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Supervisory Rules of Procedure published

The Rules of Procedure for the Supervisory Board of the ECB were published in the Official Journal of the EU, 21 June 2014. This makes the legislation, which entered into force 1 April 2014, binding with retroactive effect. The Single Supervisory Mechanism Regulation (Regulation 1024/2013) tasks the ECB with the supervision of credit institutions; the […]

TR fines enter into force

On 22 June 2014 a delegated Regulation supplementing article 64(7) of EMIR[1] – stipulating ESMA’s powers to impose fines and penalties on Trade Repositories (TRs), as outlined here – entered into force. This follows its publication in the Official Journal of the EU (19 June 2014). This marks the final stage in the implementation of […]

“Spot” the difference

The European Commission has published the responses to its public consultation on FX financial instruments. The April 2013 consultation sought to gauge stakeholder opinion concerning the distinction between an FX financial instrument and a spot FX contract. This delineation has significant implications; a contract which is considered a financial instrument is subject to MiFID requirements. Furthermore, […]

Fair and Effective Financial Markets Review: taking another look

Although George Osborne’s annual Mansion House speech was dominated by plans to tackle the UK’s chronic housing shortage, the Chancellor made some familiar noises concerning the importance of the ‘integrity of the City,’ and ‘robust financial markets,’ and set out proposals to protect both. Osborne announced that the Treasury, the Bank of England and the […]

The Day of the MiFIDs

MiFID II and MiFIR become law today following their publication in the Official Journal of the EU (OJ). This sets the seal on the legislative phase, while technical consultation with ESMA and the EBA is ongoing, as outlined in an earlier post. Importantly, publication in the OJ cements the date for the final application of […]

No FT. No comment. Derivatives and legal innovation in Asia-Pacific

Yesterday evening (June 11th) our guest blogger, Richard Firth, attended a dinner and awards ceremony in Hong Kong for the launch of the FT Asia-Pacific Innovative Lawyers 2014. Although the programme has been established in Europe for nine years and four in the US, this is the first time the Financial Times has prepared an […]

ESMA update: Non-EEA CCP applicants

ESMA has released the latest list of non-EEA CCP applicants seeking recognition under Article 25 of EMIR. Comprising of only those CCPs that have agreed to being named publically, the list is not exhaustive and remains subject to further updates.   CCP Full Name Country 1 Asigna Compensacion y Liquidacion Mexico 2 ASX Clear (Futures) […]


Eurex Clearing has announced an extension of its client clearing documentation to facilitate on-boarding under EMIR. Market standard Annexes have been added to both the FOA Client Clearing Module[1] (the “Module”) and the ISDA/FOA Client Clearing Addendum (the “Addendum”), enabling a standardisation of client clearing documentation of OTC derivatives. The publication of the Eurex Clearing […]

MiFID II/ MiFIR open hearings: save the date(s)

ESMA has announced a series of open hearings on MiFID II/ MiFIR, to be held in Paris on the 7 and 8 July. The focus will be on three key areas outlined in its Discussion paper and Consultation paper, namely: market issues, investor protection issues and commodity derivatives. Issues under discussion include, but are not limited to: […]

MiFID II/ MiFIR: next baby step

Signalling the next step in the protracted implementation of MiFID II/ MiFIR, the European Commission has published its request to the EBA (dated 16th May) for technical advice regarding intervention powers for structured deposits. This follows a 23rd April Mandate to ESMA for technical advice, as summarised in our earlier blog post. As MiFIR establishes a […]

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