On 27 March 2020, the European Securities and Markets Authority (ESMA) announced that it had decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged.
ESMA has recently been asked by some stakeholders to postpone the date of application – required by MiFID II
As market volatility has increased in the wake of the Covid-19 outbreak, several competent authorities have imposed bans on short sales in certain shares.
Approach taken by the FCA
To date, the FCA has introduced only temporary prohibitions on short selling in certain listed instruments, on the 13 and 17 March 2020, as set out
On 19 March 2020, the European Securities and Markets Authority (ESMA) issued official opinions agreeing to emergency net short positions prohibitions by the Financial Securities and Markets Authority (FSMA) of Belgium and the Hellenic Capital Market Commission (HCMC) of Greece.
The European Securities and Markets Authority (ESMA) has published its decision of 16 March 2020 (Decision), which requires natural or legal persons who have net short positions in relation to a share admitted to trading on a regulated market to notify to a competent authority details of any such position if
Following decisions by fellow European competent authorities, Borsa Italiana and Spain’s CNMV, the FCA has notified a temporary ban on the short selling of a list of instruments (set out below), effective immediately on 13 March 2020 and in force until the end of the trading day on 13 March 2020.
The notification was made
On 18 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. Two new Q&As have been added that provide clarification on:
On 9 February 2020, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the UK’s withdrawal from the EU until the end of the implementation period.
The updated version of the equity selling restrictions are in substantially the same form as the
On 10 February 2020, the International Swaps and Derivatives Association (ISDA) published the fourth in a series of legal guidelines for smart derivatives contracts. The ISDA Legal Guidelines for Smart Derivatives Contracts – Equities (2020):
On 10 February 2020, the International Securities Lending Association (ISLA) submitted a letter to the European Commission and the European Securities and Markets Authority (ESMA) regarding the Regulation on reporting and transparency of securities financing transactions (SFTR). Specifically the letter concerned the SFTR scope of non-EU alternative investment funds
On 31 January 2020, the European Securities and Markets Authority (ESMA) published a letter to the European Commission in response of its request for technical advice on general equivalence criteria for prospectuses drawn up under the laws of third countries under Article 29(3) of the Prospectus Regulation.
After careful analysis of its mandate,