BREXIT - Please refer to the Insurance section for an update on LMA model clauses on Brexit and placing of risks after 1 January 2019. Please refer to the Other Developments section for an update regarding the FCA Chair...more
MIFID II – end of “no LEI” exemption for transaction reporting; ESMA takes stock of MiFID II achievements - ESMA confirmed on 20 June that the current exemption from using Legal Entity Identifiers for certain transactions...more
BREXIT - ECB speech considers impact of Brexit on ECB banking supervision - On 2 May, the ECB published a speech by Ignazio Angeloni, ECB Supervisory Board member, in which he considers the future of ECB banking...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more
BREXIT - Brexit - EU (Withdrawal) Bill published - On 13 July, the DExEU published the European Union (Withdrawal) Bill (Bill), which: (i) repeals the ECA 1972; (ii) converts EU law into UK law where appropriate; and...more
EMIR - New Third Country CCPs Recognised - ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU on 29 May 2017 – New Zealand Clearing Ltd may now clear. ...more
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
AIFMD - ESMA Updates Q&As on the Application of the AIFMD - ESMA updated its Q&As on 16 December on the application of the AIFMD. The revised Q&As include one updated question and answer on reporting obligations by...more
EMIR – Revised List of CCPs and New Rules to Mitigate Risks in Non-Cleared OTC Derivative Transactions ESMA updated its list on 29 September 2016 of third-country central counterparties recognised to offer services and...more
Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more
The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more
Latest Investment Fund Statistics for Germany - The German Investment Fund Association BVI has issued its latest investment statistics report dated 29 February 2016, giving an overview of the net assets and net sales...more
Commission Sends MiFID II Draft RTS Back to ESMA for Revision - On March 17, Markus Ferber, MEP, the European Parliament's Rapporteur for MiFID II, published a press release announcing that the European Commission had...more
AIFMD – ESMA Updates its Q&A on AIFMD Application - ESMA updated its questions and answers on the application of the AIFMD on 2 and 15 December 2015. The 2 December update focussed on various questions around leverage...more
Other EU Developments – Deal Reached on Benchmark Regulation and Revisions to Prospectus Directive - Benchmark Regulation - The European Commission and the Luxembourg Presidency reached agreement with the...more
EU Passes New Council Directive to Implement “EU-FATCA" - The Council Directive passed by the EU on 1 December 2014 implements the OECD’s Common Reporting Standard (CRS) in Europe. The Directive has to be implemented...more