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Déjà vu All Over Again as ESMA Discusses SFTR Trade Reporting

On 11 March 2016, as part of its consultations on Level 2 measures under the Securities Financing Transaction Regulation (SFTR), the European Securities and Market Authority (ESMA) published a Discussion Paper incorporating draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) on transaction reporting under the SFTR. At 187 pages and posing 145 questions, […]

EC adopts US CCP equivalence

The only recently-acknowledged elephant of EU-US CCP lack of equivalence is one step closer to leaving the room. The European Commission has today granted the CFTC status as an equivalent regulatory regime for CCPs. The determination will be effected by a legally-binding implementing act in accordance with Article 25(6) EMIR. The decision follows the 10 […]

Less marginal- final draft IM/VM RTS delivered

The European Supervisory Authorities (ESAs) comprising the EBA, ESMA, and EIOPA yesterday released the final draft RTS on margin for non-cleared derivatives. The long-awaited RTS details margin requirements for uncleared derivatives under Article 11 EMIR.  The final draft implementation timeline is unchanged, the requirements will enter into force on 1 September 2016, subject to the […]

Blurred line in the sand: CCPs’ role in indirect clearing

ESMA`s latest consultation on indirect clearing arrangements under EMIR and MiFIR closed on 17 December 2015. The absence of consensus on the majority of issues is evidenced by the large number of disparate responses received from participants up and down the clearing chain. In particular, a stark criticism is that the twin RTS on indirect […]

Another day – another MiFID 2 delay

To the surprise of no-one but the terminally optimistic, ESMA chair Steven Maijoor has indicated that the requested one year delay to MiFID 2 may not be sufficient. In conversation with Reuters at the Asian Financial Forum in Hong Kong, Mr Maijoor underlined that the MiFID 2 ball is in the politician’s court: “I am […]

MiFID II cross-selling final report

ESMA has published a final report containing guidelines on cross-selling practices under MiFID II. The final report follows the 22 December 2014 consultation paper (JC/CP.2014/05) issued by the Joint Committee of the European Supervisory Authorities. Article 24(11) MiFID II requires ESMA, in cooperation with the EBA and EIOPA, to create guidelines for the supervision and […]

Indirect Clearing: In Search of One Template To Rule Them All

Background EMIR introduced a clearing obligation in relation to “OTC derivative contracts” of any class that has been declared subject to a clearing obligation and which are transacted between particular types of counterparty[1].  MiFIR[2] extended the scope of the clearing obligation to all derivative transactions concluded on a regulated market.  There are three basic ways […]

MiFID II ITS final report no. 3

On 11 December 2015 ESMA issued the latest set of MiFID II Implementing Technical Standards (ITS). The ITS delineates the practical standards which will give uniform effect to the regulatory Technical Standard’s delegated acts- Euro legalese for what generally amounts to a set of prescribed forms and rules for their completion. This third ruleset, succeeding […]

MiFID II complex debt defined quite simply

ESMA has issued a Final Report containing guidelines on which debt instruments and structured deposits will be considered “non-complex” under MiFID II. Article 25(4) allows firms to transact non-complex on behalf of customers without applying the Article 25(3) appropriateness test. The report follows the 24 March 2015 consultation paper, includes an analysis of its results […]

MiFID II delay and uncertainty now certain

The EP has today published an official statement accepting a one year delay of MiFID II’s entry into force. Penned by Markus Ferber, the Parliament’s Rapporteur for MifiD II and on behalf of its MiFID II negotiation team, the short statement proffers a conditional acceptance of delay: “The European Parliament’s negotiation team has informed the […]

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