Financial Instruments

News & Analysis as of

Legislative Developments in Post-Grant Proceedings

Amidst a spate of high-profile IPR filings in the life sciences space by hedge fund financiers, the biotechnology industry has mobilized behind two chief legislative strategies designed to limit or eliminate its exposure to...more

EU Guidelines on Assessing Knowledge and Competence Under MIFID II

The European Securities and Markets Authority published translations of its guidelines on the assessment of the knowledge and competence of individuals providing investment advice or information about financial instruments,...more

Regulatory Technical Standards for the Submission and Content of Notifications to EU Regulators Published

The European Commission adopted a Delegated Regulation, in the form of Regulatory Technical Standards, detailing the content of the financial instrument reference data that must be supplied to regulators. The adopted RTS will...more

The Effect of Article 63 Amendments on Existing Article 63 Exemption Operators

Existing Article 63 Exemption Operators will be subject to new obligations and duties starting March 1, 2016. Beginning March 1, 2016, the amendments to the exemption concerning the Special Business Activities for...more

FASB Issues New Guidance on the Recognition and Measurement of Financial Instruments

On January 5, the Financial Accounting Standards Board (FASB) issued a new accounting standard which “‘is intended to provide users of financial statements with more useful information on the recognition, measurement,...more

ESMA Guidelines for Assessment of Knowledge and Competence Under MiFID II

On December 18, the European Securities and Markets Authority (“ESMA”) published a final report on guidelines for the assessment of knowledge and competence under the MiFID II Directive (2014/65/EU) (“Directive”)....more

European Commission Adopts Delegated Regulation on Obligations of Depositaries Required by UCITS V

The European Commission has adopted a Delegated Regulation (C(2015) 9160) supplementing the UCITS IV Directive (2009/65/EC) on the obligations of depositaries. The Delegated Regulation sets out provisions relating to issues...more

IOSCO reports on creditworthiness assessments

IOSCO has published its report on sound practices at large intermediaries in assessing creditworthiness and the use of external credit ratings. It recommends 12 sound practices that regulators could consider as part of their...more

Council approves Benchmarks Regulation text

The Council has published a note to the Permanent Representatives Committee (COREPER) on the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of...more

Council explains tougher benchmarks regulation

The Council has confirmed its agreement with EP that the approved benchmarks Regulation needs to be strict in order to restore trust in the integrity of benchmarks. The Council laid out the three categories of benchmarks...more

ECJ rules on FX part of foreign currency loans

ECJ has ruled in the case of Banif Plus Bank Zrt. v. Marton Lantos and Martonne Lantos. ECJ held that foreign exchange (FX) transactions which are part of foreign currency denominated loans do not constitute an investment...more

The “State of Play” of the European Financial Transaction Tax: European Council Meeting, 8 December 2015

On 3 December 2015 the Luxembourg President of the Council of the European Union released a “state of play” announcement on the progress made during the course of this year by the ten European Union participating member...more

Finance Update: MiFID II: Best Execution Requirements

MiFID I introduced a comprehensive best execution regime on the basis that delivering best execution is considered fundamental to market integrity. However, there was a perceived need for reform to increase investor...more

ESMA reports on complex debt instruments

ESMA has published its final report on guidelines on complex debt instruments and structured deposits under MiFID 2. The guidelines identify complex financial instruments and structured deposits for which the provision of...more

New Japanese Fund Regulatory Framework: FSA’s Proposed Rules and Public Consultation

On May 27, 2015, an amendment bill to the Financial Instruments and Exchange Act of Japan (“FIEA”) passed the Diet, which would come into effect sometime next year but no later than June 3, 2016 (“2015 Amendment”). The 2015...more

PRA publishes modification by consent for bail-in

PRA has transposed Article 55 of the Bank Recovery and Resolution Directive (BRRD) through the rules in the Contractual Recognition of Bail-in part of the PRA Rulebook. The rules require firms and holding companies to include...more

Bank of Italy: New Reporting Requirements on Issuances and Offerings of Financial Instruments

The Bank of Italy post-trade reporting requirements are likely to impact the issuance and offering of bonds and other debt securities in Italy. The Bank of Italy has the power to require entities issuing or offering...more

After-Acquired Title Doctrine Held Applicable to Subsequent Purchaser

In BCML Holding LLC v. Wilmington Trust, N.A., the purchaser of a property at an association foreclosure sale for unpaid assessments contended that the first mortgage was void ab initio because title to the property wasn’t...more

BIS consults on TLAC holdings

The Basel Committee has issued a consultation on the prudential treatment of banks’ investments in holdings of TLAC qualifying instruments. The proposal is for banks to deduct from their regulatory capital their holdings of...more

FCA publishes minutes from MiFID 2 roundtable

FCA has published the minutes from the meeting of the MiFID 2 implementation roundtable in October. The discussion covered implementing measures, FCA communication with industry, updated consultation plans and feedback on the...more

EIOPA modifies Solvency 2 term structures methodology

EIOPA has modified the methodology for calculating the relevant risk-free interest rate term structures for Solvency 2. EIOPA has decided to amend the methodology so that...more

Treasury consults on UCITS V

Treasury is consulting on legislative changes it needs to make to implement UCITS V. The consultation is separate from FCA’s current consultation, which addresses the bulk of the changes, including the remuneration rules the...more

Amendment to MiFIR published in OJEU

A correction to the Markets in Financial Instruments Regulation (MiFIR) has been published in the OJEU. The amendment has been made to include Article 4(6), ...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Treasury makes Transparency Regulations

Treasury has made the Transparency Regulations 2015, which amend the Financial Services and Markets Act 2000 (FSMA) in line with the Transparency Directive. The Regulations make changes in respect of...more

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