European Securities and Markets Authority

News & Analysis as of

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

Implementation of the European Transparency Directive 2013/50/EU in Germany - All market participants investing in German stocks and other equity shares with voting rights traded on an exchange will be subject to new...more

ESMA Publishes Final Report and Draft Regulatory and Implementing Technical Standards on MiFID II and MiFIR

On September 28, the European Securities and Markets Authority (ESMA) published a final report (Report) containing draft regulatory and implementing technical standards (Standards) on the revised EU Markets in Financial...more

New Greek Ban on Shorting Shares of Five Greek Banks

On September 30, the Greek national financial regulator, the Hellenic Capital Markets Commission (HCMC), announced that is has imposed an extended ban on the short-selling of Greek bank shares––by any persons anywhere in the...more

ESMA Publishes Final Report and Draft Technical Standards on New EU Market Abuse Rules

On September 28, the European Securities and Markets Authority (ESMA) published a final report (Report) containing draft regulatory technical standards (RTS) and implementing technical standards (ITS) on the new EU Market...more

Singapore Legal Update - October 2015

The MAS’s consultation paper proposal to clarify that there is no requirement of material price impact to establish a case of false or misleading disclosure under section 199 of the SFA will have an impact on the way company...more

ESMA publishes MiFID 2 RTS

ESMA has published its second, main, set of Regulatory Technical Standards (RTS) and ITS under the revised Markets in Financial Instruments Directive and Regulation (MiFID 2 and MiFIR). The package it has now submitted to the...more

ESMA publishes MAR RTS

ESMA has published its draft RTS and ITS under the Market Abuse Regulation (MAR). The standards cover: - RTS on notifications to authorities, and the compilation, publication and maintenance of these notifications and...more

ESMA publishes CSDR

ESMA has published its final technical standards on the Central Securities Depositaries Regulation (CSDR). The finalised harmonisation and reporting standards cover...more

ESMA consults on the single electronic format

ESMA is consulting on its RTS on the European Single Electronic Format (ESEF). The consultation includes an assessment of current electronic reporting, an analysis of the policy objectives included in the Transparency...more

ESMA publishes draft RTS on EEAP

ESMA has sent its draft RTS on the European Electronic Access Point (EEAP), required by the Transparency Directive, to the Commission for endorsement. ESMA proposes the RTS provisions apply to regulated information made...more

FCA publishes minutes from MiFID 2 implementation roundtable

FCA has published the minutes from the meeting of the MiFID 2 implementation roundtable in September. The discussion covered implementing measures, FCA’s consultation, cost benefit analysis and an upcoming conference focused...more

Bridging the Week - October 2015

ESMA Publishes Final Technical Standards for MiFID II - The European Securities and Markets Authority issued the equivalent of final rules (known as “technical standards”) to implement three cornerstones of the European...more

Corporate and Financial Weekly Digest - Volume X, Issue 38

SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

ESMA publishes UCITS V ITS on penalties and measures

ESMA has published for the Commission’s endorsement implementing technical standards (ITS) on penalties and measures under UCITS V. ESMA did not conduct open public consultations on the draft ITS, as it says this would have...more

ESMA speaks on changes to derivatives market

ESMA Chair Steven Maijoor spoke at the 2015 ISDA Annual Europe Conference in London. In his speech he highlighted the importance of ensuring consistent implementation of the European Market Infrastructure Regulation (EMIR),...more

Financial Regulatory Developments Focus - September 2015 #5

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

MiFID 2: ESMA's second set of RTS - This article summarises the technical standards on MiFID 2 that ESMA sent to the European...

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 published the second set...more

The New EU Benchmark Regulation

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

Orrick's Financial Industry Week in Review

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

ESMA makes ECON statement

Stephen Maijoor’s statement to EP’s Economic and Monetary Committee (ECON) focused on ESMA’s work in preparing the single rulebook, and on its supervisory responsibilities....more

ESMA Raises Market Risk Indicator for European Securities to Highest Level

On September 14, the European Securities and Markets Authority (ESMA) published its Trends, Risks and Vulnerabilities Report No. 2 for 2015 (the TRV) on the European securities markets. The TRV covers the time period from...more

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

EMIR – ESMA Recommendations to EMIR Framework, Final Rules on Central Clearing for Interest Rate Derivatives and Consultation on CCP Client Accounts - EMIR framework: On 13 August, ESMA published a number of recommended...more

Corporate and Financial Weekly Digest - Volume X, Issue 36

BROKER-DEALER SEC - Extends Specified Temporary Relief Related to Security-Based Swaps - On September 15, the SEC issued an order extending temporary exemptions and exceptions from compliance with certain...more

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