We have published a new two-part briefing note summarizing the International Organization of Securities Commission’s (IOSCO) report of 5 June 2019 on sustainable finance in emerging markets and the role of securities regulators (our blog is here). The report takes a cross-border look at how emerging jurisdictions are implementing measures to promote the development of … Continue Reading
On 12 June 2019, the European Commission issued a press release which takes stock of the progress made to deepen Europe’s Economic and Monetary Union since the Five President’s Report. The press release also states that ahead of the Euro Summit of 21 June, the Commission invites EU leaders to: reach an agreement on the … Continue Reading
On 11 June 2019, the European Commission published for consultation nine draft implementing decisions regarding the equivalence of jurisdictions’ supervisory frameworks with the Credit Rating Agencies (CRA) Regulation. The following decisions repeal previous equivalence decisions on the basis that these jurisdictions no longer meet the equivalence requirements under the CRA Regulation: Argentina; Australia; Brazil; Canada; … Continue Reading
On 12 June 2019, the European Commission (Commission) adopted a communication on the state of play of preparations of contingency measures for a no-deal Brexit. The Commission has tabled 19 legislative proposals, 18 of which have been adopted by the European Parliament and Council. The Commission has also adopted 63 non-legislative acts and published 93 … Continue Reading
Dialogue on the EU-Switzerland Framework Agreement recommenced on Friday 07 June with a letter from the Swiss Federal Council to European Commission President Jean-Claude Juncker . This is the first public correspondence since negotiations reached a stalemate in December 2018. Negotiations on an inter-institutional agreement, which would usually be of little importance to equity markets, … Continue Reading
On 11 June 2019, the European Securities and Markets Authority (ESMA) published its final report following its call for evidence on periodic auctions (our blog is here). The report summarises the feedback received to the call for evidence and presents ESMA’s reflections on the feedback provided, including possible follow-ups. Where follow-ups are identified, ESMA intends … Continue Reading
On 10 June 2019, the G20 published a communique, detailing the discussion points from the G20 Finance Ministers and Central Bank Governors meeting held on 9 June 2019. Key takeaways from the communique as regards financial services include: G20 members should consider assisting financial institutions to make any needed adjustments to their business models and … Continue Reading
We have launched a new environmental, social and governance (ESG) page on our Asset Management Regulation knowledge hub. This page is called ‘ESG insight’. ESG insight contains resources and materials to guide asset managers through the evolving regulatory landscape on ESG, features include: videos from our financial services team discussing UK and EU regulatory developments … Continue Reading
On 5 June 2019, the International Organization of Securities Commissions (IOSCO) published a final report on sustainable finance in emerging markets and the role of securities regulators. IOSCO notes that during the past several years, market participants, regulators and policy makers have increasingly focused their attention on issues concerning sustainable finance in its many forms. … Continue Reading
On 5 June 2019, the FCA announced that it has signed an agreement with the Dutch Authority for the Financial Markets (AFM) to work more closely together to protect and enhance the integrity and stability of both countries financial systems. Since the UK announced its intention to withdraw from the EU, several financial institutions currently … Continue Reading
On 5 June 2019, the European Securities and Markets Authority (ESMA) announced published a press release announcing that it has published the official translations of its guidelines on the application of C6 and C7 of Annex 1 of MiFID II. Member State national competent authorities must notify ESMA by 5 August 2019 as to whether … Continue Reading
On 4 June 2019, the European Securities and Markets Authority (ESMA) published a speech from its Chair, Steven Maijoor, on international cooperation in financial regulation and supervision. Key points to note in the speech include: as of October 2018, the EU had granted equivalence to thirty-five jurisdictions across eight securities and accounting files; ESMA’s view … Continue Reading
On 4 June 2019, the Financial Stability Board (FSB) published a user guide to overnight risk-free rates (RFRs). The guide provides an overview of RFRs, details of how they are calculated, and options on how overnight RFRs can be used in cash products. In doing so the FSB intends to broaden the overview on RFRs … Continue Reading
On 4 June 2019, the International Organization of Securities Commissions (IOSCO) published a report on market fragmentation and cross-border regulation. In 2015, IOSCO released a Final Report from its Task Force on Cross Border Regulation (2015 Report), which included a toolkit of three broad types of approaches for cross-border regulation: national treatment; recognition; and passporting. … Continue Reading
On 4 June 2019, the Financial Stability Board (FSB) published a report on market fragmentation. The report was delivered to G20 Finance Ministers and Central Bank Governors ahead of their meetings in Fukuoka on 8-9 June 2019. The report looks at some examples of financial activities where supervisory practices and regulatory policies may give rise … Continue Reading
On 3 June 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR transparency topics. The updated Q&As contain a number of modified Q&As on: general transparency topics; pre-trade transparency waivers; double volume cap; and the systematic internaliser regime. Two new Q&As are also inserted relating to: the voluntary … Continue Reading
On 3 June 2019, the European Securities and Markets Authority (ESMA) published a supervisory briefing on ensuring compliance with the MiFIR pre-trade transparency requirements in commodity derivatives. The briefing provides guidance to Member State competent authorities (NCAs) as regards supervisory and enforcement actions to ensure compliance with pre-trade transparency requirements for negotiated trades in commodity … Continue Reading
On 3 June 2019, the European Securities and Markets Authority (ESMA) announced that it is launching a common supervisory action (CSA) which participant national competent authorities (NCAs) will carry out simultaneously in the second half of 2019. The supervisory activity will focus on the application of the MiFID II requirements on the assessment of appropriateness. … Continue Reading
On 30 May 2019, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing the Transparency Directive with regard to RTS on the specification of a single electronic reporting format. The Commission Delegated Regulation specifies the single electronic reporting format, as referred to in Article … Continue Reading
On 29 May 2019, the European Securities and Markets Authority (ESMA) published an updated list of market makers and authorised primary dealers who are using the exemption under the Short Selling Regulation (SSR). The list has been compiled from notifications from Member State competent authorities to ESMA under Article 17(12) of the SSR.… Continue Reading
On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated opinion on calculating market size of ancillary activity under MiFID II. The opinion, targeted at Member State national competent authorities, relates to Article 2(3) of Delegated Regulation 2017/592 which lays down the rules for calculating the overall market trading activity. The … Continue Reading
On 24 May 2019, the European Securities and Markets Authority (ESMA) published a call for evidence on position limits and position management in commodity derivatives. Under Article 90(1) of MiFID II, “Before 3 March 2020, the European Commission shall, after consulting ESMA, present a report to the European Parliament and the Council on…the impact of … Continue Reading
On 23 May 2019, the European Securities and Markets Authority (ESMA) published a press release announcing it has established a Coordination Network on Sustainability (CNS). The CNS is intended to foster the coordination of Member State national competent authorities’ (NCAs) work on sustainability. It will be responsible for the development of policy in this area … Continue Reading
On 22 May 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on draft implementing technical standards (ITS) on the reporting of intragroup transactions and risk concentration under Article 21a(2b) and (2c) of the Financial Conglomerates Directive (FCD). The draft ITS proposes harmonised templates for the reporting of intra-group transaction … Continue Reading
