On 7 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on data reporting MIFIR. The updated Q&As modify the answer to question 2 on transaction reporting concerning the representation of different national client identifiers for natural persons. The updated Q&As also insert a new question and answer in section 17 on FX forward reporting under Articles 26 and 27 of MIFIR: How should a transaction carried out…

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings of FBA systems in the area of pre-trade transparency and price determination.…

On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on draft technical advice to the European Commission (Commission) on the commercial terms for providing clearing services under the Regulation on over-the-counter derivative transactions, central counterparties and trade repositories (EMIR). The adoption of the EMIR Refit Regulation in May 2019 imposes a new obligation on clearing members and clients that provide clearing services, through the insertion of a new Article…

On 1 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR). ESMA has updated Part IV of the Q&As dealing with the scope of internalised settlement. In particular, it provides the following question and answer: What financial instruments should be covered by the reporting obligation under Article 9 of CSDR? The scope of Article 9 of CSDR covers all financial instruments eligible…

On 26 June 2019, there was published on legislation.gov.uk, the Financial Services and Markets Act 2000 (Prospectus) Regulations 2019. These Regulations give effect to the EU Prospectus Regulation by making amendments to the Financial Services and Markets Act 2000. The Regulations amend the Financial Services and Markets Act 2000 to give effect to the requirements of the EU Prospectus Regulation. The Financial Services Act 2012, the Data Protection Act 2018 and relevant secondary legislation…

On 26 June 2019, the FCA published Consultation Paper 19/21: Proxy Advisors (Shareholders’ Rights) Regulation Implementation (DEPP and EG) (CP19/21). The Proxy Advisor (Shareholders’ Rights) Regulations 2019 implement that part of the revised Shareholders Rights Directive (SRD II) which relates to proxy advisers. Under the Regulations, proxy advisers must: disclose whether and how they apply a code of conduct; disclose information on their research capabilities and how they produce their advice and voting recommendations; identify…

On 11 June 2019, the European Securities and Markets Authority (ESMA) published its final report following its call for evidence on periodic auctions (our blog is here). The report summarises the feedback received to the call for evidence and presents ESMA’s reflections on the feedback provided, including possible follow-ups. Where follow-ups are identified, ESMA intends to issue supervisory guidance in the coming months. As regards frequent batch auctions (FBAs) (discussed at chapter 4 of…