Podcast — UK FinReg Focus Areas in 2025: Wholesale Markets
Brexit & Financial Services: Preparing for the End of the Transition Period
The European Securities and Markets Authority (ESMA) has published a letter to the European Commission on the inconsistent regulation of trading of fractional shares across the EU. There has been an increase in the...more
The European Commission has published a targeted consultation document on a review of the functioning of commodity derivatives markets (including for these purposes emissions allowances) and certain aspects relating to spot...more
On 26 February 2025, the European Commission published a targeted consultation on the functioning of the EU commodity derivatives markets, with a specific focus on the spot energy markets. The consultation seeks views on a...more
The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024 have been published, together with an explanatory memorandum and de minimis assessment. The Regulations set out HM Treasury's determination that...more
The U.K. Financial Conduct Authority has published a new direction for the U.K. derivatives trading obligation, together with an explanatory memorandum. The FCA's existing direction modifying the U.K. DTO using its Temporary...more
The International Organization of Securities Commissions has published a report on a targeted implementation review on principles for the regulation and supervision of commodity derivatives markets. In October, IOSCO...more
The European Commission has published consultation for a draft Delegated Regulation supplementing the Markets in Financial Instruments Regulation as regards OTC derivatives identifying reference data to be used for the...more
The Markets in Financial Instruments (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2024 (SI 2024/638) were made on May 14, 2024 and entered into force on June 4, 2024. In...more
In July 2021, HM Treasury published the Wholesale Markets Review consultation (WMR), which included proposals to reform the U.K.’s secondary markets framework. There was broad support for reforms to (a) modify the ancillary...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more
The U.K. Financial Conduct Authority has published a statement confirming its approach to supervising commodity derivatives position limits. The statement follows the FCA's Supervisory Statement on the operation of the...more
Proposals signal that the UK government is willing to diverge significantly from EU rules. On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more
On 6 February 2020, Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (“FCA”), spoke at the 19th Annual Institute on Securities Regulation in Europe. His speech,...more
The consultation provides a key opportunity for market participants to provide feedback on the regime. Key Points: ..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
Following its Call for Evidence issued in May this year, the European Securities and Markets Authority has launched a consultation on proposed revisions to the legal framework for position limits and position management in...more
These topics are attracting particular attention because they are either at a key stage in the regulatory change or implementation cycle, or because uncertainty and inconsistency in their recent implementation means that they...more
The European Securities and Markets Authority has issued a Decision renewing and amending the temporary restriction on the marketing, distribution or sale of contracts for difference to retail clients. This has now been...more
The Financial Conduct Authority has published a statement on the delay to publication of final rules for contracts for difference products and CfD-like options. The FCA has consulted on its proposals to make European...more
With the date for the United Kingdom to leave the European Union rapidly approaching, several recent developments concerning derivatives (both legal and political) are likely to be of interest to UK and EU27 counterparties....more
BROKER-DEALER - FINRA Releases 2019 Annual Risk Monitoring and Examination Priorities Letter - On January 22, the Financial Industry Regulatory Authority (FINRA) issued its annual Risk Monitoring and Examination...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
The European Securities and Markets Authority has published an Opinion (dated September 24, 2018) on position limits for U.K. Natural Gas Contracts, for the purposes of the position limit regime established by the revised...more
U.S. Financial Industry Developments - Economic Growth, Regulatory Relief and Consumer Protection Act - The "Economic Growth, Regulatory Relief and Consumer Protection Act," signed by the President on May 24, amends...more