Markets in Financial Instruments Directive

News & Analysis as of

UK Financial Regulatory Developments - April 2016 #14

LCR corrigendum published in OJEU - A Corrigendum to amend implementing technical standards (ITS) under the capital requirements regime on the supervisory reporting of institutions of the liquidity coverage requirement...more

European Securities and Markets Authority Reviews Approach to Supervision of Suitability Requirements under MiFID

The European Securities and Markets Authority published a peer review report on compliance with the suitability requirements under the existing Markets in Financial Instruments Directive. The review assessed during the period...more

ESMA Publishes New Q&A on CFDs and Other Speculative Products

The European Securities and Markets Authority (ESMA) has published a new question and answer document (ESMA/2016/590) on the application of MiFID to the marketing and sale of financial contracts for difference (CFDs) and...more

Brexit: What does it mean for asset managers?

The European Union (EU) is made up of 28 member states committed, through a series of treaties, to ever closer economic and political union. As such it exercises considerable power, both internally and internationally. It is...more

Financial Services Sector Implications of ‘Brexit’

Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant. The City of London is Europe’s key financial...more

UK Financial Regulatory Developments - February 2016 #4

ESRB approves expansion of macroprudential policy framework - ESRB has published two recommendations relating to expanding the European macroprudential policy framework. The first concerns the counter-cyclical buffer...more

Financial Services Regulation - Exchange International Newsletter - Issue 28 - January 2016

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-eighth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

How prepared is industry for the possibility of a Brexit?

The next structural issue facing the European Union - White & Case commissioned independent research to capture views on how senior in-house legal decision makers and senior managers viewed the possibility of a Brexit...more

"MiFID II Expected to Have Significant Impact on Investment Managers"

When implemented, revisions to the EU’s Markets in Financial Instruments Directive (MiFID II) will radically change the regulation of EU securities and derivatives markets, and significantly impact the investment management...more

ESMA reports on investment firms

ESMA and EBA have published a report on the prudential requirements for investment firms. The report looks at the purpose of prudential requirements and the interplay between the Markets in Financial Instruments Directive...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

Market Abuse Regulation (MAR)

On 3 July 2016, the new Market Abuse Regulation (“MAR”) will become effective all across the EU, replacing the currently applicable regime on insider trading and market manipulation. It will not only affect banks, funds, and...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

European Court of Justice Ruling on Scope of MiFID

The European Court of Justice (ECJ) has held in the case of Banif Plus Bank Zrt. V. Marton Lantos and Martonne Lantos (Case C-312/14) (3 December 2015) that foreign exchange transactions which are part of foreign currency...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Performance and Accountability Report - On November 16. 2015, the Federal Housing Finance Agency released a report that analyzes its duties as regulator of the Federal Home Loan Bank System and as...more

ESMA updates MiFID protocol

ESMA has updated its protocol on the operation of its database for publishing market transparency calculations under the MiFID Implementing Regulation....more

FCA Publishes MiFID II Conference Materials for Wholesale Firms

On October 30, the UK Financial Conduct Authority (FCA) published a webpage with detailed information regarding its October 19 conference on the revised and recast Markets in Financial Instruments Directive (MiFID) and its...more

MiFID II – Still arriving on January 3, 2017

Frequent subscribers of this blog may remember MiFID I coming into force on 1 November 2007, fundamentally revising the existing rules applicable to, amongst others, European firms providing portfolio management and broker...more

FMLC reports on clearing uncertainty in MiFIR

FMLC has published a paper on uncertainty arising in the context of indirect clearing of exchange traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). There was no RTS for indirect clearing...more

New UK Regulations to Govern Whistleblowing in Financial Institutions

This month, the FCA and PRA announced a new regime for whistleblowing that will start to be phased in from March 2016. This is part of the broader desire on the part of the UK regulators to encourage individuals to raise...more

ESMA publishes commodities guideline translations

ESMA has published the official translations of its guidelines on commodity derivatives under the current Markets in Financial Instruments Directive....more

Bridging the Week - October 2015

ESMA Publishes Final Technical Standards for MiFID II - The European Securities and Markets Authority issued the equivalent of final rules (known as “technical standards”) to implement three cornerstones of the European...more

EU Risk Retention - Some Good News From Brussels

Following Dechert’s Legal Update published on 14 September 2015, we have had sight of an updated draft of the proposed EU legislation on securitisations. The updated draft shows signs that regulators have taken on board some...more

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

EMIR – ESMA Recommendations to EMIR Framework, Final Rules on Central Clearing for Interest Rate Derivatives and Consultation on CCP Client Accounts - EMIR framework: On 13 August, ESMA published a number of recommended...more

MiFID 2: Advising Clients – Independence, Suitability and Appropriateness

In the latest of Dentons' series of articles focusing on specific elements of MiFID 2, Emma Radmore looks at changes MiFID 2 will make to how firms give advice to clients. She also considers what changes the Financial Conduct...more

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