MiFID II – Member State Transposition and Updated Q&A on Market Transparency

The European Commission updated its webpage on 13 February 2018 setting out member state transposition of MiFID II.

As of this date, only the following member states still have to transpose fully MiFID II:

• Bulgaria
• Croatia
• Latvia
• Romania
• Slovenia

View the table in full.

ESMA published updated Q&As on MiFID II and MiFIR transparency topics on 7 February 2018.

Read the Q&A in full.

Read the associated press release in full.

EMIR – ESMA Updates Q&As

ESMA updated its Q&As regarding EMIR implementation on 5 February. The updated Q&As address operational aspects of access to trade repository data.

Read the updated Q&As in full.

Read the associated press release in full.

Crypto-currencies, Consequences of Brexit and Benchmark Regulation Q&A

A formal question was raised on 31 January, from the European Parliament to the European Commission regarding the regulatory status of crypto-currencies, specifically asking for the following confirmations:

• Is it of the view that this market should increasingly be regulated?
• Is it preparing any initiatives other than studies?
• If little or no effort is being made to regulate crypto-currencies, can it explain why?

Read the questions in full.

The European Commission issued various notices on 8 February, setting out its position on the application of current “passporting” rights enjoyed by UK regulated firms post-Brexit.

Whilst firms should note that the notices simply state the European Commissions’ view of the legal position of these firms post Brexit, it is noteworthy that at no point does the European Commission mention or envisage any transitional period for UK firms during which these rights would be retained, nor does it give any further information on the status of “third country” passporting rights, as envisaged under the AIFMD.

The relevant notices are below:

Withdrawal of the United Kingdom and EU rules in the field of banking and finance.

Markets in financial instruments.

Post-trade financial services.

Asset management:

ESMA updated its Q&As on 5 February 2018 on the: Benchmarks Regulation (BMR)

The new Q&A’s include two new answers regarding the following topics:

• Commodity benchmarks: how the threshold in the exemption under Article 2(2)(g) of BMR should be calculated; and
• Definition of a benchmark and investment funds: clarification of the cases in which a benchmark is used to measure the performance of an investment fund

Read the new Q&As in full.

Read the associated press release.