ESMA have published an internal note dated 2 October 2015 outlining the necessity for and certainty of delay in a number of core MiFID 2 provisions, the likely extent of such delay and the various means of effecting it. The note refers to the sequential nature of MiFID 2 implementation, the complexity of certain interdependent […]

The European Commission has today announced its adoption of five equivalence decisions in respect of Canada, Switzerland, South Africa, Mexico and the Republic of Korea. EU Commissioner Jonathan Hill said “I am pleased to announce these equivalence decisions for Canada, Switzerland, South Africa, Mexico and the Republic of Korea today.  Derivatives markets are global in […]

ESMA has issued the final draft RTS for CDS clearing. `The draft defines the type and sub-type of CDS that will be subject to the clearing obligation and the dates from which it will apply. The draft stipulates that clearing will initially apply to the following two CDS classes: ID Type Sub-type Geographical Zone Reference […]

As promised, ESMA has published final draft MiFID II/MiFIR  regulatory and implementing technical standards. In case regulatory teams weren’t already reeling from the 552 pages of the MiFID II RTS, ESMA also published technical standards for  MiFID II interdependent MAD/MAR and CSDR, making a total of 2505 pages of which every word will be pored […]

The EC has announced its adoption of an implementing act to extend the transitional period for the application of the CRR to CCPs by a further six months. The Capital Requirements Regulation mandates levels of capital that must be held by EU banking groups against their exposure to central counterparties. The EC had already extended […]

Steven Maijoor (ESMA chief) has written to Jonathan Faull (DG FISMA) in reference to a joint EC-ESMA early legal review of the MiFID 2/MiFIR and MAR draft RTS. The review will create a short but significant delay in the submission of the final RTS, from 3 July 2015 to 30 September 2015. The leter denotes […]

The EU-US standoff over CCP equivalence looks set to continue despite the personal intervention of CFTC Chairman Timothy Massad. Following his two day visit to Brussels this week, armed with charts and calculations, the joint “progress” statement by Chairman Massad and EC Financial Chief Jonathan Hill is notable more for its minimalism than substantive content. […]

ESMA yesterday published a letter from the EC’s Director General for Finance Jonathan Faull to his frequent correspondent, ESMA Chairman Steven Maijoor. The letter is a correction to its 18 December 2014 missive, which delineated the amendments necessary to secure the EC’s endorsement of ESMA’s draft RTS on the IRS clearing obligation. The revisions are […]

The European Commission has helpfully published a document in excel format, grouping questions and answers by their respective BRRD articles. The document also refers to more general questions regarding BRRD transposition and interaction with other EU legislation. The Commission clarifies that the document has no legislative force, but serves to provide “elements of reflection” , […]