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Topic: Regulation and compliance

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ESRB Recommendation amending 2015 Recommendation on EU macroprudential policy measures and 2014 Recommendation on CCyB

On 6 August 2019, there was published in the Official Journal of the European Union the Recommendation of the European Systemic Risk Board (ESRB) of 28 June 2019 postponing certain deadlines for the submission of reports prescribed in two ESRB Recommendations: Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential … Continue Reading

EBA feedback on review of single rulebook Q&A tool

On 6 August 2019, the European Banking Authority (EBA) published feedback following an earlier review of its single rulebook Q&As. The scope of the review was limited to Q&As relating to the Capital Requirements Regulation and the Capital Requirements Directive IV, with a focus on policy issues, on which around 625 questions have been answered, … Continue Reading

Commission implementing decisions on CRA Regulation equivalence

On 30 July 2019, there was published in the Official Journal of the EU, European Commission implementing decisions relating to the equivalence of jurisdictions’ legal and supervisory frameworks to the requirements of the Credit Rating Agencies (CRA) Regulation. Commission implementing decisions repealing previous positive equivalence determinations under the CRA Regulation have been published for Argentina; … Continue Reading

Joint statement on transition to PSD2 RTS

On 26 July 2019, representatives of the two European Third Party Providers (TPP) associations and representatives of the three European Credit Sector Associations (ECSAs) and the Financial Data and Technology Association (FDATA) published a joint statement concerning the transition to the new security and communication standards that will be applicable from 14 September 2019 within … Continue Reading

DNB publishes general principles for the use of AI in the financial sector

On 25 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document containing general principles for the use of artificial intelligence (AI) in the financial sector (the Guidance Document). The Guidance Document serves as a discussion paper containing DNB’s preliminary views on the responsible use of AI in the financial sector. … Continue Reading

ESMA resources and updated Q&As on Securitisation Regulation

On 18 July 2019, the European Securities and Markets Authority (ESMA) published additional resources to assist market participants to comply with the disclosure requirements under the Securitisation Regulation. In advance of several disclosure-related delegated acts that are due to be adopted by the European Commission ESMA has published a set of reporting instructions, validation rules … Continue Reading

EEA Joint Committee Decisions published in OJ

On 18 July 2019, there was published in the Official Journal of the European Union: Decision 35/2019 of the EEA Joint Committee concerning the incorporation of the equivalence of arrangements of the US Commodity Futures and Trading Commission regime for derivative transactions into the EEA Agreement. The date of entry into force is specified as … Continue Reading

ESMA report on sanctions and measures imposed under MiFID II in 2018

Article 71(4) of MiFID II, requires the European Securities and Markets Authority (ESMA) to publish an annual report regarding information on sanctions and measures imposed under MiFID II in the previous calendar year, as notified by Member State national competent authorities (NCAs). On 17 July 2019, ESMA delivered its latest report collating information submitted by … Continue Reading

ESMA call for evidence on impact of the inducement and costs and charges disclosure requirements under MiFID II

On 17 July 2019, the European Securities and Markets Authority (ESMA) issued a call for evidence on certain investor protection topics included in the European Commission mandate to ESMA on the reports to be submitted by the Commission under Article 90 of MiFID II. Article 90 of MiFID II provides that the Commission shall, after consulting ESMA, … Continue Reading

ESMA consults on MiFID II guidelines regarding compliance functions

On 15 July 2019, the European Securities and Markets Authority (ESMA) published a consultation paper containing draft guidelines on aspects of the compliance functions requirements under MiFID II. The purpose of the draft guidelines is to enhance clarity and foster convergence in the implementation of certain aspects of the expanded compliance function requirements introduced under … Continue Reading

ESMA consults on MiFID II reports on prices for trade data and consolidated tape for equities

On 12 July 2019, the European Securities and Markets Authority (ESMA) issued a public consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape (CT) for equity instruments. The consultation covers the review provisions on the development in prices for pre- and post-trade transparency data from regulated markets, … Continue Reading

Cross border distribution of investment funds – legislation published in the OJ

On 12 July 2019, the following legislative acts were published in the Official Journal of the EU (OJ): Directive (EU) 2019/1160 amending the UCITS Directive and the Alternative Investment Fund Managers Directive with regard to the cross-border distribution of collective investment undertakings; and Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings and … Continue Reading

ESMA warns CFDs providers on application of product intervention measures

On 12 July 2019, the European Securities and Markets Authority (ESMA) issued a statement addressed to providers marketing, distributing or selling contracts for differences (CFDs) to retail clients. The statement is in response to various practices and situations observed in the market, which raise concerns of non-compliance with the legal requirements applicable when providing services … Continue Reading

ESMA updates Q&As on MiFID II and MiFIR market structures and transparency topics

On 12 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on market structures and transparency issues under MiFID II and MiFIR. The updated Q&As provide clarification on the following topics: the use of pre-arranged transactions for non-equity instruments; the hedging exemption of Article 8 of MiFIR; the treatment of constant maturity … Continue Reading

ESMA Q&As on MiFID II and MiFIR investor protection and intermediaries

On 11 July 2019, the European Securities and Markets Authority updated its Q&As on the implementation of investor protection topics under MIFID II and MiFIR. The new Q&As provide clarification on the following: Best execution – Classification of financial instruments under RTS 27 if ESMA has not published any calibrated market sizes.… Continue Reading

Update of annual equity transparency calculations – application of the tick size regime for third-country shares

On 7 July 2019, the European Securities and Markets Authority (ESMA) published a statement regarding the updated results of the annual equity transparency calculations published on 21 June 2019. ESMA states that it is currently investigating  an issue with the updated calculations which appears to affect the results for shares whose main pool of liquidity … Continue Reading

FSB Chair reports to G20 Leaders ahead of Osaka Summit

On 25 June 2019, the Financial Stability Board (FSB) published its chair’s letter to G20 leaders ahead of their summit in Osaka on 28-29 June, together with a progress report on implementation of the G20 financial regulatory reforms. The letter sets out a number of key themes: addressing new and emerging vulnerabilities; harnessing the benefits … Continue Reading

CMU: Council sets its position on easier access to crowdfunding platforms

On 26 June 2019, the Council of the EU set out its position for a Regulation on European crowdfunding service providers. The Council position: removes barriers for crowdfunding platforms operating cross-border; provides tailored rules for EU crowdfunding businesses depending on whether they provide their funding in the form of a loan or an investment (through … Continue Reading

MiFID II / MiFIR Delegated Regulations published in OJ

On 21 June 2019, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2019/1011 of 13 December 2018 amending Commission Delegated Regulation (EU) 2017/565 as regards certain registration conditions to promote the use of SME growth markets for the purposes of MiFID II. The Commission Delegated Regulation applies … Continue Reading

Overview of Pillar 2 supervisory review practices and approaches published by the Basel Committee

The Basel Committee on Banking Supervision (Basel Committee) has published an overview report of Pillar 2 supervisory practices and approaches. The report describes the key concepts of Pillar 2 and the different practices in use across Basel Committee member jurisdictions. Pillar 2 of the Basel framework does not include prescriptive guidance or direction on supervisory … Continue Reading

Keynote speech by ESMA Chair: Data and reporting

On 18 June 2019, the European Securities and Markets Authority (ESMA) published a speech by its chair, Steven Maijoor, on data and work to improve the quality and availability of data in the context of both supervisory reporting and financial reporting. In his speech Mr Maijoor: discusses how ESMA’s data strategy has evolved in recent … Continue Reading

FSB publishes compensation progress report

On 17 June 2019, the Financial Stability Board (FSB) published a progress report on the implementation of its ‘Principles and Standards for sound compensation practices in financial institutions’ (the P&S). The progress report assesses how compensation practices have evolved since the P&S were published in 2009. The progress report notes that all FSB jurisdictions have … Continue Reading

New note on IOSCO report on sustainable finance

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

Economic and Monetary Union: Commission reports on progress

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
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