The European Commission has adopted a Commission Delegated Regulation to amend regulatory technical standards (RTS) on transparency requirements. The MiFIR Review revised the Markets in Financial Instruments Regulation...more
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
Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe. With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal...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
Recent regulatory developments of interest to financial institutions and markets. Includes updates on MiFIR open access regime for trading and clearing ETDs and various ESMA Q&A updated....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 Financial Conduct Authority (FCA) has published a call for input (CFI) on the use and value of data and advanced analytics in wholesale financial markets, now and in the future. ...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
MiFIR requires “systematic internalizers” (i.e., firms that The European Securities and Markets Authority has launched a consultation to collect the views of market participants on the pre-trade transparency regime applicable...more
An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/1799), which specifies that third-country central banks may be exempted from certain transparency requirements under...more
There is no silver bullet for maintaining cross-border trading if the UK leaves the EU without a deal. The date of Brexit has been delayed until (at least) October 31, 2019, but there is little sign that financial...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
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
The International Organization of Securities Commissions has published a final report on regulatory reporting and public transparency in the secondary corporate bond markets. The report discusses the importance to robust...more
The European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation with regard to Regulatory Technical Standards on the volume cap mechanisms and the provision of information...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