On February 2, 2023, the European Securities and Markets Authority published a final report and an Opinion on the trading venue perimeter. The Opinion clarifies the definition of multilateral systems under the EU’s revised...more
Brexit: ISDA updates FAQs - HM Treasury has published a policy statement explaining the government's reasons for extending the transitional period for third-country benchmarks under the retained EU law version of the...more
A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including...more
Further bans on all types of short selling have been extended by financial regulators in Austria, Belgium, France, Greece, Italy and the UK (in respect of the shares identified by the Spanish and Italian regulators) and now...more
The European Securities and Markets Authority has published a working paper setting out its findings on the market impacts of “circuit breakers”, instruments used by trading venues to interrupt excessive price movements in...more
BROKER-DEALER - SEC Proposes to Require Proposed NMS Plan Fee Amendments to Follow Public Notice, Comment and Approval Procedure - On October 1, the Securities and Exchange Commission proposed an amendment to...more
The European Securities and Markets Authority has published two documents relating to sustainable finance in the credit rating sector. The first document is technical advice for the European Commission, responding to the...more
The European Securities and Markets Authority has opened a consultation on proposed supplementary guidance on the application of the endorsement regime under the EU Credit Rating Agencies Regulation. The CRA Regulation...more
From 3 January 2018 all legal entities (no matter where they are based or incorporated) involved in buying, selling or issuing financial instruments on EU regulated markets, multilateral trading facilities or organised...more
FCA proposes a new premium listing category for sovereign controlled companies - On 13 July 2017, the Financial Conduct Authority published consultation paper CP 17/21 which proposes to create a new premium listing...more
ESMA has published an opinion proposing amendments to its draft technical standards (“RTS“) under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) relating...more
On October 1, 2015, the German Parliament adopted the national “Act Implementing the EU Transparency Directive Amending Directive (2013/50/EU)” (the “Act”). The aim of the directive is to harmonize the regime for notification...more
Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more
On October 7, 2015 the European Securities and Markets Authority (ESMA) published its 2016 work program. The key priorities for 2016 will be: Supervisory Convergence: ESMA’s focus will shift increasingly from rulemaking to...more
On August 31, 2015, the European Securities and Markets Authority (ESMA) published a consultation paper on the remaining draft implementing technical standards (ITS) under the MiFID II Directive (2014/65/EU) and the Markets...more