This month's roundup of developments affecting banks, wealth managers, brokers and funds sees: The FCA publishing an update on the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and the FCA and HM Treasury publishing a joint report outlining their progress towards implementing each of the 28 Financial Advice and Markets Review (FAMR) recommendations 


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General Developments

  • New guidance urges FTSE companies to demonstrate how they act long-term to get better returns for savers and investors
  • FCA publishes its 2017-2018 Business plan, Sector Views and Mission Statement 
  • EMMI report on outcome of EURIBOR pre-live verification programme
  • European Commission communication on future legislative proposals
  • OECD report on investment governance and integration of environmental, social and governance factors 
  • Council of EU Presidency compromise proposal on Regulation on CCP recovery and resolution dated 28 April 2017 
  • ECB contribution to European Commission's CMU mid-term review 2017 
  • ECON table's amendments on proposed pan-European covered bonds framework
  • SONIA recommended as the sterling near risk-fee interest rate benchmark
  • ESMA advises commission on fees for trade repositories
  • IA welcomes the FCA's Mission Statement
  • EMMI adopts governance framework for EONIA
  • FCA update on Benchmarks Regulation: April 2017
  • ESMA speech at CMU Mid-Term Review Public Hearing: work on Brexit and calls for stronger power and tools
  • ESMA to hold CRA Regulation open hearing
  • FCA guidance consultation on implementation of FAMR
  • Financial Advice Working Group recommendations following FAMR
  • Bank of England launches UK Money Markets Code

EMIR & Derivatives

  • European Commission adopts legislative proposal to amend EMIR 
  • Delegated Regulation delaying EMIR clearing obligation for financial counterparties with a limited activity volume published in the Official Journal
  • European Parliament does not object to Delegated Regulation delaying EMIR clearing obligation for financial counterparties with a limited activity volume
  • ESMA final report: Technical advice to EC on fees for trade repositories under SFTR and EMIR
  • ESRB report on revision of EMIR
  • ESMA signs MoU on CCPs with New Zealand regulators under EMIR

Funds

  • Final text of the proposed Regulation on Money Market Funds

Investments & Investment Services

  • FCA reporting instructions for trading venues and investment firms submitting position reports under MiFID II
  • PRA second policy statement on implementation of MiFID II
  • AFME publishes MiFID II fixed income and currencies trading venues questionnaire
  • BBA guidance on MiFIR transaction reporting short selling indicator
  • European Parliament concerns about MiFID II systematic internalisers operating broker crossing networks

Market Conduct

  • ESMA publishes opinion on points for convergence and accepted market practices on liquidity contracts under MAR 

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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Cara Phillips

Cara Phillips

Managing Associate, Financial Regulation
London, UK

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