European Securities and Markets Authority (ESMA)

News & Analysis as of

European Securities and Markets Authority Concerned About MiFID II Loopholes

The European Securities and Markets Authority published a letter, dated February 1, 2017, from it to the European Commission about the potential for loopholes to be exploited in the revised Markets in Financial Instruments...more

Currency Hedging Survives ESMA UCITS Share Class Cull

For the past two years, the European Securities and Markets Authority (“ESMA”), Europe’s main securities regulator, has had UCITS share classes in their sights. It has issued two discussion papers on the topic and has now...more

The CSSF's position in respect of ESMA's Opinion on UCITS' Share Classes

On 13 February, 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier –CSSF) announced its position in respect of ESMA’s opinion by issuing press release n°17/06. The CSSF expects UCITS...more

ESMA Issues Report on Distributed Ledger Technology

On February 7, 2017, the European Securities and Markets Authority (“ESMA“) published a report regarding distributed ledger technology (“DLT“). DLT is a developing technology that has the potential to significantly alter...more

The Financial Report, Volume 6, Number 3

The Ninth Circuit Court of Appeals in San Francisco is poised to rule on, with respect to President Donald Trump’s recent executive order on immigration, the question of how much power a president has to issue executive...more

European Authority Rules Out Regulating Distributed Ledger Technology for Now

The European Securities and Markets Authority published a Report on the application of Distributed Ledger Technology to the securities markets. Distributed ledgers, sometimes referred to as blockchains, are essentially...more

Revised EU Commodity Derivatives Position Reporting Standards Published

The European Securities and Markets Authority published revised final draft Implementing Technical Standards on the format of position reports by market operators and investment firms. The revised Markets in Financial...more

ESMA Publishes Report on Distributed Ledger Technology

On February 7, 2017, the European Securities and Markets Authority (“ESMA”) released a Report on Distributed Ledger Technology (“DLT”) (also known as “blockchain” technology) Applied to Securities Markets (the “Report”) that...more

ESMA Publishes Guide on Major Holdings Notifications

On February 3, 2017, a guide was published by ESMA that looked at major holdings notifications under the Transparency Directive. The Transparency Directive established a minimum level of information that needed to be provided...more

European Securities and Markets Authority Announces Details of 2017 EU-Wide CCP Stress Test

The European Securities and Markets Authority announced details of the 2017 EU-wide CCP stress test exercise...more

European Securities and Markets Authority Requests a Review of its Sanctioning Powers Under the European Market Infrastructure...

The European Securities and Markets Authority published an open letter to the European Commission asking it to consider several issues relating to its supervisory and sanctioning powers under the European Market...more

Corporate News - February 2017

A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. Please see...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

UK Financial Conduct Authority Clamps Down on Retail CFD Products

FCA proposes enhanced disclosure requirements for derivatives being marketed to retail investors who may not be aware of the risks. Concerned that more and more retail customers are offering and trading...more

The Financial Services Aspects of the Brexit White Paper

On February 2, 2017, the Department for Exiting the European Union, the department of the UK government tasked with extricating the UK from the EU, published a white paper on the UK’s exit from and new partnership with the...more

Proposed EU Guidelines on Transfer of Data Between Trade Repositories

The European Securities and Markets Authority launched a consultation on proposed Guidelines on the transfer of data between trade repositories. The European Market Infrastructure Regulation requires counterparties and CCPs...more

EU Legislation Amending Technical Standards on the Format and Frequency of Trade Reporting Published 

A Commission Implementing Regulation amending Implementing Technical Standards on the format and frequency of trade reports submitted to trade repositories was published in the Official Journal of the European Union. The...more

Luxembourg Legal Alert: ESMA Opinion on UCITS' Share Classes

On 30 January, 2017 the European Securities and Market Authority (ESMA) issued an opinion addressed to local regulators on the share classes of undertakings for collective investment in transferable securities (UCITS) and...more

"Reform, Not Repeal, Likely for US Swaps Regulations"

Swaps transactions, virtually unregulated before the 2008 financial crisis, are regulated in the U.S. under Title VII of the Dodd-Frank Act. Title VII empowers the Commodity Futures Trading Commission (CFTC), for most swaps,...more

EU Legislation Amending Technical Standards on Derivatives Trade Reporting Published

A Commission Delegated Regulation amending Regulatory Technical Standards on the minimum details of data to be reported to trade repositories was published in the Official Journal of the European Union. The original RTS were...more

European Securities and Markets Authority Opines on Common Principles for the Creations of Share Classes in UCITS

The European Securities and Markets Authority published its Opinion on the extent to which different types of units or shares (share classes) of the same Undertakings in Collective Investment in Transferable Securities fund...more

European Authorities Publish Report on Joint Functioning of EU Capital Requirements and European Market Infrastructure Regulation

The European Banking Authority and the European Securities and Markets Authority published a Report on the joint functioning of the Capital Requirements Regulation and the European Market Infrastructure Regulation. The focus...more

ESMA issues common principles for UCITS share classes

The European Securities and Markets Authority (“ESMA”) published on 30 January 2017 an opinion on the use by EU UCITS funds of share classes, outlining four key principles that all UCITS funds must follow when setting up...more

MiFID II/MiFIR Update

This update provides a snapshot of events in 2016 which has led to the current status of MiFID II and MiFIR. MiFID II/MiFIR Delayed - 17 June 2016: Council adopted legislation extending the deadline for the...more

UK FCA to Extend AIFMD Annex IV Reporting to Master Funds

Non-EU Alternative Investment Fund Managers (AIFMs) that currently complete “Annex IV” regulatory reporting with the FCA in respect of feeder funds are not required to complete the Annex IV report in respect of the master...more

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