News & Analysis as of

Markets in Financial Instruments Directive

Corporate and Financial Weekly Digest, Featuring Topics on Broker-Dealer, Derivatives, CFTC and UK/Brexit/EU DevelopmentsCorporate...

BROKER-DEALER - FINRA Releases 2018 Regulatory and Examination Priority Letter - On January 8, the Financial Industry Regulatory Authority (FINRA) released its annual Regulatory and Examination Priority Letter detailing...more

European Implementing Technical Standards for Passporting Under the Revised Markets in Financial Instruments Directive Published

by Shearman & Sterling LLP on

Commission Implementing Regulation (EU) 2017/2382 has been published in the Official Journal of the European Union and will take effect on January 3, 2018. ...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

Final UK Domestic Legislation Published Implementing the Revised Markets in Financial Instruments Directive

by Shearman & Sterling LLP on

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No. 2) Regulations 2017 have been published, and will take effect mainly from January 3, 2018. Some technical provisions will come into force a...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

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

HMT Unveils Strategy for Future of UK's Asset Management Industry

by Dechert LLP on

HM Treasury recently published its Investment Management Strategy II Report. Building on its 2013 strategy report ? which mainly focused on how to improve the UK as a fund domicile ? this report sets out the UK government’s...more

Key Regulatory Topics: Weekly Update - 24 November 2017 – 30 November 2017

by Allen & Overy LLP on

BREXIT - European Commission legislative proposal for Regulation on relocation of EBA - On 29 November, the EC adopted a legislative proposal for a Regulation containing amendments to the EBA Regulation (Regulation...more

EU Technical Standards Aligning Indirect Clearing Requirements for MiFID II and EMIR Published

by Shearman & Sterling LLP on

The final Regulatory Technical Standards under the Markets in Financial Instruments Regulation on indirect clearing arrangements for exchange-traded derivatives and amending RTS under the European Market Infrastructure...more

Court of Justice of the European Union Ruling on Scope of a Regulated Market Under MiFID

by Shearman & Sterling LLP on

The Court of Justice of the European Union has given a preliminary ruling on the meaning and scope of "regulated market" under the Markets in Financial Instruments Directive following a referral by the Dutch Administrative...more

Orrick's Financial Industry Week In Review

CFTC’s Division of Market Oversight Extends Time-Limited No-Action Relief for SEFs from Certain Block Trade Requirements - On November 14, 2017, the U.S. Commodity Futures Trading Commission's Division ("CFTC") of Market...more

ESMA Statements on ICO Risks for Firms and Investors

Following the European Securities and Markets Authority‘s (“ESMA“) observation in rapid-growth initial coin offerings (“ICOs“)s, on November 13, 2017, ESMA issued two statements on ICOs. ESMA notes in a statement for firms...more

EU Technical Standards on Acquisitions of Qualifying Holdings in Investment Firms Published

by Shearman & Sterling LLP on

A Commission Delegated Regulation with Regulatory Technical Standards on the information requirements for notification by a proposed acquirer of its proposed acquisition of a qualifying holding of an investment firm under the...more

Orrick's Financial Industry Week In Review

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more

European Commission Request to ESAS to Issue Recurrent Reports on Cost and Performance of the Main Categories of Pension,...

On October 17, 2017, the European Commission published a request to the European Supervisory Authorities (“ESAs“) to issue recurrent reports on the past performance and cost of the main categories of insurance, pension and...more

CFTC and European Commission Make Progress on Cross-Border Agreements

On October 13, 2017, the Commodity Futures Trading Commission (CFTC) announced two cross-border developments with the European Commission (EC) that take significant steps toward reconciling regulation of cross-border...more

MiFID II for Non-EU Investment Banks and Brokers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal...more

MiFID II Regulations Transposed into Irish Law

by Dechert LLP on

The European Union (Markets in Financial Instruments) Regulations 2017 (S.I. 375/2017) (the “MiFID II Regulations”) were signed into law on 10 August 2017 and are now publicly available....more

Corporate and Financial Weekly Digest - Volume XII, Issue 31

CFTC - CFTC Suspends Need of Formal Notice for Position Disaggregation Relief - On August 10, the Commodity Futures Trading Commission (the CFTC) issued no-action relief, eliminating the need for certain persons...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - FHFA Announces $5.5 Billion Settlement With Royal Bank of Scotland - On July 12, 2017, the Federal Housing Finance Agency ("FHFA"), as conservator of Fannie Mae and Freddie Mac,...more

Ireland Retains Safe Harbour Regime for Wholesale MiFID Firms

by Dechert LLP on

The Department of Finance has issued its Feedback Statement on its public consultation on national discretions under MiFID II. The consultation dealt with the exercise of national discretions in relation to the implementation...more

Key Regulatory Topics: Weekly Update - 7 July 2017 – 13 July 2017

by Allen & Overy LLP on

BREXIT - Brexit - EU (Withdrawal) Bill published - On 13 July, the DExEU published the European Union (Withdrawal) Bill (Bill), which: (i) repeals the ECA 1972; (ii) converts EU law into UK law where appropriate; and...more

ESMA Issues Opinions on Supervisory Convergence in the Areas of Investment Management and Secondary Markets

by Dechert LLP on

The European watchdog has issued its much anticipated opinions on outsourcing/delegation of: (i) fund management companies; (ii) MiFID entities; and (iii) trading venues. This Newsflash focuses on the opinions as they relate...more

Orrick's Financial Industry Week In Review

Federal Reserve and FDIC Post Resolution Plans for Eight Major Financial Firms - On July 5, 2017, the Federal Reserve Board (the "Board") and the Federal Deposit Insurance Corporation ("FDIC") posted the public portions of...more

EBA Launches Supplementary Data Collection on Revision of Investment Firm Prudential Framework

On July 6, 2017, the European Banking Authority (“EBA“) published a press release announcing the launch of a supplementary data collection relating to its proposals for a revised prudential framework for investment firms. It...more

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