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Topic: Regulation and compliance

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FSB letter – ongoing work on market fragmentation

On 14 October 2019, the Financial Stability Board (FSB) published a report to G20 Finance Ministers and Central Bank Governors providing progress updates on its ongoing work on market fragmentation. In its June 2019 report on market fragmentation, the FSB identified four areas for further work to address market fragmentation. The latest report provides a … Continue Reading

FMSB issues final statement of good practice on conflicts of interest

On 14 October 2019, the FICC Markets Standards Board published a final statement of good practice on conflicts of interest. The main purpose of the statement is to provide fixed income currencies and commodities (FICC) market participants with guidance as they consider ways in which to identify, manage or mitigate conflicts of interest that arise … Continue Reading

FSB and IMF publish 2019 progress report on G20 data gaps initiative

On 11 October 2019, the Financial Stability Board (FSB) and International Monetary Fund (IMF) jointly published the fourth progress report on the implementation of the second phase of the G20 data gaps initiative (DGI-2). The report provides an overview of the progress made since September 2018 in addressing the issue of post-crisis data gaps and … Continue Reading

FSB, CPMI and IOSCO reports on governance arrangements for UPI, UTI and CDE

On 9 October 2019, the Financial Stability Board (FSB) published a report setting out governance arrangements for the globally harmonised Unique Product Identifier (UPI) and the unique transaction identifier (UTI). In addition, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report on governance arrangements for … Continue Reading

ECB Regulation amending Annex to Regulation on money market statistics published in OJ

On 8 October 2019, there was published in the Official Journal of the European Union (OJ) the Regulation (EU) 2019/1677 of the European Central Bank (ECB) amending Regulation (EU) 1333/2014 concerning statistics on the money markets. The Regulation amends the minimum standards applied by reporting agents under the Money Market Statistical Reporting Regulation. The Regulation … Continue Reading

ESMA opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings … Continue Reading

ESMA consults on MiFIR alignment following the introduction of EMIR Refit

On 4 October 2019, the European Securities and Markets Authority (ESMA) launched a consultation on possible amendments to the trading obligation under MiFIR following the introduction of the EMIR Refit Regulation (EMIR Refit). The changes introduced by EMIR Refit concern the scope of counterparties subject to the clearing obligation. EMIR Refit introduces an exemption from … Continue Reading

FMSB issues statement of good practice on information and confidentiality for the fixed income and commodity markets

On 3 October 2019, the FICC Markets Standards Board (FMSB) published a statement of good practice (the Statement) on information and confidentiality for the fixed income and commodity (FICC) markets. The purpose of the Statement is to provide clarity to certain questions relating to the sharing of information within FICC markets. The FMSB states that … Continue Reading

Updated briefing slides: Doing business in the EU

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

IOSCO reports on peer reviews of MMFs and securitisation regulation

On 2 October 2019, the International Organization of Securities Commissions (IOSCO) published two update reports on its peer reviews of the regulation of money market funds (MMFs) and of the implementation of incentive alignment recommendations for securitisation. The reports summarises IOSCO’s sustained efforts to monitor implementation for MMFs and securitisation since it published its two … Continue Reading

Commission guidance notice on Unfair Contract Terms Directive published in OJ

On 27 September 2019, there was published in the Official Journal of the European Union (OJ) the European Commission (Commission) guidance notice on the interpretation and application of Council Directive 93/13/EEC on unfair terms in consumer contracts. This guidance notice was previously published on the Commission website on 22 July 2019 (see previous blog here).… Continue Reading

Joint Committee of ESAs work programme for 2020

On 2 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its work programme for 2020. From 2020 onwards, the Joint Committee will have an amended scope as their work on cybersecurity and retail financial services and depositor, consumer and investor protection issues are now being emphasised. In addition, the Joint Committee’s … Continue Reading

ESMA work programme for 2020

On 1 October 2019, the European Securities and Markets Authority (ESMA) published its work programme for 2020. In terms of the single rulebook, the EMIR Review and the resulting EMIR Refit and EMIR 2.2 will require ESMA to develop several technical standards and technical advice. In addition, following the start of the work on the MiFID II/MIFIR … Continue Reading

ESMA call for evidence on the effects of product intervention measures

On 30 September 2019, the European Securities and Markets Authority (ESMA) launched a call for evidence on the effects of product intervention measures regarding contracts for differences (CfDs) and binary options on market participants and clients. The call for evidence closes on 4 November 2019. The temporary product intervention measures of ESMA started to apply … Continue Reading

ESG: German regulator launches consultation regarding guidance notice on sustainability

On 24 September 2019, the German Federal Financial Supervisory Authority (BaFin) published a draft guidance notice on dealing with sustainability risks for consultation (link; only available in German). BaFin expects supervised entities to also take into account environmental risks, social risks and risks arising from corporate governance (commonly referred to as environmental, social and governance – … Continue Reading

ESMA confirms delay of annual review on transparency requirements for non-equity instruments

On 24 September 2019, the European Securities and Markets Authority (ESMA) published a letter (dated 19 September 2019) from Steven Maijoor, ESMA Chair, to Olivier Guersent, European Commission Director General for Financial Stability, Financial Services and Capital Markets Union, on the first annual review required by Article 17 of Commission Delegated Regulation (EU) 2017/583 on … Continue Reading

EPC guidelines for appearance of mandates for SEPA direct debit schemes

On 24 September 2019, the European Payments Council (EPC) published updated guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit (SDD) Core Scheme and the SDD Business-to-Business (B2B) Scheme. The guidelines contain EPC guidance on the visual presentation of mandates issued by creditors under the SEPA SDD Core and … Continue Reading

Commission FAQs on PSD2 and SCA

On 13 September 2019, the European Commission (Commission) published a set of FAQs on the revised Payment Services Directive (PSD2). The FAQs provide an overview of PSD2 and how it benefits consumers. They also detail the requirements of Strong Customer Authentication (SCA), which came into force on 14 September 2019, and set out the exemptions … Continue Reading

EEA Joint Committee Decision incorporating Benchmarks Regulation into EEA Agreement

On 12 September 2019, there was published in the Official Journal of the EU, Decision of the EEA Joint Committee No 190/2019 of 10 July 2019 amending Annex IX (Financial services) and Annex XIX (Consumer protection) to the EEA Agreement. The decision states that Annexes IX and XIX to the EEA Agreement should be amended … Continue Reading

Supervising international banks: Revision of the Branch Return

On 12 September 2019, the PRA published Policy Statement 17/19: Supervising international banks: Revision of the Branch Return (PS17/19). PS17/19 is relevant to all existing and prospective PRA-supervised branches of deposit takers and PRA-designated investment firms which are not UK headquartered firms. In PS17/19 the PRA provides feedback to responses to Consultation Paper 8/19: Supervising … Continue Reading

IOSCO consults on UTC clock synchronisation of timestamped events

On 11 September 2019, the International Organization of Securities Commissions (IOSCO) published a consultation paper (CR04/19) recommending that trading venues and their participants synchronise the business clocks used to record the time and date of a reportable event with co-ordinated universal time (UTC). The proposal follows a recommendation from an earlier IOSCO report published in … Continue Reading

PSD2: German regulator postpones strong costumer authentication requirements for online credit card payments

The German Federal Financial Supervisory Authority (BaFin) will allow payment service providers domiciled in Germany to execute credit card payments online without strong customer authentication (SCA) as a temporary measure after 14 September 2019. Pursuant to a press release published on 21 August 2019, BaFin will not object to such transactions for the time being in order … Continue Reading

HM Treasury letter addressing concerns on proposed crowdfunding legislation

On 30 August 2019, HM Treasury published a letter (dated 27 August 2019) from John Glen, Economic Secretary to the Treasury to Lord Boswell of Aynho, House of Lords EU Committee Chair, addressing concerns regarding uncertainty around the content of the European Commission’s (the Commission) proposed Regulation on European crowdfunding service providers for business and … Continue Reading
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