On 18 March 2024, the Financial Stability Board (FSB) published a revised version of its 2016 guidance on arrangements to support operational continuity in resolution. The 2016 guidance assists supervisory and resolution authorities, and financial institutions to evaluate whether financial institutions that are subject to resolution planning requirements have appropriate arrangements to support operational continuity … Continue Reading
On 11 March 2024, the Eurogroup (in inclusive format, meaning that all EU finance ministers are included) published a statement on the future of the Capital Markets Union (CMU). The statement provides an overview of EU finance ministers’ common priorities for the future of the CMU. The introduction of the statement describes the current lack … Continue Reading
On 13 March 2024, the European Union Agency for the Cooperation of Energy Regulators updated its Transaction Reporting User Manual. It also updated the following:… Continue Reading
On 7 February 2024, the European Parliament, the Council of the EU and the European Commission (“the Commission”) reached agreement on the final text of the proposal for a review of the European Market Infrastructure Regulation (“EMIR review proposal”). This legislative proposal was published by the Commission in December 2022 as part of the wider … Continue Reading
On 11 March 2024, the European Commission (the Commission) published: The European Securities and Markets Authority (ESMA) has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under … Continue Reading
On 11 March 2024, the European Commission (the Commission) published: ESMA has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under ESMA’s direct supervision. For example, ESMA … Continue Reading
On 7 March 2024, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its third update on the European Digital Operational Resilience Act (Regulation (EU) 2022/2554, DORA). This update focuses on the requirements concerning the ICT risk management framework. The update is available via this link. DORA is a European regulation … Continue Reading
On 8 March 2024, the following were published in the Official Journal of the EU: The Directive and Regulation amend the MiFID II / MiFIR regime to improve access to market data and transparency. In particular the Regulation introduces an EU-wide consolidated tape and new rules that prohibit payment for order flow (PFOF). Member States … Continue Reading
On 5 March 2024, the European Banking Authority (EBA) published final guidelines on national lists or registers of credit servicers. The publication of the final guidelines follows a public consultation which took place from July to October 2023. Article 9(1) of the Credit Servicers Directive mandates the EBA to develop guidelines addressed to Member State … Continue Reading
On 4 March 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee (ECON) had adopted the text of a proposed Regulation which amends the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in … Continue Reading
On 29 February 2024, there was published a Commission Staff working document which provides an overview of the progress achieved to date on the main policy initiatives and technical workstreams contributing to the implementation of the December 2021 Communication ‘Strategy on supervisory data in EU financial services’. Background In its December 2021 Communication, Strategy on … Continue Reading
On 27 February 2024, the Financial Stability Board (FSB) published a Peer Review Report on the Thematic Review on Money Market Fund (MMF) Reforms. The peer review takes stock of the measures adopted or planned by FSB member jurisdictions in response to the 2021 FSB report Policy Proposals to Enhance MMF Resilience. Background MMFs are … Continue Reading
On 26 February 2024, the Chair of the Financial Stability Board (FSB), Klaas Knot, wrote a letter to the G20 Finance Ministers and Central Bank Governors. The letter was submitted ahead of the G20’s meeting on 28-29 February and highlights key issues and the current challenges to financial stability. The letter outlines a workplan for … Continue Reading
Global Consultations closing for comments: European Union New legislation: Consultations closing for comments: Public hearings: United Kingdom New legislation: Consultations closing for comments:… Continue Reading
On 20 February 2024, the Council of the EU issued a press release stating that it has adopted the proposed Directive amending MiFID II and the proposed Regulation amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow. Consolidated … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Michael Born from our Frankfurt office discusses recent German regulatory developments including the Financial Market Digitisation Act, the Credit Secondary Market Promotion Act, … Continue Reading
On 13 February 2024, the European Securities and Markets Authority (ESMA) issued a public statement concerning Regulatory Technical Standard (RTS) 28 under MiFID II. The public statement follows an earlier public statement that ESMA issued on 14 December 2022 on the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 … Continue Reading
On 8 February 2024, there was published in the Official Journal of the European Union Decision (EU) 2024/461 of the European Central Bank (ECB) of 29 January 2024, on the reporting by Member State national competent authorities (NCAs) on remuneration, gender pay gap, approved higher ratios and high earners for the purposes of benchmarking. The … Continue Reading
On 6 February 2024, the European Securities and Markets Authority (ESMA) issued a warning for people posting investment recommendations on social media. The warning is made by ESMA and Member State competent authorities who note that social media is playing a key role when used to disseminate, share and discuss information about financial markets and … Continue Reading
On 2 February 2024, the European Securities and Markets Authority updated its Q&As on the following topics: This follows ESMA’s objective of ensuring consistent application of the EU Single Rulebook for financial services.… Continue Reading
On 2 February 2024, the Council of the EU published the text of the proposed: The European Parliament adopted the proposed Regulation and Directive on 16 January 2024. The new provisions are intended to reduce information asymmetries between market participants and improve orderly trading in commodity derivatives concerning energy and food. To protect investors from … Continue Reading
The Dutch Central Bank (De Nederlandsche Bank, DNB) has announced that it will send a questionnaire to banks and insurers to further evaluate the Financial Institutions Remuneration Policy Act (Wet beloningsbeleid financiële ondernemingen, Wbfo). The questionnaire is a component of a broader assessment examining the influence of the Wbfo on the establishment of banks and the evolution of … Continue Reading
On 30 January 2024, the Amendment Decree Financial Markets 2023 (Wijzigingsbesluit financiële markten 2023) (the 2023 Decree) was published in the Dutch Government Gazette. The 2023 Decree contains changes to legislation relevant to the Dutch financial markets, including, but not limited to the Decree on Conduct of Business Supervision of Financial Undertakings AFS (Besluit Gedragstoezicht financiële ondernemingen Wft, … Continue Reading