News & Analysis as of

European Securities and Markets Authority (ESMA)

Proposed EU Guidelines on CCP Requirement for Anti-Procyclicality Margin Measures

by Shearman & Sterling LLP on

The European Securities and Markets Authority is consulting on proposed guidelines for national regulators of CCPs on the application of the rules requiring CCPs to adopt anti-procyclicality margin measures....more

Orrick's Financial Industry Week In Review

CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions - On January 9, 2018, the U.S. Commodity Futures Trading Commission (the "CFTC") approved final rules that update Parts 3 and 9...more

ESMA Publishes Consultation Paper Containing Draft Guidelines on Anti-Procyclicality Margin Measures for Central Counterparties...

On January 8, 2018, the European Securities and Markets Authority (“ESMA“) published a consultation paper containing draft guidelines on anti-procyclicality margin measures for central counterparties (“CCPs“)...more

Underwriting or Placing Fees, Corporate Finance Contacts and MiFID II

by Shearman & Sterling LLP on

MiFID II is Europe’s new financial regulation for investment business which came into effect on 3 January 2018. The banking and legal industries seem to be unsure about whether or not MiFID II treats both issuers and buy-side...more

ESMA Publishes Consultation Papers on Technical Standards Implementing the Securitisation Regulation

The European Securities and Markets Authority (“ESMA“) recently published three consultation papers on technical standards that implement the Securitisation Regulation (“SR“). The SR is a European initiative designed to...more

New EU Securitization Framework Published

by Shearman & Sterling LLP on

Two new EU Regulations introducing the new EU securitization framework for simple, transparent and standardized securitizations have been published in the Official Journal of the European Union - the STS Regulation and a...more

European Securities and Markets Authority Publishes Final Technical Advice on the Short Selling Regulation

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a final report setting out its technical advice to the European Commission on elements of the Short Selling Regulation that relate to market making, short-term bans...more

Financial Services Quarterly Report - Fourth Quarter 2017: UK Asset Managers, Brexit Planning and Supervisory Convergence

by Dechert LLP on

Following the UK’s decision to leave the EU, asset management firms of all types and sizes will need to conduct a thorough analysis to understand the potential impact of Brexit. To date, this has been something of a difficult...more

European Securities and Markets Authority Issues Statement on Introduction of the Legal Entity Identifier Requirements Under the...

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a statement in response to indications that not all investment firms will succeed in obtaining Legal Entity Identifier codes from all their clients that are legal...more

Orrick's Financial Industry Week In Review

Chairman Giancarlo Statement on Virtual Currencies - On January 4, 2018, the Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, issued a statement on virtual currencies. "The CFTC's Market Risk...more

Key Regulatory Topics: Weekly Update - 22 December 2017 – 4 January 2018

by Allen & Overy LLP on

BREXIT - FMLC paper on Brexit and impact of WTO rules on financial services - On 22 December 2017, the FMLC published a paper on the potential impact of Brexit and WTO rules on financial services. The paper focuses on...more

Asset Management Regulatory Roundup - January 2018 - Issue 1

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the matters to be considered by users of financial benchmarks when selecting an...more

ESMA Publishes Report on Short Selling Regulation

A final report was published by ESMA on December 21, 2017, which contained further technical advice on the Short Selling Regulation. In relation to a number of topics which had been flagged as potentially controversial, the...more

ESMA Provides Further Information on Transitional Transparency Calculations

ESMA has recently provided a number of updates to its frequently asked questions as well as a press release in relation to the transitional transparency calculations (“TTCs“) which are relevant to MiFid II and MiFIR. The TTCs...more

European Securities and Markets Authority Launches Three Consultations on Technical Standards under the Securitization Regulation

by Shearman & Sterling LLP on

The European Securities and Markets Authority has issued three consultations on technical standards under the new EU framework for simple, transparent and standardized securitizations. The new framework is made up of the STS...more

European Securities and Markets Authority Issues Revised Guidance on Post-Trade Transparency and Position Limits When Transacting...

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published two revised Opinions providing further guidance on the post-trade transparency and position limits requirements relating to transactions on non-EU trading venues...more

LEI delay helps firms but the pressure is still on

On December 20, 2017, the European Securities and Markets Authority (ESMA) announced a six month Legal Entity Identifiers (LEI) grace period, but firms must be in the process of obtaining client LEIs. You need the insight...more

European Securities and Markets Authority Updates its Procedure and Template for Reporting of Circuit Breakers’ Parameters by...

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a revised procedure and a harmonized template to be used by national regulators in reporting to ESMA the parameters to halt or constrain trading used by the trading...more

Regulation Round Up - December 2017

by Proskauer Rose LLP on

1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more

European Securities and Markets Authority Consults on Regulatory Technical Standards for EU Prospectuses

by Shearman & Sterling LLP on

The European Securities and Markets Authority has launched a consultation on draft Regulatory Technical Standards under the new EU Prospectus Regulation which entered into force on July 20, 2017. ESMA seeks feedback on the...more

Key Regulatory Topics: Weekly Update - 15 December 2017 – 21 December 2017

by Allen & Overy LLP on

BREXIT - CBI Brexit guide to EU bodies and regulators: financial services aspects - On 21 December, the CBI published a guide to the EU bodies and regulators that matter to business in the Brexit negotiations, including...more

EU Clamps Down on Systematic Internalisers Operating Broker-Crossing Networks under MiFID II

by Shearman & Sterling LLP on

An amending Delegated Regulation has been published in the Official Journal of the European Union which closes a loophole in the Markets in Financial Instruments Directive provisions relating to systematic internalisers. In...more

Orrick's Financial Industry Week In Review

CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions - On December 15, 2017, the Commodity Futures Trading Commission ("CFTC") announced a Proposed Interpretation concerning its...more

ESMA Publishes Two Revised Opinions on Transaction on Third-Country Trading Venues

On December 15, 2017, European Securities and Markets Authority (“ESMA“) published two revised opinions on third-country trading venues for post-trade transparency and position limits requirements under MiFID II. ...more

Corporate News - December 2017

by Hogan Lovells on

A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. ...more

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