On 17 February 2020, the European Commission (Commission) launched its long-awaited public consultation on the review of MiFID II and MiFIR. The consultation paper is divided into two main sections: Section 1 covering general questions on the overall functioning of the MiFID II and MiFIR regulatory framework (Qs 1 – 6.1) and Section 2 covering specific questions on the existing regulatory framework (Qs 7 – 93). Section 3 includes one “catch-all” question where the Commission…

Financial services: Regulation tomorrow

ESMA updates Q&As relating to the Prospectus Regulation

By Iona Wright (UK)

February 18, 2020

On 18 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. Two new Q&As have been added that provide clarification on: the number of additional pages that can be included in a summary where there is more than one guarantor; and the number of additional pages that can be included in a summary relating to several securities, as per Article 7(7) of the Prospectus Regulation.…

Financial services: Regulation tomorrow

ESMA updates Q&As on MiFID II and MiFIR investor protection topics

By Imogen Garner (UK)

February 18, 2020

On 17 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of investor protection topics under MiFID II and MiFIR. The updated Q&As now include new answers on MiFID II practices for firms selling financial instruments subject to the resolution regime under the Bank Recovery and Resolution Directive. The new Q&As provides clarification on: sales of subordinated eligible liabilities and the assessment of suitability; whether Article 44a of the…

Financial services: Regulation tomorrow

ESMA updates Q&A on implementation of CRA Regulation

By Jochen Vester (UK)

February 18, 2020

On 17 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the Regulation on credit rating agencies (CRA Regulation). The updated Q&As now provide clarification on what steps should a CRA take in order to ensure a sufficient level of quality and transparency in the periodic review of credit ratings conducted in accordance with Article 8(5) of the CRA Regulation.…

Financial services: Regulation tomorrow

ESMA updates the CSDR Q&As

By Hannah McAslan (UK)

February 18, 2020

On 17 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As regarding the implementation of the Central Securities Depositories Regulation (CSDR). Additional Q&As have been added in order to clarify the implementation of the settlement discipline regime, as follows: the costs of the penalty mechanism that are charged to participants by a central security depository (CSD) should not be allocated on the basis of the number or value of penalties applied to…

Financial services: Regulation tomorrow

SRB launches public consultation on changes to its MREL policy under the 2019 Banking Package

By Simon Lovegrove (UK)

February 18, 2020

On 17 February 2020, the Single Resolution Board (SRB) issued a public consultation on proposed changes to its policy on the minimum requirement for own funds and eligible liabilities (MREL). The consultation consists of various questions relating to: MREL requirements for global systemically important institutions; changes to the calibration of MREL, including introducing MREL based on the leverage ratio; changes to the quality of MREL; dedicated rules for certain business models, such as cooperatives, and…

Financial services: Regulation tomorrow

New videos: What’s on the horizon in 2020?

By Hannah Meakin (UK), Albert Weatherill (UK), John Coley (UK) & Lisa Lee Lewis (UK)

February 18, 2020

Our team in London have produced a series of videos exploring what is on the horizon for financial services firms in 2020. Watch now via the links below: Market infrastructure (Hannah Meakin) FinTech (Albert Weatherill) Risk and compliance (John Coley and Lisa Lee Lewis)…

Financial services: Regulation tomorrow

April 40 minute briefing seminar – Managing your relationship with the regulators: The accountability agenda

By Jonathan Herbst (UK), Hannah Meakin (UK), Imogen Garner (UK) & Paul Griffin (UK)

February 18, 2020

Our extended 40 minute briefing on 1 April 2020 will be a practical workshop focussing on the accountability agenda and will involve members of our financial services consultancy and legal teams which cover both non-contentious and contentious scenarios from a regulatory and employment law perspective. Particular focus areas will be: SMCR post implementation agenda – what to think about this year; Whistleblowing – practical insights from response experience. We will cover areas such as the…

Financial services: Regulation tomorrow

March 40 minute briefing webinar – The changing shape of the retail sector

By Matthew Gregory (UK) & Joe Bamford (UK)

February 18, 2020

Our 40 minute briefing on 4 March 2020 will be a webinar and will focus on the current state of play in the retail sector. Further information on the webinar can be found here. Online attendance only – please do not come to our offices.…

Financial services: Regulation tomorrow

Commission adopts Implementing Decision on amending supervisory reporting of institutions under CRR

By Simon Lovegrove (UK)

February 17, 2020

On 14 February 2020, the European Commission adopted an Implementing Regulation that amends Implementing Regulation (EU) No 680/2014 laying down implementing technical standards (ITS) with regard to supervisory reporting of institutions according to the Capital Requirements Regulation, together with related annexes. The Implementing Regulation makes certain changes to supervisory reporting requirements concerning: Common reporting (COREP) to reflect the new securitisation framework and changes relating to the reporting of the liquidity coverage requirement in response…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

Commission launches consultation on MiFID II / MiFIR review

ESMA updates Q&As relating to the Prospectus Regulation

ESMA updates Q&As on MiFID II and MiFIR investor protection topics

ESMA updates Q&A on implementation of CRA Regulation

ESMA updates the CSDR Q&As

SRB launches public consultation on changes to its MREL policy under the 2019 Banking Package

New videos: What’s on the horizon in 2020?

April 40 minute briefing seminar – Managing your relationship with the regulators: The accountability agenda

March 40 minute briefing webinar – The changing shape of the retail sector

Commission adopts Implementing Decision on amending supervisory reporting of institutions under CRR

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