Tara Mokijewski

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The European Securities and Markets Authority (ESMA) has sent to the European Commission two amendments in relation to draft regulatory technical standards (RTS) on reporting obligations under Article 26 of the Markets in Financial Instruments Regulation (RTS 22). The amendments concern the identifiers for natural persons that must be used in transaction reports, specified in Annex II of RTS 22. ESMA proposes the following amendments: only “CONCAT” codes are to be used for identifying natural…
The International Organization of Securities Commissions (IOSCO) has published a report on the Impact of Storage and Delivery Infrastructure on Commodity Derivatives Market Pricing. The report sets out the findings and conclusions of the review of the impact of storage infrastructures on the integrity of the price formation process of physically-derived commodity derivatives contracts traded on regulated exchanges. The report concludes that IOSCO’s Principles for the Regulation and Supervision of Commodity Derivatives Markets, published in…
The International Organization of Securities Commissions has updated its information repository for central clearing requirements for over-the-counter derivatives. The repository provides regulators and market participants with consolidated information on the clearing requirements of different jurisdictions. View IOSCO updates information repository for central clearing requirements for OTC derivatives, 1 April 2016…
Article 85(4) of the EU Regulation on derivatives, central counterparties and trade repositories (EMIR) provides that the European Commission (Commission) shall, in cooperation with Member States and the European Securities and Markets Authority (ESMA), and after requesting the assessment of the European Systemic Risk Board (ESRB), draw up an annual report assessing any possible systemic risk and cost implications of interoperability arrangements focussing at least on the number and complexities of the arrangements and the…
The European Securities and Markets Authority (ESMA) has published a Discussion Paper seeking views on its policy orientations and initial proposals for the potential Level 2 measures under the Regulation on indices used as benchmarks in financial instruments and financial contracts (the Benchmarks Regulation). The Discussion Paper seeks views in the following areas: definition of benchmarks (Article 3 Benchmarks Regulation); requirements for the benchmark oversight function (Article 5a Benchmarks Regulation); requirements for the benchmark input data…
The European Commission has published a mandate it has sent to the European Securities and Markets Authority (ESMA) requesting technical advice on possible delegated acts concerning the Regulation on indices used as benchmarks in financial instruments and financial contracts (the Benchmarks Regulation). In particular, the mandate notes that ESMA is invited to provide technical advice on: how to specify what constitutes: (i) making available to the public for the purpose of the definition of an…
On 11 December 2015, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) on access to data and aggregation and comparison of data across trade repositories under Article 81 of the European Market Infrastructure Regulation. Our blog on the consultation can be found here. ESMA has now published the responses to the consultation which is now closed.…
The European Securities and Markets Authority has published the 15th update of its Q&A document on the implementation of the European Market Infrastructure Regulation.  The new Q&A update provides answers regarding central counterparty default management, competent authorities’ access to trade repository data and reporting of notional in position reports.…
The Financial Markets Law Committee (FMLC) has published an addendum to its comment paper concerning resolving issues of legal uncertainty relating to the recognition and supervision of central counterparties. In September 2015, the FMLC and the Committee on Capital Markets Regulation co-published a comment paper entitled Resolving issues of legal uncertainty relating to the recognition and supervision of central counterparties (the Comment Paper). The Comment Paper examined the legal and regulatory issues in the context…
The European Securities and Markets Authority (ESMA) has published a consultation paper on draft guidelines on the application of its final draft regulatory technical standards (RTS) on transaction reporting, instrument reference data, order record keeping and clock synchronisation. Specifically, the guidelines relate to RTS 22 (transaction reporting), 23 (instrument reference data), 24 (order record keeping) and 25 (clock synchronisation) which were published on 28 September 2015 in ESMA’s final report on draft regulatory and implementing…