Financial Instruments

News & Analysis as of

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

Germany Tightens Voting Rights Disclosure - New rules increase complexity of voting right disclosures and impose

On October 1, 2015, the German Parliament adopted the national “Act Implementing the EU Transparency Directive Amending Directive (2013/50/EU)” (the “Act”). The aim of the directive is to harmonize the regime for notification...more

UCITS V Directive—Overview and Practical Implications

Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more

ESMA informs of delay to MiFIR RTS

ESMA Chair, Steven Maijoor, has written to the Commission informing it of a delay in submitting the RTS on indirect clearing and exchange-traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). ESMA...more

Up next from FCA

The latest edition of FCA’s Policy Development Update promises by the end of November: - policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers...more

ESMA Publishes 2016 Work Program

On October 7, 2015 the European Securities and Markets Authority (ESMA) published its 2016 work program. The key priorities for 2016 will be: Supervisory Convergence: ESMA’s focus will shift increasingly from rulemaking to...more

ESMA publishes MiFID 2 RTS

ESMA has published its second, main, set of Regulatory Technical Standards (RTS) and ITS under the revised Markets in Financial Instruments Directive and Regulation (MiFID 2 and MiFIR). The package it has now submitted to the...more

The New EU Benchmark Regulation

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments

The new Bank of Italy rules will apply from October 1, 2016. The Bank of Italy has implemented the provisions of article 129 of Legislative Decree no. 385 of 1 September 1993 (the Consolidated Banking Act or CBA) (the...more

Traders Who Allegedly Profited from Hacked News Releases Settle With SEC for $30 Million

On September 14, the SEC announced that it had reached a $30 million settlement with two defendants who allegedly profited from trading based on information hacked from newswire services. The settlement stems from an SEC...more

ESMA consults on review of EMIR standards

ESMA has published a discussion paper on the review of Article 26 of its Regulatory Technical Standards (RTS) under the European Market Infrastructure Regulation (EMIR) which deals with Central Counterparties’ (CCPs) client...more

ESMA consults on final MiFID 2 ITS

ESMA is consulting on the remaining draft implementing technical standards (ITS) under the revised Markets in Financial Instruments Directive (MiFID 2) on which it has not previously consulted. The consultation and draft ITS...more

ESMA Consults on Remaining MiFID II Draft ITS

On August 31, 2015, the European Securities and Markets Authority (ESMA) published a consultation paper on the remaining draft implementing technical standards (ITS) under the MiFID II Directive (2014/65/EU) and the Markets...more

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

Luxembourg Holds Presidency of the Council of the EU for 12th Time One of Luxembourg’s priorities, as it takes on presidency of the Council of the European Union, is to stimulate investment to boost growth and...more

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

Suspension from Trading of Certain Financial Instruments Apropos Greece - Following a decision of the Hellenic Capital Market Commission (HCMC), the competent authority of Greece, to suspend the trading of certain...more

Final Rules Concerning the Restrictions Imposed On the Retail Distribution of CoCos and Other Regulatory Capital Instruments

In August 2014, the UK Financial Conduct Authority (FCA) used its consumer protection powers for the first time and introduced temporary product intervention rules (Temporary Rules) that restricted the distribution of...more

ESMA Guidelines on the application of Sections C6 and C7 of Annex I to MiFID I

EMSA has recently published Guidelines on which commodity derivatives fall within the definition of "financial instrument" for the purposes of MiFID I. The Guidelines give clarity on the status of forwards, and guidance on...more

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