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.

Read the issue in full

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

David Ellis

David Ellis

Partner, Financial Regulation

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Brian McDonnell

Brian McDonnell

Partner, Financial Regulation

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