Governance & Securities Law Focus: Europe Edition - July 2013


In this edition:


- Third Country Equivalence Advice Under EMIR

- Reporting Start Date Under EMIR

- Updated Q&As on EMIR

- European Commission Request for ESMA Technical Advice on Trade Repositories

- Commission Memorandum on Recognition Under EMIR for Non-EU CCPs

- ESMA Compliance Table on Guidelines on the Market Making Exemption from the Short Selling Regulations

- ESMA Technical Advice on the Impact of the Short Selling Regulation

- European Parliament Resolution on Proposal to Amend Accounting


- European Parliament Resolution Adopting Amendments to Transparency Directive

- Prospectus Directive: ESMA Report Comparing National Liability Regimes

- European Parliament Non-Legislative Resolution on the Takeover Bids Directive

- European Commission Proposal for Amending Directive on Disclosure of Non-Financial and Diversity Information


- New French Law Requiring Employee Board Directors


- High Frequency Trading Act Entered into Force

- Implementation of the EU Directive on Alternative Investment Fund Managers

- Banking Separation Act Adopted by Parliament

- Single Supervisory Mechanism for the Eurozone


- FCA Short Selling Regime

- The Department for Business, Innovation and Skills (“BIS”) Calls for Evidence on Corporate Responsibility

- Financial Reporting Council (“FRC”) Feedback Statement on October 2012 Discussion Paper, “Thinking about Disclosure in a Broader Context: a Road Map for a Disclosure Framework”

- Update on Directors’ Remuneration

- BIS Published Revised Draft of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013

- Implementation of Revised Financial Action Task Force to Prevent Misuse of Companies and Legal Arrangements

- Institute of Chartered Secretaries and Administrators (“ICSA”) Publishes Guidance on Cyber Risk

- ICSA and Airmic Report on Risk Management and Disclosure

- FRC Announces Plans in Connection with the Sharman Panel’s Recommendations On Going Concern

- ESMA Published Updated Q&A on Prospectus Requirements

- Companies Subject to the Takeover Code

- Code Committee of the Takeover Panel Response Statement on Code Amendments for Pension Scheme Trustees

- Amendments to the Listing Rules

- Quoted Companies Alliance (“QCA”) Publishes Updated Corporate Governance Code for Small and Mid-Size Quoted Companies 2013

- Share Buybacks: Companies Act 2006 (Amendment of Part 18) Regulations 2013 (SI 2013/999) (the “Buyback Regulations”)

- Second Annual Progress Report on Women on Boards

- ICAP Securities & Derivatives Exchange (“ISDX”) Consultation on Amendments to Growth Market Framework

- Local Authority Pension Fund Forum (“LAPFF”) Guidelines on Executive Pay


- SEC Developments

- Noteworthy US Securities Law Litigation

- Recent SEC/DOJ Enforcement Matters

- Employment Benefits Updates


- HKEx Launches Consultation on Reform of Connected Transaction Rules


- EU Developments

- UK Developments

- Global Developments

- Excerpt from: Third Country Equivalence Advice Under EMIR

On 14 June 2013, the European Commission extended the deadline for the European Securities and Markets Authority (“ESMA”) to provide its technical advice on third country equivalence under the European Market Infrastructure Regulation (“EMIR”). The ESMA advice on the US and Japanese regimes is now due on 1 September 2013 and its advice on the regimes in Australia, Canada, Hong Kong and Switzerland is due on 1 October 2013. The European Commission and ESMA have announced that they will apply tothe Commodity Futures Trading Commission (“CFTC”) for a substituted compliance assessment to be undertaken on EU rules for the CFTC’s entity level and transaction level requirements for swaps.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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