated act on fees to certain benchmark administrators

On 3 January 2024, the European Commission (Commission) published for consultation a draft Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards harmonisation of certain aspects of supervisory fees charged by the European Securities and Markets Authority (ESMA) to certain benchmark administrators. Article 481 of the Benchmark Regulation mandates the Commission to adopt a delegated … Continue Reading

Regulation Tomorrow Plus: EMEA regulatory insights series – 2024 horizon scanning – EU

In this latest episode of our EMEA regulatory insights series colleagues from Brussels, Netherlands, Germany, France and Luxembourg provide their thoughts and insights on what 2024 holds from a financial services regulatory perspective.   The podcast can be found here.… Continue Reading

Published in OJ: Regulation (EU) 2023/2859 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability

On 25 November 2021, the European Commission (Commission) published a proposal for the Regulation establishing a European single access point (ESAP) providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability. The establishment of a ESAP by 2024 is a main goal of the Capital Markets Union Action Plan … Continue Reading

CRA Market Share Report 2023

On 20 December 2023, the European Securities and Markets Authority published the 2023 edition of its CRA Market Share Report. The market share calculation is required to be published by ESMA on an annual basis in accordance with Article 8d(2) of the Regulation on credit rating agencies (CRAs). Its purpose is to assist issuers or … Continue Reading

IOSCO statement on online harm

On 15 December 2023, the International Organization of Securities Commissions (IOSCO) issued a statement on the risk of online harm to retail investors from investment scams and frauds. IOSCO has issued the statement noting that with growing online retail investor participation there has been a rise of ‘bad actors’ using sophisticated and fraudulent tactics to … Continue Reading

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

On 15 December 2023, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR investor protection topics. ESMA has added two new items in its section on information on costs and charges. These concern aggregation of costs and charges and foreign currency.… Continue Reading

ESMA updates Q&As on the European crowdfunding service providers for business Regulation

On 15 December 2023, the European Securities and Markets Authority (ESMA) updated its Q&As on the European crowdfunding service providers for business Regulation. The following sections of the Q&As have been updated:… Continue Reading
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