Catherine Blake (UK)

Photo of Catherine Blake (UK)

Latest Articles

On 4 January 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR commodity derivatives topics. In the updated Q&As ESMA clarifies the correct application of the field “price multiplier” when reporting electricity contracts, in order to mitigate the risk of different contracts receiving the same ISIN.…
On 21 December 2018, the European Securities and Markets Authority (ESMA) published amended guidelines on the application of C6 and C7 of Annex I of the MiFID II Directive. The amended guidelines update the original guidelines to adapt them to the MiFID II framework without altering the substance of the guidelines.…
On 19 December 2018, HM Treasury published a draft of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, together with explanatory information. The draft Regulations amend deficiencies stemming from SFTR to ensure that the underlying policies of the SFTR remain operative in a UK-only context post-exit. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our…
On 20 December 2018, European Securities and Markets Authority (ESMA) issued a public statement stating that it is ready to review UK central counterparties’ (CCPs) and Central Securities Depositories’ (CSDs) recognition applications for a no-deal Brexit scenario. ESMA states that it aims to recognise UK CCPs in a timely manner, where the four recognition conditions under Article 25 of EMIR are met. To ensure continued access to UK CCPs for EU clearing members and trading…
On 17 December 2018, the European Banking Authority (EBA) published a follow-up to its June 2018 opinion on financial institutions’ preparedness for the UK withdrawal from the EU. The EBA reminds financial institutions to maintain their efforts in effective contingency planning and to increase efforts in communicating to customers. The EBA also urges institutions to take its June opinion into careful consideration and to swiftly proceed with advising customers on the specific implications stemming from…
On 7 December 2018, there was published on legislation.gov.uk the  Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from the draft published on 31 October 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into force on exit day.…
On 28 November 2018, there was published on legislation.gov.uk The Banks and Building Societies (Priorities on Insolvency) Order 2018 (the Order), together with an explanatory memorandum. The Order implements the Bank Creditor Hierarchy Directive which in turn amends the Bank Recovery and Resolution Directive, specifically the ranking of unsecured debt within the insolvency hierarchy, providing for a new class of secondary non-preferential debt to be issued by financial firms. Firms may issue this new class…
On 20 November 2018, the Financial Stability Board (FSB) published a report evaluating the effects of financial regulatory reforms on infrastructure finance (the Report). The evaluation was carried out under the FSB framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms. It is part of a broader evaluation of the effects of reforms on financial intermediation, and complements work under the Argentine G20 Presidency to develop infrastructure as an asset…
On 19 November 2018, the International Organisation of Securities Commissions (IOSCO), jointly with other international standard setting bodies, published a final report on incentives to centrally clear over-the-counter (OTC) derivatives. The final report provides that: the changes observed in OTC derivatives markets are consistent with the G20 Leaders’ objective of promoting central clearing as part of mitigating systemic risk and making derivatives markets safer; the capital, margin and clearing reforms, taken together, appear to create…
On 15 November 2018, the European Securities and Markets Authority (ESMA) published its latest annual report regarding aggregated information on all administrative sanctions and other administrative measures imposed by national competent authorities and criminal sanctions imposed in a given year.…