News & Analysis as of

European Securities and Markets Authority (ESMA)

European Securities and Markets Authority Issues Opinion on the Proposed EU Regulation on CCP Recovery and Resolution

by Shearman & Sterling LLP on

The European Securities and Markets Authority has issued an Opinion on the European Commission's proposed EU Regulation on CCP Recovery and Resolution. The proposal gives CCPs' national regulators under the European Market...more

EU Clarification on CCP Portfolio Margining Requirements

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published an Opinion addressed to EU national regulators on the portfolio margining requirements for CCPs under the European Market Infrastructure Regulation. The Regulatory...more

Governance & Securities Law Focus: Europe Edition - April 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

European Securities and Markets Authority Publishes Final Guidelines on Circuit Breakers Under MiFID II

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published Guidelines on the calibration of circuit breakers and the publication of trading halts under the revised Markets in Financial Instruments Directive. MiFID II...more

Is the EU shifting the goal posts? European regulator plans review aimed at UK firms using outsourcing structures to respond to...

by Hogan Lovells on

In a speech that was ostensibly on the progress of the Capital Markets Union, Steven Maijoor, the Chair of the European Securities and Markets Authority ("ESMA") announced, that ESMA is planning possible measures to avoid a...more

French Legal and Regulatory Update – March 2017

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for March 2017. Please see full...more

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

by Dechert LLP on

EMIR - European Securities Agencies Issue Statement on EMIR Variation Margin Rules, More Entities Exempt from EMIR and ESMA Re-Affirms Commitment to Co-Operate with Non-EU Regulators on CCPs - On 23 February, the...more

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

by Dechert LLP on

CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....more

ESMA Clarifies Timelines for Publication of Credit Ratings and Rating Outlooks

by Reed Smith on

Credit rating agencies (‘CRAs’) that operate in the EU will be interested to hear that on 30 March 2017, ESMA published an update to its Questions & Answers (Q&A) on the ‘CRA’ Regulation (Regulation 1060/2009, as amended in...more

European Securities and Markets Authority Publishes Final Draft Technical Standards Under the Benchmarks Regulation 

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published its final Report containing draft regulatory and implementing technical standards under the Benchmarks Regulation. The Benchmark Regulation sets out the...more

Significant Updates to ESMA ’s Q&A on MiFID II Market Structures

by Latham & Watkins LLP on

ESMA’s new Q&A clarify a number of key points on the MTF, OTF and SI regimes. On 5 April 2017, ESMA published an updated version of its Q&A document on market structures under MiFID II. The final section has been...more

EU's New Regime on Payments for Research, Use of Dealing Commissions

by Morgan Lewis on

The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more

European Securities and Markets Authority Publishes Research Report on EU Securities Financing Transactions and Haircuts

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a research Report on securities financing transactions in the European Union and the use of collateral haircuts by firms. The purpose of ESMA's research is to...more

Regulation Round Up - March 2017

by Proskauer Rose LLP on

Key developments in March 2017: 1 March - The FCA published its Consultation Paper on "Reforming the availability of information in the UK equity IPO process" (CP17/5). The CP proposes a package of policy measures...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

European Commission Responds to ECON Concerns About MiFID II Systematic Internalizers Operating Broker Crossing Networks

The European and Monetary Affairs Committee (ECON) has published correspondence between the European Parliament’s negotiating team for the Markets in Financial Instruments Directive (“MiFID“) II package of measures and...more

Competition Law Threat to Active Fund Managers

by K&L Gates LLP on

SCM Direct ("SCM"), an investment manager based in the UK, has recently called for the Competition and Markets Authority ("CMA") and Financial Conduct Authority ("FCA") to investigate actively managed funds sector for alleged...more

Best Execution Concerns Reiterated by the UK Financial Conduct Authority

by Shearman & Sterling LLP on

The Financial Conduct Authority published a statement on best execution compliance by investment firms. The statement sets out the FCA's findings from supervisory work on how investment managers deliver best execution for...more

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

by Dechert LLP on

EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more

Corporate News - March 2017

by Hogan Lovells on

A new era for the UK's capital markets? FCA publishes proposals to reform the UK's capital markets and IPO process - The FCA has published a package of measures to reshape and enhance the UK's primary markets. These are...more

European Commission Requests Technical Advice for Prospectus Regulation Implementation

by Shearman & Sterling LLP on

The European Commission has published a request to the European Securities and Markets Authority for technical advice on possible delegated acts under the Prospectus Regulation. The Prospectus Regulation has been agreed but...more

Orrick's Financial Industry Week In Review

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more

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

by Dechert LLP on

Central Bank Publishes Feedback Statement on CP105 - The Central Bank published its Feedback Statement on CP105 on 19 January 2017. CP105 sets out proposed amendments to the Central Bank UCITS Regulations in light of...more

Final Draft EU Technical Standards on Pre-trade Transparency Requirements for Package Orders Published

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards on pre-trade transparency rules for package orders under the Markets in Financial Instruments...more

Brussels Regulatory Brief: March

by K&L Gates LLP on

On 8 February 2017, the Commission announced it had imposed fines totaling almost EUR 68 million on three companies for participating in a cartel to fix purchase prices of scrap lead-acid automotive batteries. The cartel...more

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