MiFIR / MiFID II: The European Parliament published a press release announcing it has reached provisional political agreement with the Council of the EU on the proposed amendments to the Markets in Financial Instruments...more
On 3 June 2020, the European Securities and Markets Authority (ESMA) published two Opinions clarifying how European Union investment firms trading financial instruments on third-country trading venues (TCTVs) should, from 3...more
Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more
The European Securities and Markets Authority has commenced a consultation on proposed amendments to the provisions of the Markets in Financial Instruments package on the transparency regime for equity and equity-like...more
The European Securities and Markets Authority has published a final report presenting the feedback to its November 2018 call for evidence, which sought to improve its understanding of "frequent batch" auction systems and...more
Following concerns regarding its March 19, 2019 statement, the European Securities and Markets Authority has published a revised statement on the impact of a no-deal Brexit on the trading obligation for shares where no...more
AIFMD – ESMA issues draft guidelines on liquidity stress testing in UCITS and AIFs - On February 5, ESMA issued a consultation paper on issuing liquidity stress test guidance for investment funds. The draft guidelines aim...more
MiFID II – updated Q&As on MiFID II and MiFIR transparency topics and obligations on disclosure of information to clients in the context of Brexit - ESMA updated its Q&As on 4 January on MiFID II and MiFIR transparency...more
AIFMD – updated ESMA Q&A - ESMA published updated Q&As on the application of the AIFMD on October 4. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing...more
Division of Investment Management of the SEC Issues No-Action Letter to SSB - On May 8, 2018, the Chief Counsel's Office of the Division of Investment Management ("IM") of the Securities and Exchange Commission (the...more
MiFID II – Member State Transposition and Updated Q&A on Market Transparency - The European Commission updated its webpage on 13 February 2018 setting out member state transposition of MiFID II....more
MiFID II – ESMA issues updated Q&As on transparency and market structures and investor protection and intermediaries topics - ESMA updated its Q&As on 18 December 2017 on MiFID II Q&As on transparency and market...more
EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more
The European Commission adopted a Delegated Regulation on RTS which set out the requirements for trading venues to provide pre- and post-trade transparency data. MiFIR requires data to be publicly available in an unbundled...more
On June 16, 2015, the European Securities and Markets Authority (ESMA) published a statement by on its work on implementing measures under MiFID II (Directive 2014/65/EU) and MiFIR (Regulation 600/2014)....more
On February 18, the European Securities and Markets Authority (ESMA) published a new consultation paper (CP) on the implementation of the transparency provisions of the revised EU Market in Financial Instruments Directive...more