AIFMD - ESMA updates AIFMD Memoranda of Understanding ("MoUs")
ESMA updated its list of MoUs on 17 July 2018, singed the EU regulatory authorities (17 July 2018) – Croatia and Slovenia are still to sign MoUs.
Read: The list of MoUs
MIFID II - updated Q&A and public priorities on MIFID II
Verena Ross highlighted on 17 July 2018, the state of play on MiFID II and the need for Legal Entity Identifiers (“LEIs”) for supporting regulators’ activities in the area of market abuse supervision and monitoring trade and transaction reporting.
Read: The speech
Read: The press release
ESMA updated its Q&As on both MiFID II and MiFIR transparency topics on 12 July 2018, and MiFID II and MiFIR investor protection and intermediaries topics.
The new Q&As address regulatory reporting following a corporate action, inducements and provision of investment services by third country firms.
Read: The Q&As here and here
Read: The press releases here and here
The European Commission updated its webpage on MIFID transposition status on 29 June 2018. Poland and Romania have now communicated full transposition. Slovenia, Croatia, Portugal, Spain and Sweden still have not fully transposed.
Read: The EC status
EMIR - clarifications on clearing for pension schemes and new consultation
ESMA issued a clarification on the clearing obligation for pension scheme arrangements on 3 July 2018, confirming that indicates it expects national competent authorities should not prioritise their supervisory actions towards entities that are expected to be exempted again from the clearing obligation and to generally apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in a proportionate manner.
Read: The clarification
Read: The press release
ESMA launched a consultation on EMIR on 11 July, focussed on amending draft Regulatory Technical Standards regarding the treatment of intragroup transactions with a third country group entity.
Read: The consultation
Read: The press release
Brexit - ESMA and European Commission issue reminders of consequences of "Hard Brexit"
ESMA issued a reminder on 12 July, to UK firms looking to establish EU regulated subsidiaries as a “hedge” to mitigate against a Hard Brexit to submit applications to the relevant regulators in a timely fashion.
Read: The reminder
Read: The press release
The European Commission issued a communication on 19 July to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and the European Investment Bank on preparing for the withdrawal of the United Kingdom from the European Union.
Read: The communication
Read: The annexes here and here
Read: The press release
Other - updated Q&As on product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients
ESMA updated its Q&As on 12 July, on its temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients.
The updated Q&As provide clarification on the application of the temporary product intervention measures on clients established outside the Union and non-Union nationals.
Read: The updated Q&As
Read: The press release