UK Financial Regulatory Developments - April 2016 #9

by Dentons

ESRB extends deadline for recommendations on funding credit institutions

ESRB has published a Recommendation which it adopted concerning changes to the set of recommendations on the funding of credit institutions. EBA has stated that it cannot meet the existing deadlines for interim and final reports on the matter, which are 31 March and 23 June respectively, due to delays in the delivery of the required data from national supervisory authorities. ESRB has therefore recommended an extension to the time limits and the merger of the two reports into a single report by EBA. The proposed date in the Recommendation is for the report to be submitted by EBA by 31 March 2017. (Source: ESRB extends deadline for recommendations on funding credit institutions)


EIOPA consults on amendments to Solvency 2 templates

EIOPA has launched a consultation on proposed amendments to implementing technical standards (ITS) on the templates for the submission of information to supervisory authorities to clarify drafting mistakes and prevent text misinterpretation. EIOPA is also making changes to its guidelines on reporting and disclosure. This follows an amendment to the Solvency 2 Delegated Act, which introduced tailored treatments to insurers’ investments in infrastructure, European Long-Term Investment Funds and equities traded through multilateral trading platforms. The consultation closes on 3 May. (Source: EIOPA consults on amendments to submission template ITS)


EIOPA feeds back on internet sales opinion

EIOPA has published a statement in response to its opinion on sales via the internet. EIOPA highlights the need for customers to always receive the information they need and to be treated fairly irrespective of the channel used by a customer to buy a product. EIOPA concluded that national competent authorities are focused on emerging risks to consumer protection and found that some are taking pre-emptive measures to ensure that standards of consumer protection are upheld as digital channels develop. (Source: EIOPA feeds back on internet sales opinion)


ESMA updates prospectus Q&A


ESMA has updated its Q&A document on prospectus related issues. ESMA has added two new questions regarding an additional column in the capitalisation and indebtedness statements and offers going beyond the validity of a base prospectus. (Source: ESMA updates prospectus Q&A)


ESMA updates AIFMD Q&A

ESMA has updated its Q&A document on the application of AIFMD. ESMA has added a new question on notification requirements relating to additional investment in existing Alternative Investment Funds. (Source: ESMA updates AIFMD Q&A)


ESMA updates UCITS Q&A

ESMA has updated its Q&A document on the application of the UCITS Directive. ESMA has added a new question on whether a UCITS can invest in a UCITS feeder fund (which they cannot). (Source: ESMA updates UCITS Q&A)


ESMA reports on MPOR for client accounts

ESMA has issued its final report reviewing Article 26 of the RTS on requirements for CCPs on the time horizons for the liquidation period under EMIR (see FReD 23 December 2015). The proposed change submitted to the Commission would reduce the margin period of risk (MPOR) for CCPs’ client accounts from two days to one day for gross omnibus accounts and individual segregated accounts for exchange-traded derivatives and securities. This change would bring the MPOR in line with US CCPs. (Source: ESMA reports on MPOR for client accounts)


ESMA reports on temporary exclusion of ETDs

ESMA has reported on the temporary exclusion of exchange traded derivatives (ETDs) from Articles 35 and 36 of the Markets in Financial instruments Regulation (MiFIR). It has determined that there is no need to temporarily exclude ETDs for 30 months from non-discriminatory access to trading venues and CCPs. ESMA reports that open access to ETDs does not create undue risk to the overall stability and orderly functioning of European financial markets. It considers other legislation to suitably address the potential risks relating to open access. (Source: ESMA reports on temporary exclusion of ETDs)


ESMA updates EMIR Q&A

ESMA has updated its EMIR Q&A to incorporate a new question regarding population of the “Clearing obligation” field in the trade reports. (Source: ESMA updates EMIR Q&A)

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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