UK Financial Regulatory Developments - June 2016 #17


ECB publishes governance and risk management review

ECB has published the results of a thematic review that resulted from an in-depth assessment of all significant institutions across the euro area. The review looked at management bodies and their risk appetite frameworks. The review concluded that, while institutions have made some progress, most still need to improve their governance and risk appetite frameworks to be in line with international best practices. As part of its ongoing work, ECB will perform deep-dives into some institutions and generally continue its dialogue with institutions as part of its supervisory review and evaluation process. (Source: ECB publishes governance and risk management review)


ESMA updates on transparency

ESMA has published a guide for supervisors aimed at creating a common position on applications for waivers from current transparency obligations. The guide addresses positions taken by the Committee of European Securities Regulators (ESMA’s predecessor) and ESMA’s opinions. (Source: ESMA updates on transparency)


ESMA publishes annual report

ESMA has published its 2015 Annual Report. It highlights ESMA’s focus in its first five years on implementing regulatory and supervisory changes. It notes how the single rulebook for securities markets has developed, and highlights MiFID 2 as the most significant project it has undertaken. The report looks ahead to ESMA’s role in building the capital markets union. The report considers ESMA’s 2015 objectives and notes its achievements against these. The narrative provides a summary of the key advices and other papers ESMA has published over the year. (Source: ESMA publishes annual report)


ESMA publishes inside information disclosure opinion

ESMA has published its opinion on disclosure of inside information under the Market Abuse Regulation (EU MAR). The Commission had written to ESMA about planned changes to ESMA’s draft implementing technical standards (ITS). The Commission believes that, where market participants are also subject to the Regulation on Energy Market Integrity and Transparency (REMIT) reporting requirement, this should suffice for compliance under EU MAR. ESMA disagrees, saying this would eliminate the requirements on marketing and dissemination of inside information, which would disadvantage investors. (Source: ESMA publishes inside information disclosure opinion)

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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