The guidance was issued after ESMA and national regulators observed “high volatility episodes” in EU share prices, some of which took place shortly after pre-close calls with analysts....more
Entities from the capital market sector often rely on social media as a key communication channel. However, they still have to follow the same regulatory requirements for information exchange and customer acquisition as they...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
In this period we bid farewell to 2021 and 24 LIBOR settings and welcomed 2022 and the application of a range of new prudential measures in the UK. It was, however, a relatively quiet period for the regulators. The FCA...more
July 2021 marks five years since the Market Abuse Regulation (596/2014/EU) (EU MAR) came into force on 3 July 2016. Since then, a myriad of developments has supplemented practitioners’ understanding and interpretation of EU...more
Benchmarks (Provision of Information and Documents) Regulations 2021 The Benchmarks (Provision of Information and Documents) Regulations 2021 (SI 2021/812) have been published, together with an explanatory memorandum. The...more
MiFIR: FCA statement on trade reporting and position limit obligations - The UK Financial Conduct Authority (FCA) has published a statement on trade reporting and position limit obligations under the Markets in Financial...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
On 11 March 2020 ESMA has issued a public statement in relation to the impact of COVID-19 outbreak on financial markets in the European Union. As a result, issuers will have to take action in order to cope with the current...more
The United Kingdom is no longer a member of the European Union and has entered into a transition period until December 31 2020, unless an extension of 1 or 2 years is agreed by July 1 2020 (the Brexit Long Stop Date). ...more
The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will occur during this year,...more
The European Securities and Markets Authority has published an annual report to the European Commission on the application of accepted market practices under the Market Abuse Regulation. The Market Abuse Regulation provides...more
The European Securities and Markets Authority has published its final report on the compliance of Member States with suspicious transaction and order reports under the Market Abuse Regulation, in which it sets out the results...more
The latest consultation paper from ESMA raises some important questions about the market abuse regulation (MAR) but lacks detail in some crucial areas. On October 3, 2019, the European Securities and Markets Authority...more
The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards on supervisory cooperation between EU national regulators and third-country national regulators. The...more
BREXIT - FCA’s instructions on use of its Financial Instruments Transparency System - On 10 October, the FCA published instructions on its Financial Instruments Transparency System (FITRS). The system has been built to...more
The European Securities and Markets Authority has launched a consultation on proposed changes to the EU Market Abuse Regulation. MAR requires the European Commission to report on certain aspects of the operation of MAR,...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
ESMA has published a consultation paper seeking views on various provisions of the Market Abuse Regulation (MAR). These include revisions to the protections created by the market soundings regime, an assessment of the...more
BREXIT - Please refer to the Payment Services and Payment Systems section for an update regarding the operational implications of a “no-deal Brexit” on SCT and SDD transactions. ...more
The European Commission has issued a formal request for advice to the European Securities and Markets Authority on the appropriateness of certain provisions under the Market Abuse Regulation. The Commission will use ESMA's...more
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
The measure is intended to align market practice with the principles laid down under the European market abuse regulation. The Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa, or...more
BREXIT - April version of PRA and BoE policy statement on Brexit and related final policy materials - On 18 April, the PRA and the BoE published a further version of their joint policy statement on amendments to...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more