AIFMD – AIMA and EFAMA Comment on EBA Consultation on Draft Guidelines on Remuneration Policies for AIFMs
AIMA and EFMA published their response to the EBA’s consultation on draft guidelines on sound remuneration policies for MiFID firms, AIFM and UCITS managers on 4 June 2015.
Read AIMA's Response to the EBA Consultation Paper
Read EFAMA's Response to the EBA Consultation Paper
Capital Markets Union – Further Progress and EU Commission’s Response
Jonathan Hill, EU Commissioner for Financial Services, Financial Stability and Capital Markets Union gave a speech on 8 June 2015 on the next steps to build the Capital Markets Union. Hill emphasised that the Capital Markets Union should increase access to finance for SMEs, create greater opportunities for retail investors and dismantle obstacles to cross-border investment.
Read Jonathan Hill's full speech
The European Commission published all responses received to its earlier consultation on Building a Capital Markets Union on 10 June 2015.
Read the responses recieved to date
EMIR - New Authorised Trade Repository and Second Consultation on Margin Requirements for Non-Centrally Cleared Derivatives
ESMA published an updated list on 3 June 2015 of authorised trade repositories which are authorised under EMIR. This latest update includes ICE Trade Vault Europe Ltd. which has extended its services to forex derivatives.
View the full list of authorised trade repositories
The EBA, EIPOPA and ESMA launched a second consultation on 10 June 2015 on draft Regulatory Technical Standards (“RTS”) on risk-mitigation techniques for OTC-derivative contracts not cleared by a central clearing counterparty (“CCP”).
For those over-the-counter (OTC) derivative transactions that will not be subject to central clearing, these draft RTS prescribe the regulatory amount of initial and variation margin that counterparties should exchange as well as the methodologies for their calculation. In addition, these draft RTS outline the criteria for the eligible collateral and establish the criteria to ensure that such collateral is sufficiently diversified and not subject to wrong-way risk.
Furthermore, following the amendments of the standards issued by the Basel Committee on Banking Supervision (BCBS) and IOSCO in March 2015, these RTS include a revised phase-in for initial margin requirements and a new phase-in for variation margin.
Read more:
The consultation runs until 10 July 2015.
MiFID II – Ross Comments on Transparency Regime for Derivatives, Maijoor Emphasises Non-Equity Transparency
ESMA published a speech on 9 June 2015, by Verena Ross, ESMA Executive Director, on ESMA's work relating to EMIR and MiFID II.
On MiFID II, Ms. Ross explained that ESMA is still at the rule-making stage. She also comments on:
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The transparency regime for derivatives under MiFID II. Ms Ross highlights ESMA's four main focus points while finalising its regulatory technical standards (RTS) in this area and explains that feedback from ESMA's consultations has triggered "significant changes" to the draft RTS.
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Position limits for commodity derivatives under MiFID II, which is recognised as one of the most controversial areas of MiFID II.
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The trading obligation for derivatives under MiFID II, and the "problematic" timetable envisaged in MiFIR.
Read Verena Ross' full speech
Steven Maijoor delivered opening remarks to the Economic and Monetary Affairs Committee of the European Parliament hearing on MiFID II on 16 June 2015, emphasising the need for transparency in non-equity markets and MiFID II’s proposals relating to the same.
Read Steven Maijoor's opening remarks
