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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Key contacts

David Ellis

David Ellis

Partner, Financial Regulation
London

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Brian McDonnell

Brian McDonnell

Partner, Financial Regulation
London

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Chris Brennan

Chris Brennan

Partner, Financial Regulation
London

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