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The European Commission and the US Commodity Futures Trading Commission (CFTC) have announced a common approach regarding certain derivatives trading venues authorised in the EU and in the United States of America. The aim of the common approach is to ensure that EU counterparties are able to comply with the trading obligation under article 28 of the Markets in Financial Instruments Regulation (MiFIR) by executing mandated derivatives on EU authorised trading venues or CFTC-authorised swap…
The European Commission has adopted the following Delegated Regulations supplementing the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation): Commission Delegated Regulation (EU) …/… of 29.9.2017 supplementing the Benchmarks Regulation specifying technical elements of the definitions laid down in paragraph 1 of Article 3 of the Regulation; Commission Delegated Regulation (EU) …/… of 29.9.2017 supplementing the Benchmarks Regulation specifying how the…
The FCA has published a new webpage for benchmark administrators applying for authorisation or registration under the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation). The webpage states that while formal applications open on 1 January 2018, from 1 October 2017 benchmark administrators can submit an early draft application to the FCA using its draft application forms. Firms applying to become an…
The European Commission has adopted a Commission Delegated Regulation amending Commission Delegated Regulation (EU) 2017/571 supplementing MiFID II with regard to regulatory technical standards (RTS) on authorisation, organisational requirements and the publication of transactions for data reporting services providers. The amending Delegated Regulation sets out RTS specifying the scope of the consolidated tape for non-equity financial instruments under MiFID II. The next step will be for the Council of the EU and the European Parliament…
The European Commission (Commission) has published legislative proposals for reforming the European System of Financial Supervision. The Commission press release that accompanies the legislative proposals summarises the key features which include the following: the European Supervisory Authorities (ESAs) will be given coordination powers over day-to-day supervision by Member State competent authorities. The ESAs will set EU-wide priorities for supervision in ‘Strategic Supervisory Plans’ against which Member State competent authorities would be assessed. Member State competent…
The European Securities and Markets Authority (ESMA) has updated its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR). The updated Q&A includes a new answer in relation to reporting of trades cleared by a clearing house which is not a central counterparty (CCP) under the EMIR definition. The Q&A clarifies that such entities should not be identified in the CCP ID field of EMIR reports. Also, in the case of trades that…
In 2012 the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued the Principles for financial market infrastructures (PFMI). In line with the G20’s expectations, CPMI and IOSCO members have undertaken to incorporate the 24 principles (the Principles) and the five responsibilities (the Responsibilities) included in the PFMI in their legal and regulatory frameworks. The CPMI and IOSCO are monitoring the implementation of the PFMI, including both the…
The Council of the EU has published a Corrigendum to MiFID II that sets out certain proposed amendments to obvious errors in a number of language versions of the Directive. The English language version of the amendment can be found on page 7 of the Corrigendum. The amendment concerns a minor amendment to the definition of “structured deposit” which can be found in article 4(1)(43). The front of the Corrigendum states that Member States have…
The European Commission has adopted a Commission Delegated Regulation supplementing MiFIR with regard to regulatory technical standards (RTS) on clearing access in respect of trading venues and central counterparties. The power to adopt the Delegated Regulation is provided for under Article 35(6) and Article 36(6) of MiFIR. Under these provisions, the Commission is empowered to adopt a Delegated Regulation to specify the conditions, under which trading venues and central counterparties may deny, or have to…
Under MiFID operators of regulated markets (RMs) and multilateral trading facilities (MTFs) must make public the current bid and offer prices and the depth of trading interests in respect of shares admitted to trading on an RM unless exemptions apply. However, MiFID allows Member State competent authorities (NCAs) to waive the obligation for operators of RMs and MTFs regarding pre-trade transparency requirements for shares based on the market model or the type and size of…