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
On 29 March 2021, the FCA published issue 33 of Primary Market Bulletin. In this issue the FCA covers: Brexit-related changes for EEA audit firms. Information on Short Selling Regulation notification compliance. Recent enforcement action. The new online portal for submitting major shareholdings notifications which went live on 22 March 2021. The FCA also covers … Continue Reading
On 4 March 2021, the European Securities and Markets Authority (ESMA) published guidelines that are based on Article 20(12) of the Prospectus Regulation and Article 16(1) of the ESMA Regulation. The guidelines apply to Member State competent authorities and market participants and are intended to establish consistent, efficient and effective supervisory practices among Member State … Continue Reading
On 26 February 2021, the International Organisation of Securities Commissions (IOSCO) published its work programme for 2021/2022. Ashley Alder, Chair of the IOSCO Board, said: “In 2020, our agenda was dominated by the response to COVID-19 induced market stresses. IOSCO has actively taken steps to address potential financial stability risks including a particular focus on … Continue Reading
On 29 January 2021, the European Securities and Markets Authority (ESMA) published a table designed to facilitate the passporting of prospectuses and provide transparency for market participants regarding the use of languages by different competent authorities: Languages accepted for scrutiny of the prospectus. This shows the languages that each national competent authority accepts when acting … Continue Reading
On 16 December 2020, the European Commission adopted a Delegated Regulation supplementing the Prospectus Regulation as regards the minimum information content of the document to be published for a prospectus exemption in connection with a takeover by means of an exchange offer, a merger or a division together with annexes. The Delegated Regulation is based … Continue Reading
On 17 September 2020, the European Securities and Markets Authority (ESMA) announced that it was renewing its decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant national competent authority if the position reaches or exceeds 0.1% of the issued share capital. The … Continue Reading
On 14 September 2020, there was published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2020/1272 of 4 June 2020 amending and correcting Delegated Regulation (EU) 2019/979 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary … Continue Reading
On 30 July 2020, there was published in the Official Journal of the EU, the decision from the European Securities and Markets Authority renewing the temporary requirement to natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued share capital of … Continue Reading
On 11 June 2020, the European Securities and Markets Authority (ESMA) issued a public statement confirming that it had renewed its decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant Member State national competent authority (NCA) if the position exceeds 0.1% of … Continue Reading
As market volatility has increased in the wake of the Covid-19 outbreak, several competent authorities have imposed bans on short sales in certain shares. Approach taken by the Financial Conduct Authority (the FCA) To date, the FCA has introduced only temporary prohibitions on short selling in certain listed instruments, on the 13 and 17 … Continue Reading
On 31 March 2020, the FCA updated its statement on short selling bans and reporting as follows: “On 16 March 2020, the European Securities and Markets Authority (ESMA) issued a decision to temporarily amend the threshold for notifying net short positions to Competent Authorities under the SSR [Short Selling Regulation] from 0.2% of issued share … Continue Reading
On 27 March 2020, the European Securities and Markets Authority (ESMA) announced that it had decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged. ESMA has recently been asked by some stakeholders to postpone the date of application – required by MiFID II / MiFIR … Continue Reading
As market volatility has increased in the wake of the Covid-19 outbreak, several competent authorities have imposed bans on short sales in certain shares. Approach taken by the FCA To date, the FCA has introduced only temporary prohibitions on short selling in certain listed instruments, on the 13 and 17 March 2020, as set out … Continue Reading
On 19 March 2020, the European Securities and Markets Authority (ESMA) issued official opinions agreeing to emergency net short positions prohibitions by the Financial Securities and Markets Authority (FSMA) of Belgium and the Hellenic Capital Market Commission (HCMC) of Greece.… Continue Reading
On 18 March 2020, the International Capital Markets Association (ICMA) and the International Securities Lending Association (ISLA) published a letter sent to the European Securities and Markets Authority (ESMA) asking for a delay to the upcoming application of reporting obligations under the Securities Financing Transactions Regulation ((EU) 2015/2365) (SFTR). Under Article 4 of the SFTR, … Continue Reading
Following the temporary ban last week, the FCA has again notified another temporary ban on the short selling of a list of instruments (set out below), effective immediately on 17 March 2020 and in force until the end of the trading day on 17 March 2020. The notification was again made under Articles 23 (1) … Continue Reading
The European Securities and Markets Authority (ESMA) has published its decision of 16 March 2020 (Decision), which requires natural or legal persons who have net short positions in relation to a share admitted to trading on a regulated market to notify to a competent authority details of any such position if the position reaches or … Continue Reading
Following decisions by fellow European competent authorities, Borsa Italiana and Spain’s CNMV, the FCA has notified a temporary ban on the short selling of a list of instruments (set out below), effective immediately on 13 March 2020 and in force until the end of the trading day on 13 March 2020. The notification was made … Continue Reading
On 18 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. Two new Q&As have been added that provide clarification on: the number of additional pages that can be included in a summary where there is more than one guarantor; and the number of additional pages that can … Continue Reading
On 9 February 2020, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the UK’s withdrawal from the EU until the end of the implementation period. The updated version of the equity selling restrictions are in substantially the same form as the version published … Continue Reading
On 10 February 2020, the International Swaps and Derivatives Association (ISDA) published the fourth in a series of legal guidelines for smart derivatives contracts. The ISDA Legal Guidelines for Smart Derivatives Contracts – Equities (2020): provide an overview of equity derivatives transactions and different product types; explain how equity derivatives transactions are documented under both … Continue Reading
On 10 February 2020, the International Securities Lending Association (ISLA) submitted a letter to the European Commission and the European Securities and Markets Authority (ESMA) regarding the Regulation on reporting and transparency of securities financing transactions (SFTR). Specifically the letter concerned the SFTR scope of non-EU alternative investment funds (non-EU AIFs), and its conflict in … Continue Reading
On 31 January 2020, the European Securities and Markets Authority (ESMA) published a letter to the European Commission in response of its request for technical advice on general equivalence criteria for prospectuses drawn up under the laws of third countries under Article 29(3) of the Prospectus Regulation. After careful analysis of its mandate, ESMA concludes … Continue Reading
