Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024.
On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores.
International momentum to regulate ESG ratings continues as the European Commission released a...more
6/16/2023
/ Consultation ,
Corporate Governance ,
Data Collection ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Global Market ,
HM Treasury ,
India ,
IOSCO ,
Japan ,
Ratings ,
Regulatory Agencies ,
Regulatory Agenda
ESMA reminds firms on rules of reverse solicitation -
In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more
4/1/2021
/ Bank Holding Company ,
Banking Sector ,
Banks ,
Cloud Service Providers (CSPs) ,
CRD V ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
Sustainable Finance ,
UK ,
UK Brexit
Ahead of the end of the Brexit transition period, on 31 December 2020, regulators in the UK and the EU have issued a number of updates:
Share trading obligation -
In relation to the potential conflict between the share...more
12/8/2020
/ Banking Sector ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Member State ,
MiFIR ,
Regulatory Requirements ,
Securities ,
Share Trading Obligation (STO) ,
UK ,
UK Brexit
Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020.
The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks...more
ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way.
Key Points:
..Pre-hedging / front running: ESMA...more
The new guidelines reflect the European Commission’s aim to provide additional certainty for regulated entities outsourcing to cloud services.
On 3 June 2020, ESMA published a consultation paper on draft guidelines...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
The consultation provides a key opportunity for market participants to provide feedback on the regime.
Key Points:
..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
2/27/2020
/ Commodities ,
Derivatives ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FinTech ,
Foreign Exchanges ,
Investors ,
MiFID II ,
MiFIR ,
Public Consultations ,
Small and Medium-Sized Enterprises (SMEs)
ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made.
Key Points:
..ESMA’s response to the European...more
ESMA’s consultation papers on MiFID non-equities SI and equities transparency regimes propose important changes.
Key Points:
..ESMA’s recent consultation papers on the MiFID transparency regime raise queries and make...more
European Commission review will inform potential future legislative change.
Key Points:
..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...more
Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.
Key Points:
..ESMA is seeking industry views on various aspects of MAR and whether they...more
10/11/2019
/ Banking Sector ,
Benchmarks ,
Comment Period ,
Competition ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Insider Information ,
New Guidance
The FCA and the PRA published their Business Plans for 2019/20 in April 2019.
FCA Priorities -
As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
The European Commission has set out the elements of MAR that it wishes to consider as part of a planned review.
Key Points:
..The formal review of MAR will consider not only the topics mandated for review by the...more
ESMA has published a new Q&A clarifying the transitional arrangements for third country benchmarks under the EU Benchmarks Regulation (BMR).
Key Points:
..Non-EEA benchmarks that are being used in the EEA before 1...more
Do robots give suitable advice? ESMA proposes updates to suitability guidelines to address robo-advice.
Given the technological evolution of the advice market, firms offering a robo-advice service are faced with a...more
The European Commission is consulting on delegated acts clarifying the meaning of certain key terms.
On 22 June 2017, the Commission published four draft delegated acts under the EU Benchmarks Regulation (BMR). These acts...more