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European Union European Securities and Markets Authority (ESMA)

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

FCA Releases Discussion Paper on Distributed Ledger Technology

by Reed Smith on

As discussed in our alert of 2 March 2017 global regulators are paying increasing attention to distributed ledger technology (DLT) (also known as blockchain). The European Securities and Markets Authority (ESMA) and the U.S....more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more

EIOPA Publishes Guidance on Authorization and Supervision in Light of Brexit

On May 25, 2017, it was reported on Reuters that the European Insurance and Occupational Pensions Authority (“EIOPA“) is to publish guidance directed to national regulators on the principles for authorization and supervision...more

EU27 Regulators Ordered to Hold Firm Line on UK Firms’ Post-Brexit Applications for Single Market Access

One likely impact of the decision of the United Kingdom (UK) to leave the European Union (EU) is that the UK’s financial services industry will lose automatic rights of access to the EU’s free trade area (the Single Market)...more

EU financial regulator issues aggressive opinion on “passporting” issues post Brexit

by Bryan Cave on

The European Securities and Markets Authority (ESMA), issued an aggressive Opinion on the 31 May 2017, aimed at dashing the hopes of letterbox subsidiaries in the EU. The Opinion also sought to govern growing competition...more

ESMA Consults on Guidelines on CCP Conflicts of Interest Management Under EMIR

On June 1, 2017, ESMA published a consultation paper (ESMA70-151-291) on guidelines relating to central counterparties (“CCPs“) management of conflicts of interest. ESMA explains that the European Market Infrastructure...more

Brexit Update: ESMA Issues Brexit Opinion to EU Regulators

by Morgan Lewis on

The European Securities and Markets Authority foresees regulatory and arbitrage risks in Brexit and has issued an opinion as a practical tool to help achieve supervisory convergence among EU regulators—Brexit negotiations...more

Force Maijoor: supervisory convergence - a view of the impact from Italy

by Hogan Lovells on

On 11 April 2017, Steven Maijoor, the Chair of the European Securities and Markets Authority ("ESMA") addressed the potential regulatory issues which may affect EU Member States as a result of the Brexit effect on passporting...more

Corporate News – June 2017

by Hogan Lovells on

The Pre-Emption Group reports on the use of its Statement of Principles - The Pre-Emption Group, which represents listed companies, investors and intermediaries, has published a monitoring report looking at the use of its...more

ESMA Final Report on MiFID II Product Governance Requirements

by Latham & Watkins LLP on

ESMA Sheds Light on MiFID II Product Governance. The MiFID II Product Governance regime presents a number of implementation challenges for firms. The rules originated from an existing FCA regime, which derived from a need...more

Regulation Round Up - May 2017

by Proskauer Rose LLP on

2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more

ESMA issues opinion on supervisory convergence

by Ropes & Gray LLP on

The European Securities and Markets Authority (“ESMA”) released an opinion today on supervisory convergence in the context of the UK withdrawing from the European Union (“EU”). The opinion is addressed to national regulators,...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Launches LabCFTC as Major Fintech Initiative - On May 17, 2017, the Commodity Futures Trading Commission ("CFTC") approved the creation of LabCFTC, which it describes as "a new...more

RegTech as a Competitive Advantage

by K&L Gates LLP on

According to a recent Thomson Reuters Survey, financial institutions on average spend £40m a year on compliance, with some spending up to £300M annually on compliance and customer due diligence. In an environment of constant...more

Blockchain and the financial markets: Will 2017 be the year of the regulators? New rules covering blockchain and distributed...

by White & Case LLP on

In 2016, policy makers and regulators started to take an active interest in blockchain and distributed ledger technology (DLT). However, many adopted a "wait and see" approach rather than producing binding regulations. 2017...more

European Commission to Publish CMU Midterm Review on June 7, 2017

On May 18, 2017, Ugo Bassi, Director of Financial Markets, European Commission DG FISMA, confirmed that the Commission will publish its midterm review of the capital markets union (“CMU“) on June 7, 2017. Mr. Bassi...more

UK Investment Managers: Any Reason to be Frightened by Brexit?

by Dechert LLP on

The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge uncertainty ahead or is the industry largely secure? Can investment managers...more

MiFID II / MiFIR Update – May 2017

by White & Case LLP on

Reporting Obligation (Article 26 of MiFIR / RTS 22) - 28 July 2016 – European Commission adopted Delegated Regulation supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with...more

Investment Funds Updatea: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

EMIR - ESMA Updates its List of Third Country CCPs and Issues Updated Q&A - On 30 March, ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU. CCPs in Dubai,...more

Banking, Finance & Insurance Letter - Mars-Avril 2017

Portées des Q&A des AES - Le 21 mars 2017 la Commission Européen a lancé une consultation intitulée « Operations of the European Supervisory Authorities ». Please see full Publication below for more information. ...more

EU Opinion on Accepted Market Practices for Liquidity Contracts

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published an opinion addressed to national regulators on points of convergence for Market Abuse Regulation-accepted market practices for liquidity contracts. MAR prohibits...more

European Securities and Markets Authority Consults on Updating the Guidelines on the Credit Rating Agency Endorsement Regime

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a consultation paper on updating the Guidelines on the application of the endorsement regime under the Credit Rating Agencies Regulation. Endorsement is a regime...more

Brussels Regulatory Brief: May

by K&L Gates LLP on

On 16 March, the European Commission (“Commission”) announced it had launched a new tool in its fight against cartels and other anti-competitive practices. The Commission unveiled a new whistleblowing tool, which would allow...more

European Securities and Markets Authority Publishes Final Secondary Measures for Reporting of Securities Financing Transactions

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a report and final draft Implementing and Regulatory Technical Standards for the Securities Financing Transactions Regulation. The majority of the SFTR came into...more

European Securities and Markets Authority Issues Opinion on the Proposed EU Regulation on CCP Recovery and Resolution

by Shearman & Sterling LLP on

The European Securities and Markets Authority has issued an Opinion on the European Commission's proposed EU Regulation on CCP Recovery and Resolution. The proposal gives CCPs' national regulators under the European Market...more

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