This month's roundup of developments affecting banks, wealth managers, brokers and funds sees: delay in announcement of PRIIPs Regulation disclosure rules; European Commission adopts CSDR level 2 legislative acts; ESMA has published its final report on delaying EMIR; and three Delegated Regulations published in the Official Journal of the EU.

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General Developments

  • FMLC response to ESMA consultation on technical standards under Benchmark Regulation
  • Leading investment and pension bodies publish consultation to improve pension and investment transfers and re-registrations
  • Speech by ESMA Executive Director at the 2016 Global Capital Markets Conference
  • Council of EU announces final compromise text of MMR Regulation
  • Implementing Regulation on ITS for reporting results of internal approach calculations under CRD IV published in OJ
  • ECON report on proposed Regulation amending date of application of PRIIPs Regulation
  • Compromise proposal on Regulation amending EuVECA Regulation and EuSEF Regulation
  • FSB discussion note on essential aspects of CCP resolution planning: responses
  • EC report on round 15 of TTIP negotiations
  • Legislative proposal for Regulation on CCP resolution and recovery from EC
  • IA outsourcing working group updates guidance
  • Speech on regulation and distributed ledger technology published by ESMA
  • PRIIPs Regulation disclosure rules changes: FCA announces delay until 2017
  • FCA finds weak price competition in some areas of the asset management industry
  • Consultation on regulatory fees and levies 2017/18
  • Consultation on Handbook changes to reflect Lifetime ISA
  • Political agreement on MMF Regulation
  • Final report on guidelines on validation and CRAs' methodologies review from ESMA
  • European Parliament to consider proposed Regulation amending date of application of PRIIPs Regulation at 30 November and 1 December 2016 plenary session
  • European Commission adopts CSDR level 2 legislative acts
  • EC letter to ESAs requesting opinions on key information documents 
  • ESMA publishes final report on technical advice under the Benchmarks Regulation
  • Proposal to extend PRIIPs regulation application
  • EC green paper on retail financial services: ECON report
  • ESMA publishes list of designated NCAs under Article 40 of the Benchmark Regulation
  • EBA discussion paper on designing a new prudential regime for investment firms
  • Equity trading costs continue to decline in the UK 
  • Sales in September driven by mixed asset and global equity funds 

Investments & Investment Services

  • New FCA webpage for firms subject to MiFID II transaction reporting obligations
  • European Commission adopts MiFID II delegated regulation on commodity derivatives
  • PRA's second consultation on implementation of MiFID II
  • Three Delegated Regulations under MiFIR have been published in OJ
  • ESMA has published new Q&As on MiFID II and MiFIR market structures topics
  • ESMA has updated MiFID II transparency Q&As relating to waivers
  • Speech on improving outcomes for investors in EU-based investment funds 
  • ESMA publishes consultation paper on draft RTS on package orders under MiFID II
  • Call for evidence on pension funds and social investment
  • Consultation on other CRA products
  • MiFID II transparency Q&As updated by ESMA 
  • ESMA prepares for MIFID II Systematic Internaliser regime

EMIR & Derivatives

  • Outcomes of EMIR review reported by EC
  • Supervisory approach for CCPs' product and service extensions and changes to risk models under EMIR
  • ESMA has published its final report on delaying EMIR clearing obligation for financial counterparties with a limited activity volume
  • ESMA corrects consultation on draft technical standards under SFT Regulation and amendments to related EMIR RTS


  • ESMA updates Q&A on application of UCITS Directive
  • FCA will not issue guidance on application of UCITS Remuneration Code
  • IOSCO consultation responses on good practices for investment fund termination
  • FCA bank review into sales of interest rate hedging products

Market Conduct

  • ESMA Risk Dashboard
  • ESMA to provide free credit ratings information to public
  • FCA consultation on amendments to DTR 2.5 under MAR 
  • Financial Services and Markets Regulations 2016 announced
  • ESMA Chair says safeguarding investors is key to Capital Markets Union's success
  • ESMA MAR guidelines on persons receiving market soundings 
  • EBA responds to Commission call for advice report on standardised approach for counterparty credit risk and own funds requirements for market risk

Key Contacts