There has been published on the legislation.gov.uk website, the Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (the Regulations).
The Regulations are mainly concerned with the implementation of certain obligations laid down in the Settlement Finality Directive, the Prospectus Directive, the Markets in Financial Instruments Directive, the Transparency Directive and the UCITS IV Directive in respect of the powers of the European Supervisory Authorities.
The Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 and the Financial Services and Markets Act 2000. The amendments require specified matters to be notified and specified information to be given to the European Securities and Markets Authority and, in some cases, to the European Commission, the European Systemic Risk Board, other EEA States or the competent authorities established in those states.
The Regulations also insert a definition of “ELTIF Regulation” into regulation 1(2) of the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001. The definition was inadvertently omitted when regulation 1(2) was amended by regulation 7(2) of the European Long-Term Investment Funds Regulations 2015.