European Securities and Markets Authority (ESMA)

News & Analysis as of

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

ECON Agrees Compromise Amendments to STS/Risk Retention

The European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) has today agreed compromise amendments (the “Compromise Amendments”) to the proposed EU regulation intended to lay down common rules on...more

European Commission Adopts Delegated Regulation on RTS for the Application of Position Limits to Commodity Derivatives

On December 1, 2016, the European Commission adopted a Delegated Regulation supplementing the MiFID II Directive (2014/65/EU) in relation to regulatory standards (“RTS“) for the application of position limits to commodity...more

European Commission to Further Assess Issues on Implementation of the European Market Infrastructure Regulation

The European Commission published a Report assessing the issues arising from the implementation of the requirements of the European Market Infrastructure Regulation. EMIR imposes reporting and clearing obligations, risk...more

European Commission Adopts Delegated Regulation on RTS on Criteria for Establishing When an Activity Is Considered to Be Ancillary...

The European Commission adopted, on December 1, 2016, a Delegated Regulation supplementing the MiFID II Directive (2014/65/EU) in relation to regulatory technical standards (“RTS“) on the criteria for establishing when an...more

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

EMIR – European Commission adopts revised rules for reporting to trade repositories under EMIR - The European Commission adopted revised rules for reporting to trade repositories under EMIR on 26 October 2016. The...more

European Securities and Markets Authority Publishes Final Report on Validation and Review of Credit Rating Agencies' Methodologies

The European Securities and Markets Authority published its final Report on Guidelines on how Credit Rating Agencies should review and validate their methodologies. The CRA Regulation requires CRAs to review their...more

European Securities and Markets Authority Opines on Supervisory Approach for CCPs’ Service Extension 

The European Securities and Markets Authority published an Opinion outlining a common supervisory approach for regulators dealing with central counterparties that seek to extend or change their existing authorization under...more

European Securities and Markets Authority Makes Public Statement on Implementing IFRS 9

The European Securities and Markets Authority issued a public Statement on the implementation of IFRS 9. The purpose of the Statement is to promote consistent application of European securities and markets legislation, and...more

Delay to EU Clearing Obligation for Certain Financial Institutions Recommended

The European Securities and Markets Authority published a Report recommending that the clearing obligation for financial institutions with low trading volumes be delayed until June 21, 2019. The European Market Infrastructure...more

Corporate and Financial Weekly Digest - Volume XI, Issue 45

SEC/CORPORATE - SEC Division of Corporation Finance Issues Revised and Additional C&DIs Relating to Form S-8 - On November 9, the Division of Corporation Finance of the Securities and Exchange Commission issued two...more

Financial Regulatory Developments Focus - November 2016

In this 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 managers and...more

Blog: AIFMD: ESMA Updates Q&As

The European Securities & Markets Authority has updated its questions and answers on the application of the Alternative Investment Fund Managers Directive. The latest update includes 4 new questions: - Section II:...more

Proposed EU Technical Standards on Pre-trade Transparency Requirements for Package Orders

The European Securities and Markets Authority launched a consultation on pre-trade transparency rules for package orders under the Markets in Financial Instruments Regulation. Package transactions are transactions executed by...more

Final EU Technical Advice Under Benchmark Regulation Published

The European Securities and Markets Authority published its final Technical Advice to the European Commission on certain aspects of the EU Benchmark Regulation. The Benchmark Regulation sets out the authorization and...more

Update On Securities Financing Transactions Regulation

In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Reforming the Financial Markets in Germany—Update on the Implementation of MiFID2

The Ministry of Finance in Germany has just concluded a consultation for a 379-page draft bill for the Second Financial Markets Reform Act (Zweites Finanzmarktnovel-lierungs­gesetz) (the “Act”) that aims to transpose, amongst...more

EU Consultation on Assessing the Suitability of Management

The European Banking Authority and the European Securities and Markets Authority launched a joint consultation on proposed Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function...more

EU Reporting Instructions Released

The European Securities and Markets Authority issued detailed reporting instructions and XML schema under its Financial Instruments Reference Data System...more

Final EU Guidelines on Market Soundings and Delaying Disclosure of Inside Information

The European Securities and Markets Authority published translations of its final Guidelines on the implementation of the Market Abuse Regulation for persons receiving market soundings and on delayed disclosure of inside...more

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

EMIR – Revised List of CCPs and New Rules to Mitigate Risks in Non-Cleared OTC Derivative Transactions ESMA updated its list on 29 September 2016 of third-country central counterparties recognised to offer services and...more

EU Market Abuse Regulation - Market Soundings Safe Harbour: Compliance and Record Requirements

The EU Regulation on Market Abuse (“MAR”) prohibits a person from unlawfully disclosing inside information relating to securities within the scope of the legislation. An unlawful disclosure is made when a person possesses...more

EU Market Abuse Regulation - Requirements for U.S. Issuers

The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing...more

UK Market Abuse Regime Extends Its Reach: Implications for Issuers

Companies trading on either the London Stock Exchange’s Main Market or AIM should ensure that their systems and procedures reflect changes to their disclosure and other obligations arising from the implementation of the new...more

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