On 17 May 2018, there was published in the Official Journal of the EU two Corrigenda making amendments to certain Commission Delegated Regulations supplementing the Regulation on improving securities settlement and regulating central securities depositories (CSDR): Corrigendum to Commission Delegated Regulation (EU) 2017/391 supplementing the CSDR with regard to regulatory technical standards (RTS) further specifying the content of the reporting on internalised settlements; and Corrigendum to Commission Delegated Regulation (EU) 2017/390 supplementing the CSDR with regard to RTS on certain prudential requirements for central securities depositories and designated credit institutions offering banking-type ancillary services. View Full Post
On 16 May 2018, the European Parliament published a press release stating that the Committee on Economic and Monetary Affairs Committee (ECON) had voted to adopt a draft report on the proposed Regulation amending the European Markets Infrastructure Regulation (EMIR). The draft Regulation is commonly known as the EMIR Refit Regulation. View Full Post
On 4 May 2018, the European Supervisory Authorities (ESAs) issued two consultation papers that amend the Regulatory Technical Standards (RTS) on the clearing obligation and risk mitigation techniques for over-the-counter (OTC) derivatives not cleared. Clearing obligation The consultation on the draft RTS on the clearing obligation clarify which arrangements under covered bonds or securitisations adequately mitigate counterparty risk and may therefore benefit from an exemption from the clearing obligation. View Full Post
On 3 May 2018, the Committee on Payment and Market Infrastructures (CPMI) and the International Organization of Securities Committees (IOSCO) have published a report, Implementation monitoring of PFMI: follow-up Level 3 assessment of CCPs’ recovery planning, coverage of financial resources and liquidity stress testing, assessing the progress made by central counterparties (CCPs) in addressing the most serious issues of concern that were identified in an initial Level 3 report published in 2016. View Full Post
On 2 May 2018, the European Securities and Markets Authority (ESMA) published its first liquidity assessment for bonds subject to the pre-and post-trade requirements of MiFID II and MiFIR. ESMA’s assessment of the European bond market for Q1 2018 found 220 bonds (out of 71,000 for which the assessment was executed) to be sufficiently liquid to be subject to MiFID II’s real-time transparency requirements. View Full Post
On 26 April 2018, the Financial Stability Board (FSB) published its second consultation on proposed governance arrangements for the unique product identifier (UPI).  This latest consultation follows an initial consultation last October and sets out proposals for the governance arrangements for a global UPI, as a key harmonised identifier designed to facilitate effective aggregation of transaction reports from over-the-counter derivatives markets. View Full Post
On 10 April 2018, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a Framework for supervisory stress testing of central counterparties. The framework provides authorities with guidance to support the design and implementation of supervisory stress tests for central counterparties (CCPs). View Full Post
On 28 March 2018, the European Securities and Markets Authority (ESMA) published final guidelines on how to report internalised settlement under the Central Securities Depositories Regulation (CSDR). ESMA’s guidelines clarify the scope and process of internalised settlement reporting as well as the exchange of information between ESMA and national competent authorities, who will receive the data from reporting entities. View Full Post