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On January 31, the European Securities and Markets Authority (ESMA) published a consultation paper (the CP) containing draft technical standards on the reporting requirements for third-country firms who provide investment services and activities in the European Union (EU) under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR).…
On February 17, the European Commission (EC) launched a public consultation on the review of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR) regulatory framework (together, the Framework). The EC’s consultation is divided into three sections. In the first section, the EC aims to gather views and feedback from all stakeholders on the experience of the first two years of the Framework. In particular, the EC asks…
On February 12, the International Organization of Securities Commissions (IOSCO) published its final report on “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms (CTPs)” (the Final Report). The Final Report follows a consultation paper IOSCO published in May 2019 (for more information, please see the June 14, 2019 edition of Corporate & Financial Weekly Digest).…
On February 7, the European Securities and Markets Authority (ESMA) published a final report (the Final Report) regarding proposed amendments to the Markets in Financial Instruments Regulation (MiFIR). This is in response to the changes introduced by the amended European Market Infrastructure Regulation (EMIR Refit), which became effective on January 1.…
On February 12, the European Commission (EC) sent letters of formal notice to eight member states, who have failed to implement the European Union’s (EU) fifth Money Laundering Directive (5MLD). This is part of the EC’s February 2020 infringements package, a monthly list of member states who are failing to comply with their obligations under EU law across a wide variety of sectors and policy areas.…
On February 6, the European Securities and Markets Authority (ESMA) published its Strategy on Sustainable Finance (the Strategy). This continues work initiated by the European Commission (the Commission) concerning sustainable finance and the incorporation of environmental, social and governance (ESG) factors into European financial services (for more information, please see the January 10 edition of Corporate & Financial Weekly Digest).…
On January 30, the UK Financial Conduct Authority (FCA) issued a press release (the Press Release) advising UK and EU firms on the implementation period, which starts when the UK leaves the EU at 11:00 p.m. GMT (6:00 p.m. EST) tonight (i.e., January 31), and is expected to end in 11 months’ time on December 31 (for more information please see the January 24 edition of Corporate & Financial Weekly Digest).…
On January 23, HM Treasury (HMT) published its response (the Response) to the Consultation on the Transposition into UK law of the EU’s Fifth Money Laundering Directive (the Consultation). The Consultation closed in June 2019. The Fifth Money Laundering Directive (MLD5) is primarily focused on expanding the EU’s anti-money laundering (AML) regime into new areas such as crypto-assets and art dealers. It became operational in the UK on January 10 (for more information, please see…