European Securities and Markets Authority

News & Analysis as of

MiFID 2RTS: Authorisation and Passporting

The MiFID 2 package takes effect (with a few exceptions) from 3 January 2017. We still await key technical measures. Following ESMA's discussion, consultation and advice papers last year, it has now started to publish final...more

Orrick's Financial Industry Week in Review

EBA 2014 Annual Report - On June 15, 2015, the European Banking Authority (EBA) published its annual report for 2014. The report provides an overview of the EBA's activities and achievements in 2014, including...more

ESMA Comments on MiFID II Implementing Measures

On June 16, 2015, the European Securities and Markets Authority (ESMA) published a statement by on its work on implementing measures under MiFID II (Directive 2014/65/EU) and MiFIR (Regulation 600/2014)....more

Bridging the Week - June 2015 #4

Investment Adviser Chief Compliance Officer Blamed in SEC Lawsuit for President’s Theft of Client Funds; SEC Commissioner Criticizes Enforcement Actions Against CCOs Generally - The Securities and Exchange Commission...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

MiFID II: The Next Big Challenge - Key Issues for Asset Managers

Background - The Markets in Financial Instruments Directive (“MiFID II”) and the related Regulation (“MiFIR”) is the next big rewrite of EU legislation, due to take effect at the beginning of 2017. Although its greatest...more

The Compliance Function Under MiFID 2

Previous articles in our MiFID 2 series have considered the effects of MiFID 2 on dealings with customers, and on transparency. This third article, by Christina Pope and Emma Radmore, looks at how MiFID 2 will affect how...more

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

Capital Markets Union - European Commission published a speech by EU Commissioner Jonathan Hill on 17 April 2015, in which he highlighted the benefits of the proposed CMU. Points of interest from the event...more

ESMA Guidelines on the application of Sections C6 and C7 of Annex I to MiFID I

EMSA has recently published Guidelines on which commodity derivatives fall within the definition of "financial instrument" for the purposes of MiFID I. The Guidelines give clarity on the status of forwards, and guidance on...more

ESMA Calls for EMIR Modifications to UCITS Directive

On May 22, the European Securities and Markets Authority (ESMA) published an opinion to the EU institutions (including the Commission, Parliament and Council) calling for a modification of the Directive for Undertakings for...more

Financial Services Regulation: Exchange – International Newsletter - Issue 26 – May 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-sixth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

German Regulator BaFin Opens the Way for Credit Funds in Germany

By changing its administrative practice, the BaFin allows loan origination and loan restructuring by investment funds in Germany. On 12 May, the German Federal Financial Supervisory Authority (BaFin) published changes to...more

Bridging the Week - June 2015

Non-Recognition of US CCPs as Subject to Equivalent Regulation May Require European-Based Funds to Restrict Trading in US Centrally Cleared Derivatives - An opinion by the European Securities and Markets Authority...more

The Financial Report - Volume 4, No. 10 • May 2015 (Global)

Discussion and Analysis - One of the earliest, and certainly one of the most famous, computers of all time is HAL 9000, the sentient computer that controls the systems of the Discovery One spacecraft and interacts with...more

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

ALFI Responds to ESMA's Discussion Paper on UCITS Share Classes - On 27 March 2015 ALFI submitted its response to the ESMA Discussion Paper on share classes of UCITS. Issues addressed in this paper relate to the...more

Orrick's Financial Industry Week in Review

EBA Outlines Upcoming Initiatives for the Regulation of Retail Payments - The European Banking Authority ("EBA") has announced details of its plans to harmonize regulatory and supervisory practices to ensure secure, easy...more

ESMA, ISDA, and FIA Europe Publish Capital Markets Union Responses

The European Securities and Markets Authority (“ESMA”), the International Swaps and Derivatives Association (“ISDA”) and FIA Europe have published their responses to the European Commission’s Green Paper on Building a Capital...more

Update On Third-Country Equivalence Under EMIR

The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Australia, Hong Kong, Japan and Singapore. Further decisions are awaited for other jurisdictions...more

ESMA Responds to Prospective Directive and Securitization Consultations

ESMA has responded to the European Commission’s consultations on the Prospective Directive and Securitization, recommending, in relation to prospectuses, an approach that would facilitate access to capital, while stressing...more

Financial Regulatory Developments Focus - May 2015 #3

In This Issue: - Application of EU Requirements for Remuneration Policies for Small and Non-Complex Firms Confirmed - US Regulators Issue the Final Interpretation on Forward Contracts with Embedded Volumetric...more

ESMA Publishes Clearing Obligation CP for Additional IRS Classes

On May 11, ESMA published a consultation paper (CP) on the clearing obligation for additional classes of interest rate derivatives, including fixed-to-floating interest rate swaps denominated in Czech Republic koruna (CZK),...more

ESMA Publishes Consultation Paper on Clearing Obligation Under EMIR

On May 11, 2015, the European Securities and Markets Authority (ESMA) published a fourth consultation paper (ESMA/2015/807) on the clearing obligation under EMIR (the Regulation on OTC derivative transactions, central...more

ESMA Updates Q&A on Application of AIFMD

On May 12, 2015, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A paper on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD)...more

ESMA Releases Final Guidance on the Definition of Physically Settled Commodity Derivatives Under MiFID I

On May 7, the European Securities and Markets Authority (ESMA) issued final guidelines (Guidelines) clarifying the definition of physically settled commodity derivatives under the Markets in Financial Instruments Directive...more

ESMA Publishes Guidelines on the Definitions of Commodity Derivatives Under MIFID

On May 6, 2015, the European Securities and Markets Authority (ESMA) published guidelines (ESMA/2015/675) on the definitions of commodity derivatives and their classification under C6 and C7 listed in Section C of Annex 1 to...more

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