European Securities and Markets Authority

News & Analysis as of

Orrick's Financial Industry Week in Review

No-Action Letter Issued Regarding the OCR Final Rule - On April 8, the U.S. Commodity Futures Trading Commission's ("CFTC") Division of Market Oversight issued a no-action letter regarding the ownership and control final...more

European Securities and Markets Authority Announce First EU-wide Stress Tests for EU CCPs

The European Securities and Markets Authority announced it will publish its first EU-wide stress tests for EU Central Counterparties. Under the European Markets Infrastructure Regulation ESMA is mandated to conduct stress...more

Financial Regulatory Developments Focus - April 2016 #3

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

UK Financial Regulatory Developments - April 2016 #15

ESAs finalise proposal for RTS on KIDs for PRIIPs - The Joint Committee of the ESAs has finalised its proposal for regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and...more

European Securities and Markets Authority Opines on Principles for Loan Origination by Funds

The European Securities and Markets Authority published an Opinion setting out key principles for a European framework on loan origination by funds. The Opinion is in response to the European Commission's request that ESMA...more

UK Financial Regulatory Developments - April 2016 #14

LCR corrigendum published in OJEU - A Corrigendum to amend implementing technical standards (ITS) under the capital requirements regime on the supervisory reporting of institutions of the liquidity coverage requirement...more

European Securities and Markets Authority Opines on Exemptions from the Clearing Obligation for Pension Schemes

The European Securities and Markets Authority published Opinions, dated April 7, 2016, on certain Denmark-based pension schemes that are to be exempted from the clearing obligation under the European Market Infrastructure...more

ESMA Publishes Principles on Stakeholder Engagement in Peer Reviews

On April 15, the European Securities and Markets Authority (“ESMA”) published a paper on stakeholder engagement in peer reviews. The paper sets out six high-level principles guiding the interaction with stakeholders...more

ESMA Lends Support for a Harmonised European Framework for Loan Origination Funds

The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued...more

European Securities and Markets Authority Discussion on Classes of Undertakings for Collective Investments in Transferable...

The European Securities and Markets Authority published a discussion paper on the recognition of the different share classes offered by Undertakings for Collective Investments in Transferable Securities funds in different EU...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

European Supervisory Authorities Report on Risks and Vulnerabilities in the EU Financial System

The European Banking Authority, European Securities and Markets Authority and European Insurance and Occupational Pensions Authority (known as the Joint Committee of the European Supervisory Authorities) published a report...more

European Securities and Markets Authority Reviews Approach to Supervision of Suitability Requirements under MiFID

The European Securities and Markets Authority published a peer review report on compliance with the suitability requirements under the existing Markets in Financial Instruments Directive. The review assessed during the period...more

European Commission Adopts Delegated Directive Supplementing MiFID II

On April 7, 2016, the European Commission adopted a Delegated Directive supplementing MiFID II regarding the safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules...more

Blog: Loan Origination By Alternative Investment Funds – ESMA’s Opinion On Next Steps

The European Securities and Markets Authority (ESMA) has published an Opinion on the “Key principles for a European framework on loan origination by funds“. The Opinion is addressed to the European Parliament, the Council...more

UK Financial Regulatory Developments - April 2016 #10

ESMA updates MAD Q&A - ESMA has published an updated version of its Q&A on the common operation of the Market Abuse Directive (MAD). A new question regarding investment recommendations has been added. (Source: ESMA...more

UK Financial Regulatory Developments - April 2016 #9

ESRB extends deadline for recommendations on funding credit institutions - ESRB has published a Recommendation which it adopted concerning changes to the set of recommendations on the funding of credit institutions. EBA...more

ESMA Publishes New Q&A on CFDs and Other Speculative Products

The European Securities and Markets Authority (ESMA) has published a new question and answer document (ESMA/2016/590) on the application of MiFID to the marketing and sale of financial contracts for difference (CFDs) and...more

PRIIPs - ESA published the final draft Regulatory Technical Standards on Key Information Documents

On 7 April 2016, the Joint Committee of the European Supervisory Authorities - ESMA, EBA ed EIOPA - has published the final draft Regulatory Technical Standard (RTS) in accordance with Regulation (EU) No 1286/2014 of the...more

One-Day Margin Period of Risk for EU Central Counterparty Client Accounts Proposed by European Securities and Market Authority

The European Securities and Market Authority published its final report and amending regulatory technical standards on the margin period for Central Counterparty client accounts. The amending RTS change the time horizons for...more

European Securities and Markets Authority Proposals to Improve Access by Regulators to Trade Repository Data

The European Securities and Market Authority published its final report containing final draft amending regulatory technical standards regarding requirements for regulator access to Trade Repositories data and the subsequent...more

European Securities and Markets Authority Fines Trade Repository for Lack of Access to Trade Repository Data

The European Securities and Markets Authority published a decision of its board of supervisors that it had fined the trade repository DTCC Derivatives Repository Ltd EUR 64,000 for failing to provide regulators with access to...more

European Securities and Markets Authority Joins European Banking Authority in Call for Legislative Changes on Application of...

The European Securities and Markets Authority published its final report on Guidelines on the sound remuneration policies under the Units in Collective Undertakings Directive and the Alternative Investment Fund Managers...more

UK Financial Regulatory Developments - April 2016 #5

ESMA consults on EU MAR commodity and spot markets disclosures - ESMA is consulting on draft guidelines under the Market Abuse Regulation (EU MAR) setting out a non-exhaustive indicative list of information expected or...more

Orrick's Financial Industry Week in Review

ESMA Consults on Guidelines on Disclosure of Information on Commodity Derivatives Markets or Related Spot Markets under MAR - On March 30, the European Securities and Markets Authority ("ESMA") opened a public...more

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