European Securities and Markets Authority

News & Analysis as of

ESMA Issues Public Statement on Collateralization of Bank Guarantees for Energy Derivatives

On November 19, the European Securities and Markets Authority (ESMA) issued a public statement (Public Statement) regarding its decision not to extend the current three year grace period which permits non-financial firms to...more

Commission makes CCP equivalence decisions

The Commission has adopted equivalence decisions for the regulatory regimes for CCPs in Canada, Switzerland, South Africa, Mexico and South Korea. CCPs from these jurisdictions wishing to obtain EU recognition can now apply...more

ESMA Publishes MiFID II Delay Analysis

As discussed in last week’s Corporate & Financial Weekly Digest, on November 18, the European Securities and Markets Authority (ESMA) published a note relating to delays in the “go-live date” of certain Markets in Financial...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Performance and Accountability Report - On November 16. 2015, the Federal Housing Finance Agency released a report that analyzes its duties as regulator of the Federal Home Loan Bank System and as...more

ESMA updates EMIR data reporting TS

ESMA has updated its TS on the data reporting requirements under the European Market Infrastructure Regulation (EMIR). Since it created the original standards ESMA has issued a set of Q&As on elements of the reporting...more

ESAs update ECON on priorities

The EP’s Economic and Monetary Affairs Committee (ECON) has held a hearing of the Chairpersons of the European Supervisory Authorities (ESMA, EBA and EIOPA jointly). The Chair of each of the authorities and ESMA’s Executive...more

ESMA consults on CRA methodologies

ESMA has issued a discussion paper on the validation and review of Credit Rating Agencies’ (CRAs) methodologies. The consultation seeks stakeholder views on how CRAs should demonstrate rating methodologies’ “discriminatory...more

ESMA updates MiFID protocol

ESMA has updated its protocol on the operation of its database for publishing market transparency calculations under the MiFID Implementing Regulation....more

ESMA writes to Commission on MiFID 2 delays

ESMA has written to the Commission setting out areas of MiFID 2 that it thinks will in practice be challenging or impossible to have in place by the current “go-live” date. It has noted several requirements that will involve...more

Corporate and Financial Weekly Digest - Volume X, Issue 45

SEC/CORPORATE SEC Commissioner Piwowar Speaks at Current Financial Reporting Issues Conference - On November 16, Securities and Exchange Commissioner Michael Piwowar addressed the 34th Annual Current Financial Reporting...more

Time for an Upgrade: Central Bank of Ireland Replaces UCITS Notices and Guidance Notes with Statutory Instrument

For more than 25 years, the essential text for anybody wishing to navigate the regulatory environment for UCITS in Ireland has been the UCITS Notices which were supplemented by UCITS Guidance and then the UCITS Q&A....more

ESMA Reopens Consultation on Indirect Clearing Arrangements

On November 5, the European Securities and Markets Authority (ESMA) published a consultation paper relating to indirect clearing arrangements (CP). The CP consists of a review of the existing regulatory technical standards...more

European Commission Acknowledges a Year’s Delay to the Implementation of MiFID II May Be Necessary

Recent weeks have seen increasing numbers of market participants and trade bodies in the European Union (including the Investment Association and the European Fund and Asset Management Association) calling for the start date...more

ESAs consult on PRIIPS KID

EBA, ESMA and EIOPA (the European Supervisory Authorities – ESAs) are consulting on draft RTS on the layout of the Key Information Document (KID) to be used under the Packaged Retail and Insurance-based Investment Products...more

Orrick's Financial Industry Week in Review

MiFID II Overhaul of Financial Market Rules to be Delayed - The MiFID II Directive (2014/65/EU) seeks to implement a major overhaul of existing legislation concerning the structures within which financial instruments are...more

ESMA consults on indirect clearing

ESMA is consulting on amending regulatory technical standards (RTS) on indirect clearing arrangements for OTC derivatives under the European Market Infrastructure Regulation (EMIR) and on draft RTS for exchange-traded...more

ODRG reports on cross-border implementation

ESMA has published the OTC Derivatives Regulators Group (ODRG) report updating G20 on further progress in identifying and resolving OTC derivatives cross-border implementation issues....more

ESMA updates MAD Q&A

ESMA has updated its Q&A document on the EU Market Abuse Directive (MAD), (which will remain in force until the Market Abuse Regulation applies from July 2016). ...more

ESMA speaks on MiFID 2

Stephen Maijoor has spoken to EP’s Economic and Monetary Affairs Committee (ECON) on ESMA’s ongoing work on the revised Markets in Financial Instruments Directive (MiFID 2). He focused on three critical parts of the RTS it...more

ESMA submits additional RTS on IRS central clearing

ESMA has submitted to the Commission its additional draft RTS on the central clearing of interest rate swaps (IRS) under EMIR. The RTS propose the mandatory central clearing of fixed-to-float IRS and forward rate agreements...more

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

EMIR – Indirect Clearing Regulatory Technical Standards to Align to MiFIR - ESMA published a letter on 5 October from Commissioner Hill to the European Parliament on regulatory technical standards on indirect clearing...more

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

Latest Fund Statistics for Luxembourg Illustrate Continued Growth - ALFI has issued the fund statistics as of 30 September 2015. Luxembourg continues to be the number one location for Funds in Europe, with both number of...more

Transparency Directive II and Changes to the DTRs

Summary - On 26 November 2015, the United Kingdom’s major shareholding notification rules will be amended in order to implement the requirements of the revised Transparency Directive (“TD2”, as amended by Directive...more

ESMA publishes remuneration responses

ESMA has published the responses to its consultation on guidelines on sound remuneration policies under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive and the Alternative Investment...more

ESMA publishes MiFID 2 ITS responses

ESMA has published responses to its consultation on the remaining draft implementing technical standards (ITS) under the revised Markets in Financial Instruments Directive (MiFID 2) (see FReD 4 September). ...more

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