This month's roundup of developments affecting banks, wealth managers, brokers and funds sees: Capital Asset Management criticise wealth management advice fees, ESMA update its MiFID II Q&As on transparency and market structure, a request from EACT to keep the corporate hedging exemption in EMIR, ESMA publish an opinion on UCITS share classes and update its Q&A on the Market Abuse Regulation


Read the issue in full 

General Developments

  • ESMA 2017 work programme for credit rating agencies, trade repositories and third country CCPs
  • Corrigendum to Delegated Regulation on RTS on risk mitigation techniques for uncleared OTC derivative contracts under EMIR
  • ISDA updates OTC derivatives compliance calendar
  • ESMA Q&A on alternative performance measures
  • Report criticises wealth management advice fees
  • FSB reports on re-hypothecation of client assets and collateral re-use
  • FCA updates responsibilities for advisers and firms accepting business from introducers
  • FCA consults on changes to CASS in light of SAR review
  • Euan Munro joins Investment Association Board
  • FSB publishes Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities
  • Investment Association’s monthly statistics of UK investor behaviour in November 2016

Investments & Investment Services

  • ESMA updates MiFIR data reporting Q&As
  • ESMA updates MiFID II Q&As on transparency and market structure
  • FCA direction relating to forms and MiFID II
  • FCA releases MiFID II market data processor application form
  • AFME publishes MiFID II exchange questionnaire
  • ESMA briefing on MiFID II technical data reporting requirements
  • FCA guide to applications and notifications under MiFID II
  • ESMA opinion on impact of exclusion of fund managers from scope of MiFIR intervention powers
  • Follow-up Report to the Peer Review on Best Execution
  • ESMA publishes responses to consultation on suitability of management bodies of market operators and data reporting services providers
  • Responses to ESMA consultation on draft RTS on package orders under MiFID II
  • Questionnaire to help firms meet MiFID II requirements relating to IT outsourcing

EMIR & Derivatives

  • FCA updates webpage on margin requirements for uncleared derivatives
  • Council endorses EMIR delegated regulations
  • ESMA updates Q&A on EMIR implementation
  • European Commission will publish legislative proposal to revise EMIR in spring 2017
  • Keep corporate hedging exemption, says EACT in EMIR Review response
  • ESMA consults on guidelines on transfer of data between trade repositories
  • EMIR Review and ESMA sanctioning powers under EMIR and CRAR
  • ESMA issues opinion on Spanish pension schemes to be exempt from central clearing under EMIR
  • Delegated and Implementing Regulations on technical standards on EMIR reporting requirement
  • European Commission amends phase-in of margin requirements under EMIR
  • EBA and ESMA call to clarify margin requirements between CRR and EMIR

Funds

  • ESMA opinion on UCITS share classes

Market Conduct

  • EMMI update on second phase pre-live verification programme for evolution of EURIBOR
  • ESMA updates Q&A on the Market Abuse Regulation
  • ECB speech on the repo market
  • BoE speech on market functioning
  • ESMA Chair speaks on reforms in OTC derivatives markets and benchmarks at Prime Conference
  • ESMA: official translations of MAR guidelines on commodity derivatives

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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