On 8 February 2019, the Council of the EU published three notes (dated 4 February 2019) to delegations setting out compromise proposals relating to the European Commission’s proposed legislative reforms to the European System of Financial Supervision (ESFS): Omnibus Regulation on reforms to the ESFS; Omnibus Directive amending MiFID II; and Regulation amending the Regulation … Continue Reading
On 8 February 2019, the Presidency of the Council of the EU published a note concerning the general approach to the review of the European System of Financial Supervision (ESFS). The note mentions that the latest compromise proposal for a negotiating mandate on the European Supervisory Authorities framework, MiFID II and Solvency II, and the … Continue Reading
On 7 February 2019, the European Securities and Markets Authority (ESMA) published its risk assessment work programme for 2019. The work programme provides an overview of ESMA’s analytical, research, data and statistical activities for 2019. The headlights from the work programme are: as data collected under the Alternative Investment Fund Managers Directive, the Markets in … Continue Reading
On 6 February 2019, the European Securities and Markets Authority (ESMA) published its 2019 supervisory convergence work programme, which sets out ESMAs work streams to promote consistent supervision across the EU. For 2019, the following priorities for supervisory convergence were identified: ensuring supervisory convergence in the context of the UK’s decision to withdraw from the … Continue Reading
On 6 February 2019, the European Securities and Markets Authority (ESMA) published a MiFID II supervisory briefing on the supervision of non-EU branches of EU firms providing investment services and activities. The supervisory briefing is aimed at Member State competent authorities and also gives market participants indications of compliant implementation of the MiFID II provisions … Continue Reading
On 6 February 2019, the European Commission issued a call for advice to each of the European Supervisory Authorities (ESAs) to develop a report presenting evidence and possible advice on potential undue short-term pressure on corporations. The ESAs are asked to investigate potential sources of such pressure on corporates stemming from the financial sector. If … Continue Reading
On 5 February 2019, the European Securities and Markets Authority (ESMA) published a final report on the second edition of its guidelines on the submission of periodic information to it by credit rating agencies (CRAs). The purpose of the revision is to more clearly structure and specify the information that ESMA needs to receive from … Continue Reading
On 5 February 2019, the European Securities and Markets Authority (ESMA) issued a statement in relation to the impact on its databases of a no-deal Brexit. The statement informs stakeholders on ESMA’s approach to all ESMA IT applications and databases in case of a no-deal scenario and focuses in particular on the MiFID II / … Continue Reading
On 4 February 2019, the Financial Stability Board (FSB) published the Global Monitoring Report in Non-Bank Financial Intermediation 2018. The report sets out the results of the FSB’s most recent annual monitoring exercise that assesses global trends and risks from non-bank financial intermediation. It covers data up to end-2017 from 29 jurisdictions, which together represent … Continue Reading
On 4 February 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID data reporting. The updated Q&As insert the following: a new question concerning the legal entity identifier asking: “How should operators of trading venue(s) and systematic internaliser(s) populate field 5 (issuer or operator of the trading … Continue Reading
On 4 February 2019, the European Securities and Markets Authority (ESMA) published its regulatory work programme (RWP) for 2019. The RWP lists all the technical standards and technical advice that ESMA has been mandated to draft over the coming year, and these are set out under the appropriate legislation. Work for the coming year includes: … Continue Reading
On 4 February 2019, the European Commission adopted a number of proposals for decisions of the Council of the EU regarding the incorporation of certain financial services Directives into the EEA Agreement. The proposed decisions adopted are: Proposal for a Council decision on the position to be adopted, on behalf of EU, within the EEA … Continue Reading
On 1 February 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on market structures and transparency issues under MIFID II and MiFIR. The new Q&As provide clarification on the following: Approved Publication Arrangement reports to competent authorities and ESMA; and Identification of high frequency trading techniques.… Continue Reading
On 31 January 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Transparency Directive. The Q&As inset a new question 26, asking, in the case that the UK withdraws from the EU without a withdrawal agreement, under the Transparency Directive which obligations does an issuer which currently … Continue Reading
On 31 January 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR transparency topics. The updated Q&As modifies ESMA’s response to question 1 of its section on the systematic internaliser regime. The question asks: “By when will ESMA publish information about the total number … Continue Reading
On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in … Continue Reading
On 22 January 2019 the European Securities and Markets Authority (ESMA) published an updated version of its transitional transparency calculations required under MiFID II and MiFIR. A link to the updated calculations can be found on ESMA’s website.… Continue Reading
On 23 January 2019, the European Securities and Markets Authority (ESMA) published its opinion on position limits on ICE Low Sulphur Gasoil contracts. On 9 February 2018, ESMA received a notification from the FCA under Article 57(5) of MiFID II regarding the exact position limits the FCA intends to set for the ICE Low Sulphur … Continue Reading
On 14 January 2019, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published the following: report on the amended text of the proposed Omnibus Directive; and report on the amended text of the proposed Regulation amending the Regulation that established the European Systemic Risk Board (ESRB). ECON voted to adopt these reports on 10 January … Continue Reading
On 11 January 2019, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report on the European Commission’s proposed Regulation amending the Benchmarks Regulation on low carbon benchmarks and positive carbon impact benchmarks. ECON voted to adopt the report on 13 December 2018. The European Parliament will consider the report in plenary.… Continue Reading
On 9 January 2019, the European Commission published a draft of a Commission Delegated Regulation (EU) amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR, together with an annex. The draft Delegated Regulation adds the People’s Bank of China to … Continue Reading
On 4 January 2019, the European Commission published the following draft Delegated Regulations on how investment firms and insurance distributors should take sustainability issues into account when advising clients: Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2017/565 as regards the integration of Environmental, Social and Governance (ESG) considerations and preferences into … Continue Reading
On 4 January 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR commodity derivatives topics. In the updated Q&As ESMA clarifies the correct application of the field “price multiplier” when reporting electricity contracts, in order to mitigate the risk of different contracts receiving the same ISIN.… Continue Reading
On 4 January 2019, the European Securities and Markets Authority (ESMA) published updated Q&As regarding transparency issues under MiFID II and MiFIR. The updated Q&As provide clarification on the following topics: publication of request for market data transactions; default transparency regime for equity instruments (amendment to existing Q&As); and default LIS (large in scale) and … Continue Reading
