Italy (and EU regulation)

UK General Election and next steps for Brexit

Following the UK General Election the Conservative Party has won a majority of at least 76 seats in the House of Commons, its biggest election victory since 1987. With one constituency left to declare at the time of writing, the Conservatives have 364 seats, Labour 203, the SNP 48, the Liberal Democrats 11, the DUP … Continue Reading

Regulation regarding the promotion of SME growth markets published in the OJ

By Georgia Karamani (UK) and Luke Rodgers on December 13, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 11 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2115 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets. The Regulation will enter into force on the twentieth day following its publication in … Continue Reading

EMIR 2.2 – legislation published in the OJ

By Hannah Meakin (UK) and Hannah McAslan (UK) on December 13, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 12 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2099 amending Regulation (EU) 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs (EMIR 2.2). EMIR 2.2 will enter into force on the twentieth day … Continue Reading

ESMA issues second annual report on penalties and measures issued under MAR

By Imogen Garner (UK) and Iona Wright (UK) on December 13, 2019 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 12 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on administrative and criminal sanctions and other administrative measures imposed by Member State competent authorities (NCAs) under the Market Abuse Regulation (MAR). The report covers the period from January to December 2018 and contains aggregated information on administrative and … Continue Reading

ESMA issues second annual report on penalties and measures issued under UCITS Directive

By Imogen Garner (UK) and Iona Wright (UK) on December 13, 2019 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 12 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on sanctions (penalties and measures) imposed by Member State competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive. The report covers the period from January to December 2018. ESMA found that the number of … Continue Reading

Basel Committee paper on designing a prudential regime for crypto-assets

By Albert Weatherill (UK) and Jochen Vester (UK) on December 13, 2019 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 12 December 2019, the Basel Committee on Banking Supervision (Basel Committee) published a discussion paper seeking views on a range of issues related to the prudential regulatory treatment of crypto-assets. The responses to the discussion paper will inform the Basel Committee’s development of a prudential treatment for crypto-assets at large, including for crypto-assets that … Continue Reading

CPMI report on wholesale digital tokens sets out possible future of transaction settlement

By Albert Weatherill (UK) and Arup Sen on December 13, 2019 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 12 December 2019, the Committee on Payments and Market Infrastructures (CPMI) published a report on wholesale digital tokens, focussing on their potential for use as a means of settling wholesale transactions. Wholesale transactions are typically settled by updating account balances recorded on a centralised register such as a settlement institution’s ledger. But the development … Continue Reading

European Green Deal announced

By Imogen Garner (UK) and Daniel Nevzat (UK) on December 13, 2019 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 11 December 2019, the European Commission (Commission) presented The European Green Deal – a roadmap for making the EU’s economy sustainable by turning climate and environmental challenges into opportunities across all policy areas. To set into legislation the political ambition of Europe being the world’s first climate neutral continent by 2050, the Commission will … Continue Reading

ECB speech on banking supervision activities

By Simon Lovegrove (UK) and Jochen Vester (UK) on December 13, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 12 December 2019, the European Central Bank (ECB) published the introductory comments made by its chair, Andrea Enria, at the second ordinary hearing at the European Parliament’s Economic and Monetary Affairs Committee. In his comments, Mr Enria describes the progress in the Eurozone in reducing risks in the banking sector noting that the volume … Continue Reading

Global Asset Management Quarterly – 13th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: UK/Europe UK and European overview The new EU prudential regime for investment firms Navigating the AIFMD EU progresses on its Sustainable Finance Action Plan Contracting for indices EU/UK regulatory roundup Luxembourg update Ireland update Asia Pacific The … Continue Reading

ESMA updates its Q&As on the BMR

By Daniel Nevzat (UK) on December 12, 2019 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 11 December 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on the Benchmarks Regulation. The update provides clarification on the transitional provisions applicable to third country benchmarks following the publication in the Official Journal of the EU of Regulation (EU) 2019/2089 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and … Continue Reading

ESMA amends CRR standard on main indices and recognised exchanges

By Hannah McAslan (UK) on December 12, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 11 December 2019, the European Securities and Markets Authority (ESMA) issued a final report containing draft amendments to Commission Implementing Regulation (EU) 2016/1646, which specifies the main indices and recognised exchanges pursuant to paragraph 8 of Article 197 of the Capital Requirements Regulation (CRR). ESMA is introducing amendments to the Implementing Regulation to ensure … Continue Reading

FATF speech

By Simon Lovegrove (UK) on December 12, 2019 Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 12 December 2019, the Financial Action Task Force (FATF) published a speech by its Executive Secretary, David Lewis, at the 7th International Anti-Money Laundering and Compliance Conference. Key messages in the speech include: evaluation and follow-up processes will continue to be at the centre of what the FATF does. This year the FATF started … Continue Reading

Linking of Switzerland to the EU emissions trading system – entry into force on 1 January 2020

By Daniel Nevzat (UK) on December 11, 2019 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, the European Commission announced that on 1 January 2020 Switzerland will become the first country to successfully link its greenhouse gas emissions trading system with the EU emissions trading system. This completes a process which has taken almost 10 years. On 17 December 2010, the Council authorised the Commission to open … Continue Reading

CPMI and IOSCO share authorities’ experiences in cooperation to increase FMI safety and efficiency

By Hannah Meakin (UK) and Hannah McAslan (UK) on December 11, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 10 December 2019, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report, Responsibility E: A compilation of authorities’ experience with cooperation. The report describes ways in which authorities cooperate with each other in a variety of contexts, with particular emphasis on the expectations in … Continue Reading

EPC 2019 Payment Threats and Fraud Trends Report

By Albert Weatherill (UK) on December 11, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, the European Payments Council published the 2019 Payment Threats and Fraud Trends Report, which provides an overview of the most important threats in the European payments landscape. The report provides an overview of the most important threats in the payments landscape, including social engineering and phishing, malware, advanced persistent threats (APT), … Continue Reading

ESMA report on the responses to its consultation on the ELTIF Regulation

By Imogen Garner (UK) on December 11, 2019 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 10 December 2019, the European Securities and Markets Authority (ESMA) published its final report on the draft regulatory technical standards (RTS) under Article 25 of the Regulation on European long-term investment funds (ELTIF Regulation). Article 25(3) of the ELTIF Regulation provides that ESMA shall develop RTS to determine the costs disclosure requirements applicable to … Continue Reading

ESMA second annual report on EMIR penalties and supervisory measures

By Hannah Meakin (UK) and Hannah McAslan (UK) on December 10, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on the supervisory measures and penalties imposed by Member State competent authorities (NCAs) under the European Market Infrastructure Regulation (EMIR). The report covers the period from January to December 2018 with a focus on NCAs’ supervisory measures and enforcement … Continue Reading

OJ – Commission Implementing Regulation amending ITS on closely correlated currencies under CRR

By Georgia Karamani (UK) and Luke Rodgers on December 10, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, there was published in the Official Journal of the European Union (OJ), Commission Implementing Regulation (EU) 2019/2091 (the Amending Regulation) amending Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation (CRR). The Amending Regulation replaces the text of the Annex to Implementing Regulation … Continue Reading

EBA updates guidelines on harmonised definitions and templates for the reporting of funding plans of credit institutions

By Jochen Vester (UK) and Simon Lovegrove (UK) on December 10, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, the European Banking Authority (EBA) published updated guidelines on harmonised definitions and templates for the reporting of funding plans of credit institutions. The guidelines have been drafted in accordance with Article 16 of the Regulation establishing the EBA, which mandates the European Supervisory Authority to seek to establish consistent, efficient and … Continue Reading

ESRB recommendation on exchange and collection of information on branches of credit institutions for macroprudential purposes published in OJ

By Jochen Vester (UK) and Simon Lovegrove (UK) on December 10, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, there was published in the Official Journal of the European Union (OJ) a recommendation of the European Systemic Risk Board (ESRB) on the exchange and collection of information for macroprudential purposes on branches of credit institutions having their head office in another Member State or in a third country. Contained within … Continue Reading

Disclosure Regulation and Low Carbon Benchmarks Regulation published in OJ

By Jochen Vester (UK) on December 9, 2019 Posted in Benchmarks, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 9 December 2019, there was published in the Official Journal of the European Union (OJ): Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (the Disclosure Regulation); and Regulation (EU) 2019/2089 of the European Parliament and of the Council of … Continue Reading

ESMA updates Q&As on MiFIR data reporting

By Hannah Meakin (UK) on December 9, 2019 Posted in France, Germany, Italy, MiFID II, The Netherlands, United Kingdom

On 6 December 2019, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As on data reporting under MiFIR. The updated Q&As on data reporting insert a new question and answer (18), which provides clarification on the reporting of reference rates not included in regulatory technical standards 22 and 23, under Articles 26 … Continue Reading

Commission speech on state of play of cryptoassets

By Matthew Gregory (UK) on December 9, 2019 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 5 December 2019, the European Commission (Commission) published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, following the final Economic and Financial Affairs Council (ECOFIN) meeting under the Finnish Presidency. Among other things, ECOFIN announced the endorsement of a joint statement with the Commission on stablecoins … Continue Reading