News & Analysis as of

Transparency MiFID II

A&O Shearman

UK FCA webpage on transparency waivers and deferrals updated

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The UK Financial Conduct Authority (FCA) has updated its webpage on transparency waivers and deferrals in light of the upcoming changes to the UK MiFIR transparency regime for bond and derivatives markets. The FCA added a...more

A&O Shearman

UK Financial Conduct Authority Policy Statement and Discussion Paper for Improving Transparency for Bond and Derivatives markets

A&O Shearman on

Following its consultation earlier this year, the Financial Conduct Authority has published a policy statement setting out its final position on the new U.K. bond and derivative transparency regime. In response to feedback,...more

A&O Shearman

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

A&O Shearman on

Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more

Walkers

Initial guidance on the use of AI in the provision of investment services

Walkers on

With the Regulation on Artificial Intelligence (the "AI Act") entering into force in due course, following its publication in the Official Journal of the EU, there has been an increasing focus of supervisory bodies to provide...more

Proskauer Rose LLP

Regulation Round Up - June 2023

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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

A&O Shearman

UK Financial Conduct Authority Finalizes Improvements to Equity Secondary Markets

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On May 3, 2023, the U.K. Financial Conduct Authority published a Policy Statement on Improving Equity Secondary Markets, following its consultation last year. These changes are part of the response to the Wholesale Markets...more

A&O Shearman

EU Authority Allows Further Short Delay to Annual Transparency Calculations for Non-Equities

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The European Securities and Markets Authority has announced the delay of the publication dates by investment firms and trading venues of the annual transparency calculations for non-equity instruments (other than bonds) from...more

Akin Gump Strauss Hauer & Feld LLP

MiFID II Update – Non-EU Trading Venue Equivalence for Transparency and Position Limits

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

Latham & Watkins LLP

MiFID’s Transparency Rules: ESMA Confirms Equivalence of Numerous Non-EU Venues

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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

White & Case LLP

Financial institutions M&A: Sector trends - February 2020: Asset/Wealth Management

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Financial institutions M&A sector trends: asset/wealth management — H2 2019 and outlook for 2020 - Industry consolidation continues at pace. Rigorous fee transparency requirements under MiFID II, rising operating costs and...more

A&O Shearman

EU Consultation on Potential Amendments to MiFID II's Equity Transparency Regime

A&O Shearman on

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

Latham & Watkins LLP

Key Takeaways from ESMA’s recent MiFID Transparency Consultation Papers

Latham & Watkins LLP on

ESMA’s consultation papers on MiFID non-equities SI and equities transparency regimes propose important changes. Key Points: ..ESMA’s recent consultation papers on the MiFID transparency regime raise queries and make...more

A&O Shearman

UK Conduct Authority Halts UK Operation of MiFID Transparency Regime in Light of Commitment to Brexit Deal

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The U.K. Financial Conduct Authority has updated its webpage and statement on the operation of the transparency regime under the Markets in Financial Instruments Directive post-Brexit...more

A&O Shearman

European Securities and Markets Authority Publishes Final Report on Frequent Batch Auctions

A&O Shearman on

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

A&O Shearman

Revised EU Statement on the Share Trading Obligations in a No-Deal Brexit

A&O Shearman on

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

White & Case LLP

Financial Regulatory Observer – March 2019: FRO in-depth: The future of cryptoassets regulation

White & Case LLP on

Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

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

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

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

White & Case LLP

ICOs and Security Tokens: FCA Consults on Crypto Guidance

White & Case LLP on

The UK FCA launched on 23 January 2019 its highly anticipated consultation1 (CP19/3) on Guidance for market participants as to where certain cryptoassets sit in relation to the regulatory perimeter - and whether relevant...more

A&O Shearman

EU Supervisory Authority Issues Call for Evidence on Periodic Auctions for Equity Instruments

A&O Shearman on

The European Securities and Markets Authority has published a call for evidence on periodic auctions for equity instruments. ESMA wishes to gather more information on the functioning of so-called frequent batch auction...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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

Dechert LLP

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

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

Orrick - Finance 20/20

ESMA Updates MiFID II Q&As on Transparency Topics

Orrick - Finance 20/20 on

On February 7, the European Securities and Markets Authority (“ESMA”) published an updated version of its questions and answers (Q&As) on transparent topics under MiFID II Directive (2014/65/EU) and the Markets in Financial...more

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