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On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . The results on a per ISIN basis will be published through the Financial Instruments Transparency System (FITRS) in…
On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors. Separately, the European Commission and the US Commodity Futures Trading Commission (CFTC) have issued a joint statement on the proposed…
On 13 March 2019, two Commission Delegated Regulations were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/396 of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing EMIR as regards the date at which the clearing obligation takes effect for certain types of contracts; and Commission Delegated Regulation (EU) 2019/397 of 19 December 2018 amending Delegated Regulation (EU) 2016/2251 supplementing…
On 11 March 2019, the UK Government has published a letter (dated 7 March 2019) from the Economic Secretary to HM Treasury, John Glen MP, to Sir William Cash, House of Commons EU Scrutiny Committee Chair, providing a further update on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties (CCPs). Among other things the letter states that it is not clear as to when Trilogues will conclude, but it…
On 11 March 2019, the FCA published a statement on its website concerning what trade repositories (TRs), and UK counterparties that use them, should do to make sure they are compliant with their EMIR reporting obligations after the UK leaves the EU. For the purposes of the statement, ‘UK counterparties’ includes UK firms and UK central counterparties who will be subject to the UK EMIR reporting regime. The statement covers the following topics: changes for…
On 5 March 2019, the Association for Financial Markets in Europe published a letter sent alongside a number of European and international financial bodies (including the FIA; ISDA; AIMA; and the EBF) (collectively, the Industry Bodies) to European Commission Vice-President Valdis Dombrovskis on the equivalence of UK derivatives trading venues under EMIR and MiFIR. The Industry Bodies welcome the European Commission’s adoption of temporary equivalence decisions with respect to UK central counterparties (CCPs) and central…
On 1 March 2019, the European Securities and Markets Authority (ESMA) announced that it had made available the results of the annual transparency calculations for equity and equity-like instruments. The calculations include: the liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation 2017/567 supplementing MiFIR; the determination of the most relevant market in terms of liquidity as per Article 4 of Commission Delegated Regulation 2017/587 supplementing MiFIR; the determination of the average…
On 1 March 2019, the European Securities and Markets Authority (ESMA) announced that it would delay the publication of the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The delay is due to the IT systems needing more time than expected to complete the required calculations. ESMA aims to ensure that publication will take place later this month. The transparency requirements based on the results…
On 19 February 2019, the European Securities and Markets Authority (ESMA) published its annual report and work programme to highlight its direct supervisory activities during 2018 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outline its main priorities in these areas for 2019. In addition, ESMA outlines its activities regarding the monitoring and recognition of third country central counterparties (CCPs) and central security depositories (CSDs) in 2018 and going forward in 2019. For…
On 14 February 2019, the FCA issued a short performance statement on the operation of its memorandum of understanding (MoU) with the Bank of England (BoE) for market infrastructure. The FCA and the BoE have concluded that the MoU’s arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication. The FCA and the BoE will update the MoU to ensure it continues to appropriately reflect their respective roles and responsibilities once the UK…