On 27 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report: Guidelines on MiFID II product governance requirements. The guidelines that have now been published build on ESMA’s guidelines on certain aspects of the MiFID II product governance requirements which were published in June 2017. While the 2017 guidelines remain relevant, … Continue Reading
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading
On 24 March 2023, the European Banking Authority (EBA) published a Consultation Paper on draft Regulatory Technical Standards (RTS) on the assessment methodology under which Member State competent authorities (NCAs) verify an institution’s compliance with the internal models approach as per Article 32az(8) of the revised Capital Requirements Regulation (CRR). One of the prerequisites for … Continue Reading
On 24 March 2023, the European Securities and Markets Authority (ESMA) published Guidelines on central counterparty (CCP) recovery plan scenarios. These Guidelines are based on Article 9(12) of the Regulation on a framework for the recovery and resolution of CCPs (CCPRRRR). The objectives of these Guidelines are to establish consistent, efficient and effective supervisory practices … Continue Reading
On 24 March 2023, the European Securities and Markets Authority (ESMA) published Guidelines on central counterparty (CCP) recovery plan indicators. These Guidelines are based on Article 9(5) of the Regulation on a framework for the recovery and resolution of CCPs (CCPRRRR). The objective of these Guidelines are to establish consistent, efficient and effective supervisory practices … Continue Reading
On 21 March 2023, the European Securities and Markets Authority (ESMA) published a speech, given by Verena Ross, entitled ‘The macro-prudential supervision of investment funds – from a global debate to a balanced European regulatory frameworks’. In particular, Ms Ross discusses how remaining vulnerabilities of open-ended funds (OEFs) are being kept under scrutiny at global … Continue Reading
On 21 March 2022, the European Banking Authority (EBA) published a Consultation Paper (CP) on draft Implementing Technical Standards (ITS) amending Regulation (EU) 2021/453 with regard to the specific reporting requirements for market risk. As the full implementation of the Fundamental Review of the Trading Book (FRTB) in the EU approaches, and with the aim … Continue Reading
On 3 March 2023, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2023/450 of 25 November 2022 supplementing the Central Counterparty Recovery and Resolution Regulation with regard to regulatory technical standards specifying the order in which CCPs are to pay the recompense referred to in Article 20(1) … Continue Reading
On 1 March 2023, the European Parliament announced that MEPs had voted for changes to MiFID II and MiFIR. Among other things the changes cover data quality standards and investor protection, changes regarding market data consolidation and transparency as well as provisions on payment for order flow. The press release notes that:… Continue Reading
On 1 March 2023, the European Agency for the Cooperation of Energy Regulators (ACER) published an Effects Assessment Report on the Market Correction Mechanism (MCM). ACER and the European Securities and Markets Authority (ESMA) were tasked with publishing two preliminary reports, concerning the adoption of the MCM and focussing on the developments in the financial … Continue Reading
On 23 February 2023, there was published in the Official Journal of the European Union (OJ) Decision of the EEA Joint Committee No 43/2020 of 20 March 2020 amending Annex IX (Financial Services) to the EEA Agreement [2023 /357]. This decision inserts into Annex IX Commission Implementing Decision (EU) 2019/2211 of 19 December 2019 amending … Continue Reading
On 13 February 2023, there was published in the Official Journal of the EU (OJ), Delegated Regulations extending the cross-border intragroup transactions derogations from margin requirements and from clearing requirements respectively: Both Delegated Regulations enter into force on the day following that of their publication in the OJ.… Continue Reading
On 8 February 2023, the European Banking Authority (EBA) published a consultation paper on draft implementing technical standards (ITS) amending Commission Implementing Regulation (EU) No 650/2014 laying down ITS with regard to the format, structure, contents list and annual publication date of the information to be disclosed by competent authorities in accordance with the Capital … Continue Reading
On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (DLT). The Q&As have been updated to include the following topics:… Continue Reading
On 2 February 2023, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion on the Trading Venue Perimeter. Publication of the opinion follows a public consultation that ESMA held early last year, and stems from ESMA’s commitment to provide guidance on the definition of multilateral systems and, specifically, when systems should be considered … Continue Reading
On 2 February 2023, the EU Council published a compromise proposal on the proposed Directive on financial services contracts concluded at a distance. The proposed Directive will repeal the Distance Marketing Directive (DMD) and transfer its contents to the Consumer Rights Directive. The document is stated to be the fourth Presidency compromise proposal relating to … Continue Reading
On 1 February 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes. … Continue Reading
On 23 January 2023, the European Securities and Markets Authority (ESMA) published a letter that it had sent to Mairead McGuinness, Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union regarding the newly established market correction mechanism (MCM) that it is required to report on under Article 8 of Council Regulation 2022/2578. … Continue Reading
On 19 January 2023, the European Securities and Markets Authority (ESMA) published a consultation paper which sets out proposals for Level 3 guidance on post trade transparency fields. The guidance takes the form of a manual. In March 2022 ESMA published final reports which proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) and … Continue Reading
On 17 January 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments. In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price … Continue Reading
On 17 January 2023, the European Commission published a Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in non-equity instruments. In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price forming and … Continue Reading
In our new podcast series, Split the difference, which explores divergence between the EU and UK regimes in the markets space, Jonathan Herbst, Hannah Meakin, Anna Carrier and Floortje Nagelkerke provide an overview of what we should be expecting and hoping to see in 2023.… Continue Reading
On 16 January 2023, the European Securities and Markets Authority (ESMA) announced that it is launching a common supervisory action (CSA) with Member State competent authorities (NCAs) on the application of MiFID II disclosure rules with regard to marketing communications across the EU. As part of the CSA, NCAs will review whether marketing communications (including … Continue Reading
