ESMA publishes report on responses to its Consultation on European Long-Term Investment Funds Regulation

On 10 December 2019, the European Securities and Markets Authority published a Final Report on the draft Regulatory Technical Standards under Article 25 of the Regulation on European Long-Term Investment Funds to determine the cost disclosure requirements applicable to ‘ELTIF’ Managers. Considering that the draft ‘RTS’ largely depend on the cost section of the Packaged […]

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ESMA Second Annual Report on European Market Infrastructure Regulation Penalties and Supervisory Measures

On 9 December 2019, the European Securities and Markets Authority published its second Annual Report on the Supervisory Measures and Penalties that National Competent Authorities have imposed under the European Market Infrastructure Regulation. The Report covers the period from January to December 2018, focusing on ‘NCAs” Supervisory Measures and Enforcement Actions, their Powers, and the […]

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FCA Quarterly Consultation No. 26

The FCA has published its latest quarterly Consultation Paper Proposing: Clarification of the Rules relating to Financial Services Compensation Scheme claims against Appointed Representatives (‘ARs’) and principals; Changes to LR 13, which cross-refer to the Prospectus Regulation, for information to be put on display; Amendments to the Listing Rules, including a requirement mandating the disclosure […]

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EBA Issues Second Part of Advice on Implementation of Basel III in the European Union

The European Banking Authority has published the second part of its advice on the implementation of Basel III in the European Union, which complements the Report published on 5 August 2019. Whilst the first part focused on the Quantitative Analysis of the Impact and Policy Recommendations on Credit Risk, Operational Risk, Output Floor and Securities […]

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European Central Bank Working Group publishes report on €STR ‘Fallback Arrangements’

The Private Sector Working Group on Euro Risk-Free Rates set up by the European Central Bank has published a Report on the Euro Short-Term Rate (€STR) ‘Fallback Arrangements’. The Report guides Supervised Entities on potential options for complying with Article 28.2 of the EU Benchmarks Regulation when using €STR, as the Euro Risk-Free Rate, in […]

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European Central Bank publishes high-level recommendations for ‘Fallback Provisions’ in Euro Interbank Offered Rate (‘EURIBOR’) Contracts

The European Central Bank Working Group has published recommendations for ‘Fallback Provisions’ in Contracts for Cash Products and Derivative Transactions referencing the Euro Interbank Offered Rate. The recommendations define new and improved ‘Fallback Provisions’, seeking to reduce uncertainty in the event of disruption to the ‘EURIBOR’ Benchmark; robust ‘Fallback Provisions’ are also a requirement of […]

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ESMA publishes annual report on penalties and measures issued under Market Abuse Regulation

On 12 December 2019, ESMA published its second Annual Report on Penalties and Measures issued under ‘MAR’. The Report aggregates information on all administrative Sanctions/Measures issued by National Competent Authorities and Criminal Sanctions imposed under ‘MAR’ from 1 January 2018 to 31 December 2018. Given ‘MAR’s’ relatively short period of enforcement (two and half years […]

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ESMA publishes Annual Report on Sanctions (penalties and measures) imposed under UCITS Directive

On 12 December 2019, the European Securities and Markets Authority released its second Annual Report on penalties and measures imposed by National Competent Authorities in accordance with the Undertakings for Collective Investments in Transferable Securities Directive. The Report is aimed at fostering supervisory convergence in the application of the ‘UCITS’ Directive and providing an indication […]

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ESMA amends Capital Requirements Regulation Standard on Main Indices and Recognised Exchanges

The European Securities and Markets Authority has published the Final Report on draft amendments to Implementing Regulation (EU 2016/1646). Specifying the Main Indices and Recognised Exchanges under the Capital Requirements Regulation relevant to Credit Institutions and Investment Firms subject to Prudential Requirements and Trading Venues. The amended ‘ITS’ provides for a new methodology to ensure […]

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European Union publishes Disclosure Regulation and Low Carbon Benchmarks Regulation in Official Journal

On 9 December 2019, the Sustainability-Related Disclosure Regulation (Regulation (EU) 2019/2088) and amended Benchmarks Regulation (Regulation (EU) 2019/2089) were published in the Official Journal of the European Unions. The Regulations aim to increase Environmental sustainability in the Financial Services sector. Sustainability-related Disclosure Regulation The Sustainability-Related Disclosure Regulation imposes new disclosure requirements on all Financial Market […]

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Commission Implementing Regulation amending Implementing Technical Standards on closely correlated currencies under Capital Requirements Regulation published in the Official Journal of the European Union.

The Commission Implementing Regulation amending Implementing Technical Standards in respect of closely correlated currencies under the Capital Requirements Regulation was published in the Official Journal of the European Union. The main change of the ‘ITS’ is the update of the list of closely correlated currencies which aims to ensure that the currency pairs referred to in […]

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European Banking Authority publishes action plan on sustainable finance

On 6 December 2019 the European Banking Authority published its action plan outlining deliverable’s and activities related to its mandate on Environmental, social, and governance factors and risks. The plan includes high-level expectations and policy guidance, in addition to timelines/milestones related to the EBA’s work on sustainable finance. The EBA’s mandate on ESG factors/risks is […]

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