InVest - July 2016

In this issue: this month's roundup of developments affecting banks, wealth managers, brokers and funds saw the passing of a legislative package delaying the implementation of MiFID 2, delegated legislation published in relation to the Market Abuse Regulation, and the publication of a post implementation review of the UCITS Regulations 2011 by the Treasury.

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General Developments

• Top 10 Brexit Myths for Financial Services Firms
• Memorandum of understanding with FSB of South Africa published by ESMA
• OJ publishes Benchmarks Regulation
• ESMA chair gives speech on issues relating to availability of collateral and reporting of repos
• CEMMI revises documents for evolution of EURIBOR
• Investment and savings industry unite to solve diversity levels
• Responses: CPMI and IOSCO consultation on cyber resilience guidance for FMIs
• ESMA 2015 annual report
• ESMA updates list of third-country central counterparties list
• FCA board minutes discussing Europe and retail investment
• Order duplication and liquidity measurement in EU equity markets – ESMA Economic Report
• ESMA discussion paper on distributed ledger technology

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EMIR & Derivatives

• Delay in adopting draft RTS – concern expressed by ESAs
• MiFIR supplemented by regulations on RTS obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing
• Concerns raised by ISDA over timetable for introducing global margining framework for non-cleared derivatives
• Delegated Regulation on RTS on clearing obligation under EMIR adopted
• Implementing Regulation extending transitional periods related to own fund requirements for CCP exposures published
• ESMA and CFTC sign MoU
• Q&A on EMIR implementation updated by ESMA

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Disputes & Enforcement

• Five charged by the FCA in alleged investment fraud
• FCA final notice - breaches of PRIN 4, COND and INPRU-INV
• FCA final notice - breaches of FIT

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Funds

• Post implementation review of UCITS Regulations 2011 published by HM Treasury
• ESMA Discussion Paper on UCITS: responses published
• FSB proposes policy recommendations to address structural vulnerabilities from asset management activities that could lead to financial instability
• COREPER agrees Council of EU's negotiating mandate on MMF Regulation
• ESMA final report - Draft RTS under ELTIF Regulation
• Q&A on the application of AIFMD updated by ESMA
• FCA carries out spot checks at UK fund managers
• IMA publishes monthly statistics
• ESMA Q&A on application of EuVECA and EuSEF regulations updated

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Investments & Investment Services

• Package delaying application of MiFID II published
• EC adopts Delegated Regulation supplementing Regulation on key information documents
• Delegated Regulation on RTS supplementing the MiFID II Directive
• Corrigendum to MiFIR published by the Council of the EU
• Investment Association launches new sector to accommodate outcome-based funds
• EC Delegated Regulation on RTS relating to maintenance of relevant data regarding orders in financial instruments adopted
• EC Delegated Regulation on RTS relating to clearing access in respect of trading venues and central counterparties adopted
• Corrigendum to MiFID II Directive published by Council of EU
• Steven Maijoor gives speech on CCP Recovery and Resolution
• ESMA - Waivers from pre-trade transparency requirements document updated
• Steven Maijoor gives MiFID II speech
• Delegated Regulation on RTS for market-making agreements and schemes supplementing MiFID II adopted
• Delegated Regulation on RTS on effect of derivative contracts within the EU and prevention of evasions of rules and obligations supplementing MiFIR adopted
• Delegated Regulation on RTS on volume cap mechanism and provision of information for the purposes of transparency and other calculations supplementing MiFIR adopted
• Delegated Regulations on RTS relating to execution venues under MiFID II adopted by the Commission
• Delegated Regulation on RTS for level of accuracy of business clocks under MiFID II adopted
• Delegated Regulation on RTS on requirements to ensure fair and non-discriminatory co-location services and fee structures adopted
• Commission adopts Delegated Regulation on RTS on data reporting services providers
• Commission consultation paper on cross-border distribution of investment funds
• Commission adopts Delegated Regulation on RTS on access to benchmarks
• Commission adopts Delegated Regulation on RTS on offering data
• ESMA statement clarifying MiFID requirements when selling bail-in securities
• Regulation extending exemptions for commodity dealers under CRR adopted
• ESMA opinion - draft RTS on criteria for establishing when an activity is to be considered ancillary to the main business under MiFID II

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Market Conduct

• FMSB publishes draft standard for wholesale FICC markets
• End of term report from ESMA's SMSG
• ICSA, GC100 & QCA guidance: MAR - Dealing code and policy documents
• Guidance on the application of REMIT updated by ACER
• ESMA rejects European Commission amendments to ITS on public disclosure of inside information
• Delegated Regulation on RTS on abusive practices or suspicious orders or transactions under MAR
• Delegated Regulation on RTS on presentation of investment recommendations and disclosure of conflicts of interest under MAR
• European Commission writes to ESMA on draft ITS under MAR
• European Delegated Regulations under MAR published
• Law Society and CLLS publish joint letter to EC on implementation of MAR
• ESMA publishes responses on MAR guidelines
• ESMA Q&A – Market Abuse Regulation

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